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Sea loses title of biggest Southeast Asia firm to Indonesia bank

·1-min read
Sea Ltd. loses title of biggest Southeast Asia firm to Indonesia bank. (PHOTO
Sea Ltd. loses title of biggest Southeast Asia firm to Indonesia bank. (PHOTO" REUTERS/Edgar Su)

By Yoolim Lee

(Bloomberg) — Sea Ltd. lost its title as Southeast Asia’s biggest publicly traded company after its shares plunged to an 18-month low.

The Singapore-based internet company was overtaken by Indonesian lender PT Bank Central Asia after its American depositary receipts slumped to US$120.52 on Wednesday in New York. Its market value of US$66.9 billion is down from a peak of US$202.6 billion in October. Bank Central Asia’s market value is US$68.5 billion, and Singapore’s DBS Group Holdings Ltd. is close behind at US$66.1 billion.

Sea went public in 2017 and quickly became the most valuable company in Southeast Asia, stoking a debate on Wall Street over whether the gaming, e-commerce and financial services company is the next great internet colossus or just Exhibit A in a global tech bubble that’s destined to burst.

The company lost more than US$16 billion of its value in its biggest daily drop last week after India abruptly banned its most popular mobile gaming title. Investors are growing concerned the ban may just be the start of Sea’s troubles.

Franklin Dynatech Fund and Blackrock Capital Appreciation Fund Inc. were among asset managers that cut their holdings in Sea in January, according to data analysed by Bloomberg.

© 2022 Bloomberg L.P.

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