Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Exclusive: Southeast Asian tech giant Sea dissolves investment branch

A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at its of... A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at its office in Singapore, March 5, 2021. REUTERS/Edgar Su
A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at its of... A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at its office in Singapore, March 5, 2021. REUTERS/Edgar Su

Listen to the article now

Two sources with knowledge of the subject said Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is closing down its investment unit amid a cooling investment environment internationally as macroeconomic and market uncertainty weighs on valuations.

One person claimed Sea Capital suspended fresh equity investing in 2022 when leadership changed in May, and Sea itself is investing less, given market conditions.
Sea, owner of Shopee and Garena, did not comment. The people with knowledge declined to be identified because they were not authorized to speak to the media.

Sea’s decision to close the two-year-old arm comes amid increased lending rates and economies recovering from the COVID-19 pandemic.

Refinitiv data indicated that private equity-backed IT mergers and acquisitions totaled $78 billion this year, down 35% from last year.

The statistics indicated $5.8 billion in Asia ex-Japan deals, down 67% year-over-year and the lowest since 2017.

After buying Hong Kong’s Composite Capital Management, created by former Hillhouse Capital partner David Ma who became Sea’s chief investment officer, Singapore-based Sea formed Sea Capital in March 2021 with $1 billion in capital.

New York-listed In last month’s results briefing, Sea announced that Ma had joined the board of directors and resigned as CIO.

One person said Sea Capital closed due to “less deal activity” and fewer investment opportunities.

In May, Sea Capital’s team was disbanded. However, the arm’s investments will keep it alive on paper.
Sea Capital invested in FTX in 2021. However, after FTX filed for bankruptcy in November, other investors had to write down their investments.

Sea, Southeast Asia’s largest listed tech giant, launched a reorganization last year, downsizing its workforce by 7,000 people, or 10%, and freezing compensation as its market capitalization fell to $32.54 billion from an early -2016 high of over $200 billion.

After abandoning India, Europe, and other Latin American countries, the 14-year-old company made its first quarterly net profit in December.

Sea’s share price is up 10% this year compared to the NYSE composite index’s 2% drop.


Comment Template

You May Also Like

Business

MSG Networks has returned to Optimum after a nearly two-month blackout, restoring Knicks and Rangers coverage for frustrated fans. The new deal places MSG...

Business

Alphabet has introduced **Premium Lite**, a lower-cost YouTube subscription offering ad-free videos (excluding music). This move aims to expand YouTube’s subscriber base and reduce...

Business

India has been named the best solo travel destination for 2025 by Kensington, thanks to its rich culture, history, and diverse experiences. From the...

Business

Warren Buffett's Berkshire Hathaway has aggressively sold stocks, amassing a record $334 billion in cash. Major divestments include Apple and Bank of America, while...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok