SINGAPORE - Singapore-based tech company Sea, which owns e-commerce platform Shopee and game developer Garena, is a homegrown outfit that the country hopes to have more of.
Its revenue doubled to US$1.2 billion for the third quarter. But its net losses also doubled to US$419.9 million and quarter-on-quarter growth in e-commerce gross merchandise value dropped to 16 per cent, from 29 per cent in the second quarter. Mr Li started small - founding Sea in 2009 as a game publisher called Garena - but has since transformed the company into a regional heavyweight with businesses in gaming, e-commerce and digital finance. Its e-commerce platform Shopee is one of the fastest-growing regional players and is also an incubator for budding entrepreneurs.
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