Sea Ltd. has lost its status as Southeast Asia’s largest publicly traded business, according to The Edge Market, after its shares fell to an 18-month low. After its American depositary receipts fell to US$120.52 in New York on Wednesday, the Singapore-based internet corporation was overtaken by Indonesian lender PT Bank Central Asia. Its market capitalization has dropped to US$66.9 billion from a high of US$202.6 billion in October. Bank Central Asia has a market capitalization of US$68.5 billion, while DBS Group Holdings Ltd of Singapore has a market capitalization of US$66.1 billion.
Sea went public in 2017 and rapidly became Southeast Asia’s most valuable company, igniting a discussion on Wall Street over whether the gaming, e-commerce, and financial services giant is the next great internet colossus or simply Exhibit A in a global tech bubble about to burst. According to data collected by Bloomberg, Franklin Dynatech Fund and Blackrock Capital Appreciation Fund Inc were among asset managers who reduced their stakes in Sea in January.
