I don't really find anything about this necessarily that odd at all, but these are the types of tickers I specifically follow.
It's true, most of the S1 filers, that were rather obvious RM vehicles, from 2015-2017, and there were quite a few, have pretty much all found mergers, acquisitions, or had changes of control by now. However, Asian RM's are notoriously, long and time consuming processes from my experience, and I'd guess COVID could have also played a role in the delay as well.
Still, there are shells out there that have taken an eternity to find mergers, SY_QH, just recently found one, and that had been an SEC filing shell for probably 15 years or more. So the time, or cost spent reporting does not really matter that much IMO.
Peter Lee Coker Jr and Manoj Jain are both part of the NASDAQ:DSACU( Duddell Street Acquisition Corp) SPAC, so I'd imagine they acquired OTC tickers like EWST and HWIN to use as RM vehicles, for other target companies that perhaps did not meet the criteria and/or guidelines for that particular vehicle.
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