(June 7): The Philippines has begun an investigation into Sea Ltd. online mall Shopee after fans of K-pop girl group BlackPink complained it mishandled promotions around a meet-and-greet event.
The trade and industry ministry is considering sanctions against Shopee or ordering a refund for affected customers, Trade Secretary Ramon Lopez said. “We need to protect consumers who participated. We need to know who’s at fault,” Lopez said in an interview with CNN Philippines.
(Aug 22): Sea Ltd., operator of Southeast Asia’s biggest gaming platform, posted a wider quarterly loss as it invests in building up e-commerce platform Shopee.
The net loss was US$250.8 million ($342.8 million) in the three months ended June compared with a loss of US$92.1 million a year earlier, Singapore-based Sea said in an emailed statement. Total revenue at the company rose to US$183.8 million from US$101.5 million.
SINGAPORE (June 19): Sea has completed its previously announced offering of US$575 million ($777 million) aggregate principal amount of 2.25% convertible senior notes due 2023.
(May 16): Sea, operator of Southeast Asia’s biggest gaming platform, said it may raise funds to strengthen its balance sheet after its quarterly loss tripled on rising investments at mobile-shopping unit Shopee.
The Singapore-based gaming and e-commerce company said its net loss during the three months ended in March was US$215.6 million, compared with US$73.1 million a year earlier. Total revenue rose 65% to US$155 million.
HONG KONG (Sept 25): Listed life can be rough. Sea, a Southeast Asian startup formerly known as Garena, has filed for a US initial public offering of up to US$1 billion ($1.35 billion). But larger deep-pocketed rivals are ramping up competition. An IPO at this stage could make the fight to come harder.
SINGAPORE (Sept 23): Sea, the internet company formerly known as Garena, is readying itself for an initial public offering (IPO) in the US.
On Saturday, the company announced it has filed a registration statement with the US Securities and Exchange Commission for a proposed IPO of its American Depositary Shares representing Class A Ordinary Shares.
Although the number of shares to be offered and the price range for the offering have yet to been determined, Sea was valued at US$3.75 billion after a March 2016 funding round.
SINGAPORE (Nov 18): This year, a newcomer joins the ranks to capture a slice of the online shopping pie: Shopee, powered by Southeast Asia’s most valuable start-up, Garena.
There are about 1.5 million registered sellers on Shopee, while 70% of the user base comprises repeat customers. Garena recently raised US$170 million in Series D funding to help Shopee grow in Southeast Asia. During its inaugural 9.9 Mobile Shopping Day sale this year, orders increased fivefold.
SINGAPORE (Sept 5): Temasek Holdings’ wholly-owned subsidiary, SeaTown Holdings International, has joined Indonesia-based Global Digital Prima Venture and Japan-based Mistletoe in a new investment in Southeast Asia’s largest start-up, Garena Interactive Holding.
“We are proud to welcome three of Asia’s most respected investment firms to Garena,” says Forrest Li, Garena’s founder, chairman and Group CEO. “Their insights and connectivity across the region will support and accelerate our mission to ‘connect the dots’ for our customers.”
