The results assuage some worries about the prospects of e-commerce arm Shopee, Sea’s biggest unit. The region’s top online retail platform is battling deep-pocketed global challengers including ByteDance’s TikTok Shop and Alibaba Group Holding’s Lazada. Emerging players like Shein and PDD Holdings’s Temu are also looking to break into the emerging region of 675 million people where more and more shoppers are coming online.
Sea’s soaring sales has brought it close to reclaiming its title as Southeast Asia’s most valuable company, with the stock’s 19% jump in New York on Tuesday leaving its market capitalization near that of DBS Group Holdings.
The Singapore-based e-commerce company is now valued at US$103 billion, compared with US$113 billion for DBS, the regional banking giant based in the same city. Sea posted sales that topped estimates on Tuesday, as more of Southeast Asia’s consumers turn to online shopping for anything from iPhones to daily groceries.
