Do we like Sea Limited?
Singapore-based group behind Shopee (e-commerce), Garena (games) and Monee (digital finance) across Southeast Asia and beyond.
Our score: 5 out of 10. Big and profitable, but its record is mixed. It has paid out on two investor lawsuits, had layoff reports, and one founder controls the votes. We'd hold back.
Sea Limited is a Singapore tech group. It runs Shopee (online shopping), Garena (games, including Free Fire) and SeaMoney (loans and payments). Founder Forrest Li is chair and CEO. As of March 2025 he held about 59% of the voting power, per figures from third-party sites.
Tencent was once a much bigger voting force. Bloomberg reported that in 2022 it cut its stake to 18.7% from 21.3%, and its voting rights fell below 10%. That moved control further towards Li.
Investors have sued. Sea agreed to a $46M settlement of a US class action. Plaintiffs said it made misleading statements about Garena and Shopee, including the effect of losing League of Legends. A separate $40M settlement, over its 2021 share offering, was reported as pending court approval.
A 2023 class action accused Sea of understating the credit risk of its SeaMoney loan book. Separately, DealStreetAsia reportedly said Shopee cut staff in several Southeast Asian markets. We found no regulatory fines, but we didn't dig into workers or the environment, so the score stays in the middle.