Sea Ltd
F:931
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Sea Ltd
F:931
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Dropbox Inc
SWB:1Q5
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Sea Ltd
Sea Ltd is a consumer internet company best known for Shopee, its online shopping marketplace in Southeast Asia and Taiwan, Garena, its digital game publishing business, and SeaMoney, its financial services arm. Shopee connects third-party sellers with shoppers and makes money mainly from commissions, advertising, and logistics-related services. Garena sells digital games and earns money from in-game purchases and game publishing fees. The company’s main customers are everyday shoppers, independent merchants, game players, and people who use digital payments or consumer finance products. Shopee helps sellers reach buyers without building their own stores, while SeaMoney offers services such as payments and lending that support both online shopping and broader day-to-day transactions. That makes Sea a combination of marketplace, entertainment, and financial services businesses tied together by the same consumer base. What sets Sea apart is that it does not just sell products online; it also helps move money and entertainment through the same ecosystem. E-commerce brings in merchants and shoppers, games bring in users and cash spending, and financial services deepen customer engagement by making payments and credit easier. Sea makes money by taking a cut from commerce activity, selling digital content, and charging fees on financial products and services.
Sea Ltd is a consumer internet company best known for Shopee, its online shopping marketplace in Southeast Asia and Taiwan, Garena, its digital game publishing business, and SeaMoney, its financial services arm. Shopee connects third-party sellers with shoppers and makes money mainly from commissions, advertising, and logistics-related services. Garena sells digital games and earns money from in-game purchases and game publishing fees.
The company’s main customers are everyday shoppers, independent merchants, game players, and people who use digital payments or consumer finance products. Shopee helps sellers reach buyers without building their own stores, while SeaMoney offers services such as payments and lending that support both online shopping and broader day-to-day transactions. That makes Sea a combination of marketplace, entertainment, and financial services businesses tied together by the same consumer base.
What sets Sea apart is that it does not just sell products online; it also helps move money and entertainment through the same ecosystem. E-commerce brings in merchants and shoppers, games bring in users and cash spending, and financial services deepen customer engagement by making payments and credit easier. Sea makes money by taking a cut from commerce activity, selling digital content, and charging fees on financial products and services.
Strong start: Sea said first-quarter revenue rose 47% year on year to $7.1 billion, with adjusted EBITDA above $1 billion for the first time.
Shopee momentum: E-commerce delivered record GMV, orders and revenue, with GMV up 30% and monetization improving as ad revenue jumped 80%.
Investing for growth: Management said 2026 is a year of heavier investment in fulfillment, VIP membership and user acquisition, while still keeping financial discipline.
Money scales: The lending business kept growing quickly, with loan principal outstanding reaching $9.9 billion, up 71% year on year, while 90-day NPLs stayed at 1.1%.
Garena rebound: Garena had its best quarter since 2021, helped by Free Fire collaborations and a record quarter from Arena of Valor.
Outlook unchanged: Management reaffirmed full-year Shopee GMV growth of around 25% and said full-year adjusted EBITDA should be no lower than 2025 in absolute dollar terms.
Management
Forrest Xiaodong Li is a prominent Chinese-Singaporean entrepreneur best known as the founder, Chairman, and CEO of Sea Limited, a leading global consumer internet company. Born on January 1, 1978, in Tianjin, China, Li pursued his higher education in the United States, earning an MBA from Stanford Graduate School of Business. Before founding Sea Limited, Li gained extensive experience working in strategic and operational roles across various industries. He founded Sea Limited in 2009, initially starting as Garena, a digital entertainment platform. Under his leadership, the company expanded its offerings, eventually rebranding to Sea Limited in 2017 to reflect its broader scope, which includes digital entertainment, e-commerce, and digital financial services. Sea Limited operates major platforms like Garena, Shopee, and SeaMoney. Li's strategic vision and innovative approach have positioned Sea Limited as a significant player in Southeast Asia's booming tech industry. His leadership has led the company to achieve substantial growth and become one of the most valuable listed tech firms in the region. In addition to his role at Sea, Li is recognized for his contributions to the tech community and as a key figure in the digital transformation in Southeast Asia. His success with Sea Limited has also made him one of the wealthiest individuals in Singapore, where the company is headquartered.
Before founding Sea Limited, Li gained extensive experience working in strategic and operational roles across various industries. He founded Sea Limited in 2009, initially starting as Garena, a digital entertainment platform. Under his leadership, the company expanded its offerings, eventually rebranding to Sea Limited in 2017 to reflect its broader scope, which includes digital entertainment, e-commerce, and digital financial services. Sea Limited operates major platforms like Garena, Shopee, and SeaMoney.
Li's strategic vision and innovative approach have positioned Sea Limited as a significant player in Southeast Asia's booming tech industry. His leadership has led the company to achieve substantial growth and become one of the most valuable listed tech firms in the region.
In addition to his role at Sea, Li is recognized for his contributions to the tech community and as a key figure in the digital transformation in Southeast Asia. His success with Sea Limited has also made him one of the wealthiest individuals in Singapore, where the company is headquartered.
Mr. Chris Zhimin Feng is known for his work at Sea Ltd, a prominent global consumer internet company headquartered in Singapore. He is recognized for his role as the Chief Executive Officer of Shopee, Sea Ltd's e-commerce platform, which has rapidly grown to become one of the leading online shopping platforms in Southeast Asia and Latin America. Under his leadership, Shopee has expanded its operations and significantly increased its market presence, emphasizing competitive and strategic growth in various regions. Before his tenure at Sea Ltd, Chris Feng had a notable career in management and business, including positions at companies like Rocket Internet and Zalora. His experience in the e-commerce industry has contributed to his reputation as a strategic leader capable of steering companies toward successful expansion and adaptation in various markets. Chris Feng holds educational credentials that support his business acumen, further highlighted by his ability to lead diverse teams in competitive digital landscapes. His leadership has been key to Shopee's ability to navigate and thrive in the rapidly changing world of online retail.
Before his tenure at Sea Ltd, Chris Feng had a notable career in management and business, including positions at companies like Rocket Internet and Zalora. His experience in the e-commerce industry has contributed to his reputation as a strategic leader capable of steering companies toward successful expansion and adaptation in various markets.
Chris Feng holds educational credentials that support his business acumen, further highlighted by his ability to lead diverse teams in competitive digital landscapes. His leadership has been key to Shopee's ability to navigate and thrive in the rapidly changing world of online retail.
Gang Ye is a co-founder of Sea Ltd, a leading global consumer internet company. He has been an integral part of the company's development and success, having held several leadership roles since its inception. Ye played a crucial role in shaping the strategic vision and operational execution of Sea's various business segments, which include digital entertainment, e-commerce, and digital financial services. Educated in prestigious institutions, Gang Ye holds a Bachelor’s degree in Computer Science from Carnegie Mellon University. Before founding Sea Ltd, he gained valuable experience working for the Economic Development Board of Singapore and Wilmar International, one of Asia’s largest agribusiness groups. His leadership at Sea Ltd, alongside other co-founders like Forrest Li, has helped propel the company into becoming a prominent player in the digital space, with successful platforms such as Garena, Shopee, and SeaMoney. Under their guidance, Sea Ltd has expanded its presence across Southeast Asia, Taiwan, and Latin America, continually innovating to meet the diverse needs of its growing user base. Gang Ye's contributions have been instrumental in Sea's growth trajectory, positioning the company as a leader in the tech industry.
Educated in prestigious institutions, Gang Ye holds a Bachelor’s degree in Computer Science from Carnegie Mellon University. Before founding Sea Ltd, he gained valuable experience working for the Economic Development Board of Singapore and Wilmar International, one of Asia’s largest agribusiness groups.
His leadership at Sea Ltd, alongside other co-founders like Forrest Li, has helped propel the company into becoming a prominent player in the digital space, with successful platforms such as Garena, Shopee, and SeaMoney. Under their guidance, Sea Ltd has expanded its presence across Southeast Asia, Taiwan, and Latin America, continually innovating to meet the diverse needs of its growing user base.
Gang Ye's contributions have been instrumental in Sea's growth trajectory, positioning the company as a leader in the tech industry.
Mr. Jingye Chen is the Chief Executive Officer of SeaMoney, the digital financial services arm of Sea Limited, a leading global consumer internet company headquartered in Southeast Asia. Sea Limited operates across three core businesses: digital entertainment, e-commerce, and digital financial services, under the brands Garena, Shopee, and SeaMoney, respectively. As CEO of SeaMoney, Jingye Chen is responsible for overseeing the operations and strategic direction of the company’s financial services offerings, which include mobile wallet services, payment processing, credit offerings, and various other financial products tailored to the needs of the Southeast Asian market. His role involves spearheading efforts to expand financial technology solutions that serve both consumers and businesses, addressing a market with significant growth potential due to its relatively large unbanked population. Jingye Chen has played a pivotal role in navigating the competitive landscape of digital finance in the region and driving initiatives that align with Sea Limited’s broader vision of empowering customers and enriching their lives through technology. His leadership is pivotal in enhancing SeaMoney’s infrastructure and expanding its reach, thereby contributing to Sea Limited's overall growth and integration of services across its platform. Chen's focus has been on leveraging technology and innovation to deliver accessible, secure, and efficient financial services to millions of users in Southeast Asia, maintaining a commitment to financial inclusion and the development of the digital economy in the region.
As CEO of SeaMoney, Jingye Chen is responsible for overseeing the operations and strategic direction of the company’s financial services offerings, which include mobile wallet services, payment processing, credit offerings, and various other financial products tailored to the needs of the Southeast Asian market. His role involves spearheading efforts to expand financial technology solutions that serve both consumers and businesses, addressing a market with significant growth potential due to its relatively large unbanked population.
Jingye Chen has played a pivotal role in navigating the competitive landscape of digital finance in the region and driving initiatives that align with Sea Limited’s broader vision of empowering customers and enriching their lives through technology. His leadership is pivotal in enhancing SeaMoney’s infrastructure and expanding its reach, thereby contributing to Sea Limited's overall growth and integration of services across its platform.
Chen's focus has been on leveraging technology and innovation to deliver accessible, secure, and efficient financial services to millions of users in Southeast Asia, maintaining a commitment to financial inclusion and the development of the digital economy in the region.
Ms. Yanjun Wang is the Group Chief Corporate Officer of Sea Ltd., a leading global consumer internet company headquartered in Singapore. Ms. Wang has a rich background in corporate law and has served in various strategic roles within the company, contributing to its substantial growth and international expansion. Before joining Sea Ltd., she worked at a top-tier international law firm where she specialized in mergers and acquisitions, capital markets transactions, and general corporate matters. Her expertise in navigating complex legal and regulatory environments has been instrumental in driving Sea's corporate governance, compliance, and strategic initiatives. Ms. Wang holds a law degree from a prestigious university, which underpins her extensive knowledge and skill set in handling intricate corporate legal challenges. Her leadership role at Sea Ltd. involves overseeing legal, compliance, and company secretarial functions, ensuring that these areas align with the company’s broader business objectives.
Before joining Sea Ltd., she worked at a top-tier international law firm where she specialized in mergers and acquisitions, capital markets transactions, and general corporate matters. Her expertise in navigating complex legal and regulatory environments has been instrumental in driving Sea's corporate governance, compliance, and strategic initiatives.
Ms. Wang holds a law degree from a prestigious university, which underpins her extensive knowledge and skill set in handling intricate corporate legal challenges. Her leadership role at Sea Ltd. involves overseeing legal, compliance, and company secretarial functions, ensuring that these areas align with the company’s broader business objectives.
Feng Zhao is a prominent executive at Sea Ltd, serving as the Group Chief Financial Officer (CFO) since 2022. Sea Ltd is a leading global consumer internet company headquartered in Singapore, known for its businesses in digital entertainment, e-commerce, and digital financial services, primarily operating through its subsidiaries which include Garena, Shopee, and SeaMoney. Before joining Sea Ltd, Feng Zhao had accumulated extensive experience in financial management and corporate strategy. He previously worked at Goldman Sachs, where he played a significant role in investment banking, covering a wide array of sectors and industries, which equipped him with relevant expertise and insights into the financial workings of major corporations. In his role at Sea, Feng Zhao is responsible for overseeing the company's financial strategy, ensuring robust financial health, managing investor relationships, and supporting the company's growth ambitions across its diverse business units. His leadership in the financial realm is crucial for Sea Ltd as the company continues to expand its footprint in dynamic markets across Asia and beyond.
Before joining Sea Ltd, Feng Zhao had accumulated extensive experience in financial management and corporate strategy. He previously worked at Goldman Sachs, where he played a significant role in investment banking, covering a wide array of sectors and industries, which equipped him with relevant expertise and insights into the financial workings of major corporations.
In his role at Sea, Feng Zhao is responsible for overseeing the company's financial strategy, ensuring robust financial health, managing investor relationships, and supporting the company's growth ambitions across its diverse business units. His leadership in the financial realm is crucial for Sea Ltd as the company continues to expand its footprint in dynamic markets across Asia and beyond.
