1 Business Times, “Sea overtakes DBS as South-east Asia’s most valuable company” August 26, 2025
2 Reuters, “Sea e-commerce unit Shopee to shut India operations”, March 29 2022
3 WCM insight, “A series on moat trajectory”, viewed September 2026
4 ibid
5 ibid
6 Source: WCM, company filings, Momentum Works, as of September 2026.
7 Source: WCM, company filings, as of September 2026
8 Source: NYSE, as of 19 March, 2026
9 Business Times, “Sea Q2 earnings up 10.6% at US$458.1 million as Shopee hits new highs”, August 11 2026
* Take rate is the percentage of fees collected by a third-party platform, such as an eCommerce marketplace or payment services provider.
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