Sea CEO rallies staff as Shopee’s competitors close in

THE chief executive of Internet company Sea has called for employees to gear up for a fight as e-commerce competitors challenge its platform Shopee’s market share.

In a memo sent on Friday (Sep 15) and seen by The Business Times, Forrest Li warned of the increasingly competitive landscape, and reminded staff that a “hard contest” is where the company has always thrived.

His appeal to his staff follows the record fall in the shares of the group on Aug 15. Sea had reported revenue that missed analysts’ estimates, despite the group having turned in yet another profitable quarter. The shares of South-east Asia’s largest Internet firm fell 29 per cent following the results, marking their biggest single-day fall.