After its shares fell to an 18-month low, Sea Ltd. lost its position as Southeast Asia’s largest publicly traded corporation.
After its American Depository Receipts fell to $120.52 in New York on Wednesday, the Singapore web corporation was overtaken by Indonesian lender PT Bank Central Asia. Its market value has fallen from a high of $202.6 billion in October to $66.9 billion today. Bank Central Asia has a market capitalization of $68.5 billion, while the market capitalization of Singapore’s DBS Group Holdings Ltd. is $66.1 billion.
Sea went public in 2017 and quickly became Southeast Asia’s most beneficial company, sparking debate on Wall Street about whether the gaming, e-commerce and financial services giant is the subsequent big web titan or simply exhibit A in a worldwide bubble technology doomed to blow up.
Last week, India unexpectedly banned its hottest mobile gaming app, causing the corporate’s value to drop by greater than $16 billion. Investors fear that the ban is simply the start of Sea’s problems.
Asset managers that reduced their positions in Sea in January included Franklin Dynatech Fund and Blackrock Capital Appreciation Fund Inc., in keeping with Bloomberg statistics.
