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Benzinga
Benzinga
Technology
Anusuya Lahiri

Tencent-Backed Sea Faces Yet Another International Market Setback

SE Sea (Organization) Shopee France Europe NYSE Sea Ltd Tencent Holdings Ltd
  • Tencent Holdings Ltd (OTC:TCEHY) backed Sea Ltd's (NYSE:SE) Shopee shut shop in France, retreating from a significant market months after launching its maiden foray into Europe, Bloomberg reports.
  • The site will close on March 6. Shopee promised to complete all paid orders until then.
  • The pullback shortly follows the ban of Sea's signature game Free Fire in India which wiped off over $16 billion in market value.
  • "Following a short-term, preliminary pilot, we have decided not to continue the Shopee service in France," the company said. "Other markets are unaffected. We continue to adopt an open-minded and disciplined approach to exploring new markets."
  • Price Action: SE shares traded lower by 9.34% at $132 in the premarket on the last check Tuesday.
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