7Baggers

Sea Limited
(NYSE:SE) 

SE stock logo

Sea Limited engages in the digital entertainment, e-commerce, and digital financial service businesses in Southeast Asia, Latin America, rest of Asia, and internationally. It provides Garena digital entertainment platform for users to access mobile and PC online games, as well as eSports operations;...

Founded: 2009
IPO Price: $15 (Oct 20, 2017)
Full Time Employees: 29,800
CEO: Forrest Xiaodong Li  
Sector: Communication Services
Industry: Electronic Gaming & Multimedia
GamesE-CommerceEntertainment
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Quarterly
Annual
    Unit: USD2025-11-12 2025-08-12 2025-05-13 2025-03-04 2024-12-31 2024-11-12 2024-08-13 2024-05-14 2024-03-04 2023-12-31 2023-11-14 2023-08-15 2023-05-16 2023-03-07 2022-12-31 2022-11-15 2022-08-16 2022-05-17 2022-03-01 2021-12-31 2021-11-16 2021-08-17 2021-06-30 2021-05-18 2021-03-02 2020-12-31 2020-11-17 2020-09-30 2020-08-18 2020-05-18 2020-03-03 2019-12-31 2019-11-12 2019-08-20 2019-05-22 2019-02-27 2018-12-31 2018-11-21 2018-08-22 2018-05-16 2018-02-28 2017-12-31 2017-11-22 
                                               
      revenue
    		                                           
      yoy
    		                                           
      qoq
    		                                           
      service revenue
    		14,701,824,000 9,233,450,000 4,434,537,000                                         
      sales of goods
    		1,384,777,000 867,127,000 406,563,000 471,797,000 471,797,000 1,086,806,000 668,782,000 326,190,000 334,588,000 334,588,000 786,587,000 485,608,000 241,841,000 271,594,000 271,594,000 837,775,000 551,446,000 264,791,000 324,405,000 324,405,000 746,155,000 466,550,000 466,550,000 209,927,000 216,622,000 216,622,000 365,740,000 365,740,000 212,061,000 78,692,000 76,627,000 76,627,000 140,075,000 88,736,000 47,804,000 39,611,000        
      total revenue
    		16,086,601,000 10,100,577,000 4,841,100,000 4,950,436,000 4,950,436,000 11,869,430,000 7,541,197,000 3,734,329,000 3,616,628,000 3,616,628,000 9,446,932,000 6,136,764,000 3,041,104,000 3,451,584,000 3,451,584,000 8,998,121,000 5,842,170,000 2,899,571,000 3,222,114,000 3,222,114,000 6,733,076,000 4,044,192,000 4,044,192,000 1,763,644,000 1,566,550,000 1,566,550,000 2,809,114,000 2,809,114,000 1,596,954,000 714,920,000 777,224,000 777,224,000 1,398,154,000 788,017,000 351,866,000 283,224,000 283,224,000 543,744,000 338,823,000 155,044,000 124,604,000 124,604,000 94,094,000 
      cost of revenue
    		                                           
      cost of service
    		-7,543,556,000 -4,648,778,000 -2,231,118,000                                         
      cost of goods sold
    		-1,297,688,000 -805,796,000 -373,789,000 -439,267,000 -439,267,000 -1,011,124,000 -627,283,000 -309,548,000 -309,263,000 -309,263,000 -718,126,000 -430,311,000 -209,720,000 -229,627,000 -229,627,000 -763,719,000 -506,068,000 -243,881,000 -301,252,000 -301,252,000 -702,295,000 -435,667,000 -435,667,000 -195,457,000 -212,841,000 -212,841,000 -367,816,000 -367,816,000 -216,282,000 -79,904,000 -78,570,000 -78,570,000 -148,465,000 -98,727,000 -53,403,000 -42,108,000        
      total cost of revenue
    		-8,841,244,000 -5,454,574,000 -2,604,907,000 -2,744,976,000 -2,744,976,000 -6,869,802,000 -4,402,630,000 -2,180,579,000 -2,091,841,000 -2,091,841,000 -5,138,072,000 -3,269,196,000 -1,624,414,000 -1,754,271,000 -1,754,271,000 -5,510,157,000 -3,581,924,000 -1,729,543,000 -1,911,386,000 -1,911,386,000 -4,148,069,000 -2,467,889,000 -2,467,889,000 -1,118,235,000 -1,032,838,000 -1,032,838,000 -1,993,921,000 -1,993,921,000 -1,189,328,000 -508,120,000 -512,372,000 -512,372,000 -1,058,086,000 -651,117,000 -312,410,000 -291,183,000 -291,183,000 -521,027,000 -321,716,000 -146,519,000 -101,059,000 -101,059,000 -83,275,000 
      gross profit
    		7,245,357,000 4,646,003,000 2,236,193,000 2,205,460,000 2,205,460,000 4,999,628,000 3,138,567,000 1,553,750,000 1,524,787,000 1,524,787,000 4,308,860,000 2,867,568,000 1,416,690,000 1,697,313,000 1,697,313,000 3,487,964,000 2,260,246,000 1,170,028,000 1,310,728,000 1,310,728,000 2,585,007,000 1,576,303,000 1,576,303,000 645,409,000 533,712,000 533,712,000 815,193,000 815,193,000 407,626,000 206,800,000 264,852,000 264,852,000 340,068,000 136,900,000 39,456,000 -7,959,000 -7,959,000 22,717,000 17,107,000 8,525,000 23,545,000 23,545,000 10,819,000 
      yoy
    		228.52% -7.07% -28.75% 41.94% 44.64% 227.89% -27.16% -45.82% 7.63% -10.16% 153.86% -17.79% -37.32% 45.07% 29.49% 166.11% -12.56% -25.77% -16.85% 103.08% 384.34% 195.35% 93.37% -20.83% 30.93% 158.08% 207.79% 207.79% 19.87% 51.06% 571.26% -3427.70% -4372.75% 502.63% 130.64% -193.36% -133.80% -3.52% 58.12%     
      qoq
    		55.95% 107.76% 1.39% 0.00% -55.89% 59.30% 102.00% 1.90% 0.00% -64.61% 50.26% 102.41% -16.53% 0.00% -51.34% 54.32% 93.18% -10.73% 0.00% -49.29% 63.99% 0.00% 144.23% 20.93% 0.00% -34.53% 0.00% 99.99% 97.11% -21.92% 0.00% -22.12% 148.41% 246.97% -595.74% 0.00% -135.04% 32.79% 100.67% -63.79% 0.00% 117.63%  
      gross margin %
    		Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% 
      operating income
    		1,420,069,000 944,123,000 456,404,000 305,751,000 305,751,000 356,401,000 153,986,000 71,092,000 -56,519,000 -56,519,000 281,297,000 409,037,000 125,224,000 342,864,000 342,864,000 -1,830,372,000 -1,334,728,000 -498,032,000 -442,075,000 -442,075,000 -1,140,985,000 -682,429,000 -682,429,000 -348,413,000 -357,325,000 -357,325,000 -946,000,000 -946,000,000 -640,527,000 -267,719,000  -230,045,000 -661,187,000 -473,725,000 -239,206,000  -324,957,000 -663,811,000 -417,611,000 -198,094,000 -191,141,000 -191,141,000 -160,716,000 
      yoy
    		364.45% 164.90% 196.39% 330.08% -640.97% -730.59% -45.26% -82.62% -145.13% -116.48% -17.96% -122.35% -109.38% -168.84% -177.56% 314.04% 16.98% -27.02% -35.22% 26.88% 219.31% 90.98% -27.86% -63.17% -44.21% 33.47%  311.22% -3.12% -43.49%   103.47% -28.64% -42.72%  70.01% 247.29% 159.84%     
      qoq
    		50.41% 106.86% 49.27% 0.00% -14.21% 131.45% 116.60% -225.78% 0.00% -120.09% -31.23% 226.64% -63.48% 0.00% -118.73% 37.13% 168.00% 12.66% 0.00% -61.25% 67.19% 0.00% 95.87% -2.49% 0.00% -62.23% 0.00% 47.69% 139.25%   -65.21% 39.57% 98.04%   -51.05% 58.95% 110.81% 3.64% 0.00% 18.93%  
      operating margin %
    		Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% NaN% -Infinity% -Infinity% -Infinity% -Infinity% NaN% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      other operating income
    		93,822,000 66,804,000 34,901,000 53,256,000 53,256,000 127,187,000 86,540,000 43,977,000 58,524,000 58,524,000 162,497,000 115,883,000 57,880,000 68,453,000 68,453,000 210,731,000 144,759,000 73,655,000 72,294,000 72,294,000 215,652,000 147,095,000 147,095,000 75,088,000 72,697,000 72,697,000 116,948,000 116,948,000 57,925,000 25,316,000 6,015,000 6,015,000 9,875,000 5,890,000 3,453,000 4,291,000 4,291,000 5,508,000 2,436,000 729,000 2,157,000 2,157,000 959,000 
      sales and marketing expenses
    		-3,089,493,000 -1,939,194,000 -929,699,000 -1,049,726,000 -1,049,726,000 -2,422,960,000 -1,544,403,000 -769,635,000 -967,433,000 -967,433,000 -1,811,790,000 -893,744,000 -400,143,000 -473,620,000 -473,620,000 -2,795,603,000 -1,978,941,000 -1,005,174,000 -1,219,858,000 -1,219,858,000 -2,609,885,000 -1,600,284,000 -1,600,284,000 -678,922,000 -665,222,000 -665,222,000 -1,165,653,000 -1,165,653,000 -694,665,000 -308,316,000 -341,740,000 -341,740,000 -627,803,000 -376,052,000 -177,978,000 -207,487,000 -207,487,000 -497,528,000 -317,224,000 -152,149,000 -156,418,000 -156,418,000 -131,571,000 
      general and administrative expenses
    		-970,558,000 -630,531,000 -307,189,000 -366,259,000 -366,259,000 -901,447,000 -594,692,000 -290,854,000 -232,603,000 -232,603,000 -902,121,000 -628,546,000 -333,377,000 -352,321,000 -13,734,000 -1,423,878,000 -872,178,000 -396,133,000 -318,597,000 -318,597,000 -786,698,000 -491,850,000 -491,850,000 -248,858,000 -189,005,000 -189,005,000 -468,210,000 -468,210,000 -271,480,000 -126,933,000 -109,705,000 -109,705,000 -276,160,000 -176,895,000 -75,628,000 -87,160,000 -87,160,000 -153,621,000 -96,336,000 -44,487,000 -51,754,000 -51,754,000 -33,262,000 
      provision for credit losses
    		-979,498,000 -605,673,000 -281,944,000 -235,764,000 -235,764,000 -541,173,000 -329,182,000 -161,767,000 -159,988,000 -159,988,000 -473,954,000 -330,440,000 -177,439,000 -175,103,000                              
      research and development expenses
    		-879,561,000 -593,286,000 -295,858,000 -301,216,000 -301,216,000 -904,834,000 -602,844,000 -304,379,000 -279,806,000 -279,806,000 -884,320,000 -603,809,000 -320,512,000 -244,195,000 -244,195,000 -1,132,306,000 -711,334,000 -340,408,000 -286,642,000 -286,642,000 -545,061,000 -313,693,000 -313,693,000 -141,130,000 -109,507,000 -109,507,000 -244,278,000 -244,278,000 -139,933,000 -64,586,000 -49,467,000 -49,467,000 -107,167,000 -63,568,000 -28,509,000 -26,642,000 -26,642,000 -40,887,000 -23,594,000 -10,712,000 -8,671,000 -8,671,000 -7,661,000 
      total operating expenses
    		-5,825,288,000 -3,701,880,000 -1,779,789,000 -1,899,709,000 -1,899,709,000 -4,643,227,000 -2,984,581,000 -1,482,658,000 -1,581,306,000 -1,581,306,000 -4,027,563,000 -2,458,531,000 -1,291,466,000 -1,354,449,000 -1,354,449,000 -5,318,336,000 -3,594,974,000 -1,668,060,000 -1,752,803,000 -1,752,803,000 -3,725,992,000 -2,258,732,000 -2,258,732,000 -993,822,000 -891,037,000 -891,037,000 -1,761,193,000 -1,761,193,000 -1,048,153,000 -474,519,000 -494,897,000 -494,897,000 -1,001,255,000 -610,625,000 -278,662,000 -316,998,000 -316,998,000 -686,528,000 -434,718,000 -206,619,000 -214,686,000 -214,686,000 -171,535,000 
      interest income
    		260,872,000 179,082,000 88,823,000 93,970,000 93,970,000 271,847,000 178,500,000 87,115,000 90,949,000 90,949,000 240,361,000 152,326,000 68,798,000 54,336,000 54,336,000 61,179,000 29,841,000 10,781,000 10,924,000 10,924,000 25,158,000 14,969,000 14,969,000 7,518,000 4,275,000 4,275,000 20,529,000 20,529,000 15,206,000 9,291,000 9,396,000 9,396,000 24,539,000 14,812,000 4,012,000 2,953,000 2,953,000 8,567,000 5,350,000 3,091,000 760,000 760,000 1,689,000 
      interest expense
    		-26,951,000 -18,055,000 -9,081,000 -9,281,000 -9,281,000 -29,060,000 -19,406,000 -9,718,000 -10,129,000 -10,129,000 -30,946,000 -20,773,000 -10,389,000 -10,809,000 -10,809,000 -34,587,000 -23,029,000 -11,617,000 -52,292,000 -52,292,000 -86,653,000 -49,606,000 -49,606,000 -26,939,000 -34,889,000 -34,889,000 -113,354,000 -113,354,000 -67,927,000 -24,609,000 -17,167,000 -17,167,000 -31,041,000 -20,248,000 -10,066,000 -9,882,000 -9,882,000 -21,413,000 -11,555,000 -8,582,000 -9,043,000 -9,043,000 -8,461,000 
      investment loss
    		-6,527,000 -1,237,000 -522,000 -60,677,000 -47,385,750 -189,543,000 -125,352,000 -111,244,000 -80,279,000 -11,344,250 -45,377,000 -28,815,000 -27,743,000 -123,004,000 -21,081,750 -84,327,000 -59,036,000 -235,000                          
      net gain on debt extinguishment
    		17,289,000 15,688,000 10,602,000 8,206,000 8,206,000 34,415,000 32,009,000 27,112,000 38,550,000     199,697,000                              
      foreign exchange gain
    		-11,006,000   -3,996,000 -3,996,000 750,000 -26,878,000  -7,437,000 -7,437,000 11,924,000 27,349,000  -85,247,000 -85,247,000 9,737,000 13,399,000 -4,989,000 -10,710,000 -10,710,000 24,951,000 6,094,000 6,094,000 5,631,000  -30,772,000 -7,795,000 -7,795,000 12,687,000 21,529,000 -7,614,000 -7,614,000 5,583,000 -1,591,000  -503,000 -503,000 5,304,000 4,684,000   -629,250 -1,728,000 
      income before income tax and share of results of equity investees
    		1,653,746,000 1,116,630,000 545,612,000 333,973,000 333,973,000 444,810,000 192,859,000 53,551,000 -24,865,000 -24,865,000 457,259,000 539,124,000 147,746,000 377,837,000                              
      income tax expense
    		-441,467,000 -280,371,000 -136,315,000 -89,198,000 -89,198,000 -231,970,000 -139,372,000 -78,760,000  -76,894,000 -185,786,000 -124,110,000 -61,898,000  43,461,000 -211,856,000 -146,577,000 -81,806,000 -105,609,000 -105,609,000 -227,256,000 -126,216,000 -126,216,000 -51,025,000 -44,166,000 -44,166,000 -97,474,000 -97,474,000 -51,058,000 -23,237,000 -36,011,000 -36,011,000 -49,853,000   -2,993,000     -8,730,000 -8,730,000 2,147,000 
      share of results of equity investees
    		-12,262,000 -11,230,000 1,528,000 -7,183,000 -7,183,000 -2,605,000 3,424,000 2,209,000 -9,856,000 -9,856,000 2,824,000 3,261,000 1,444,000 1,540,000 1,540,000 9,616,000 8,795,000 5,762,000 2,390,000 2,390,000 2,629,000 1,198,000 1,198,000 599,000 1,381,000 1,381,000 -660,000 -660,000 -1,588,000 -1,070,000 -681,000 -681,000 -2,558,000 -1,507,000 -418,000 -1,092,000 -1,092,000 -1,974,000 -1,272,000 -583,000 -986,000 -986,000 -64,000 
      net income
    		1,200,017,000 825,029,000 410,825,000 237,592,000 237,592,000 210,235,000 56,911,000 -23,000,000 -111,615,000 -111,615,000 274,297,000 418,275,000 87,292,000 422,838,000 422,838,000 -2,080,610,000 -1,511,335,000 -580,136,000 -616,289,000 -616,289,000 -1,426,741,000 -855,760,000 -855,760,000 -422,091,000 -524,569,000 -524,569,000 -1,099,588,000 -1,099,588,000 -674,326,000 -280,791,000 -281,920,000 -281,920,000 -1,175,802,000 -969,705,000 -689,609,000 -276,058,000 -276,058,000 -684,976,000 -466,957,000 -216,169,000 -263,140,000 -263,140,000 -132,831,000 
      yoy
    		405.07% 292.43% 621.87% -1133.01% -312.87% -288.36% -79.25% -105.50% -227.86% -126.40% -35.13% -120.10% -105.78% -172.89% -168.61% 237.60% 5.93% -32.21% -27.98% 46.01% 171.98% 63.14% -22.17% -61.61% -22.21% 86.82% 290.04% 290.04% -42.65% -71.04% -59.12% 2.12% 325.93% 41.57% 47.68% 27.70% 4.91% 160.31% 251.54%     
      qoq
    		45.45% 100.82% 72.91% 0.00% 13.01% 269.41% -347.44% -79.39% 0.00% -140.69% -34.42% 379.17% -79.36% 0.00% -120.32% 37.67% 160.51% -5.87% 0.00% -56.80% 66.72% 0.00% 102.74% -19.54% 0.00% -52.29% 0.00% 63.06% 140.15% -0.40% 0.00% -76.02% 21.25% 40.62% 149.81% 0.00% -59.70% 46.69% 116.01% -17.85% 0.00% 98.10%  
      net income margin %
    		Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      net income attributable to non-controlling interests
    		-18,967,000  -7,775,000  -805,500 -3,222,000      -8,595,000                                
      net income attributable to sea limited’s ordinary shareholders
    		1,181,050,000 809,022,000 403,050,000 237,308,000 237,308,000 207,013,000 58,201,000  -109,740,000 -109,740,000 260,466,000 409,680,000 88,075,000 426,798,000                              
      earnings per share:
    		                                           
      basic
    		1.99 1.37 0.68 0.41 0.41 0.36 0.1 -0.04 -0.19 -3.42 0.46 0.73 0.16 0.76                              
      diluted
    		1.89 1.3 0.65 0.39 0.4 0.34 0.1 -0.04 -0.19 -3.4 0.44 0.69 0.15 0.72                              
      weighted-average shares used for eps calculation
    		               557,376,415 556,834,663 556,217,418   525,652,569 519,037,660                      
      basic
    		592,592,032 591,566,401 590,286,824 580,046,457 574,966,327 573,260,590 571,968,378 570,937,761 569,527,667 558,119,948 565,630,521 564,261,877 563,558,642 560,326,301                              
      diluted
    		638,092,129 636,229,639 634,637,711 610,136,776 604,713,980 602,720,046 599,898,424 570,937,761 569,527,667 558,119,948 597,718,238 598,716,012 598,691,484 611,938,691                              
      foreign exchange loss
    		 -2,971,000 -614,000     -10,806,000     -8,144,000            -30,772,000          -2,653,000     -1,475,000 -1,698,000   
      net loss attributable to non-controlling interests
    		 -16,007,000  -284,000   1,290,000 -663,000 1,875,000 1,875,000 -13,831,000  783,000 3,960,000                       89,500 358,000 641,000 556,000 480,000 480,000 150,000 
      digital entertainment
    		   519,064,000 347,881,250 1,391,525,000 893,678,000 458,119,000 510,773,000 510,773,000 1,661,236,000 1,069,083,000 539,686,000 948,857,000 948,857,000 2,928,306,000 2,035,427,000 1,135,169,000 1,415,044,000 1,415,044,000 2,904,969,000 1,805,602,000 1,805,602,000 781,335,000 693,362,000 693,362,000 1,322,610,000 1,322,610,000 753,629,000 369,683,000 404,082,000 404,082,000 731,935,000 402,877,000 173,399,000 131,257,000 131,257,000 331,207,000 218,687,000 110,658,000 106,323,000 106,323,000 79,799,000 
      e-commerce and other services
    		   3,959,575,000 2,347,774,750 9,391,099,000 5,978,737,000 2,950,020,000 2,771,267,000 2,771,267,000 6,999,109,000 4,582,073,000 2,259,577,000 2,231,133,000 2,231,133,000 5,232,040,000 3,255,297,000 1,499,611,000 1,482,665,000 1,482,665,000 3,081,952,000 1,772,040,000 1,772,040,000 772,382,000 656,566,000 656,566,000 1,120,764,000 1,120,764,000 631,264,000 266,545,000 296,515,000 296,515,000 526,144,000 296,404,000 130,663,000 112,356,000        
      impairment of goodwill
    		          -117,875,000 -117,875,000 -117,875,000 -177,663,000 -177,663,000 -177,280,000 -177,280,000                           
      net income (loss) attributable to sea limited’s ordinary shareholders
    		       -23,663,000                                    
      income tax credit
    		        -76,894,000                         -22,483,000 -7,205,000         
      income tax (expense) credit
    		             43,461,000                       -273,750 -1,095,000 925,000 755,000    
      loss before income tax and share of results of equity investees
    		              377,837,000 -1,878,370,000 -1,373,553,000 -504,092,000 -513,070,000 -513,070,000 -1,202,114,000 -730,742,000 -730,742,000 -371,665,000 -481,784,000 -481,784,000 -1,001,454,000 -1,001,454,000 -621,680,000 -256,484,000 -245,228,000 -245,228,000 -1,123,391,000 -945,715,000 -681,986,000 -271,973,000 -271,973,000 -681,907,000 -466,610,000 -216,341,000 -253,424,000 -253,424,000 -134,914,000 
      net (profit)/loss attributable to non-controlling interests
    		              597,750 2,391,000                            
      net loss attributable to sea limited’s ordinary shareholders
    		              426,798,000 -2,078,219,000 -1,512,920,000 -579,809,000 -617,608,000 -617,608,000 -1,429,151,000 -856,132,000 -856,132,000 -422,690,000 -523,592,000 -523,592,000 -1,094,464,000 -1,094,464,000 -674,474,000 -281,513,000 -283,789,000 -283,789,000 -1,179,010,000 -971,422,000 -690,355,000 -276,623,000 -276,623,000 -684,618,000 -466,316,000 -215,613,000 -262,660,000 -262,660,000 -132,681,000 
      loss per share:
    		                                           
      basic and diluted
    		              0.77 -3.73 -2.72 -1.04 -1.12 -1.12 -2.72 -1.65  -0.82 -1.06 -1.07 -2.32 -2.75 -1.45 -0.61 -0.62   -2.35 -1.86 -0.81 -0.81 -2.03 -1.39 -0.64 -0.9 -1.03 -0.75 
      weighted-average shares used for eps calculation
    		               557,376,415 556,834,663 556,217,418   525,652,569 519,037,660                      
      basic and diluted
    		              558,119,948    553,635,479 532,705,796    514,780,897 494,805,090 477,264,888 471,375,477 428,606,948 464,344,956 462,194,052 460,325,659 436,601,801    340,397,564 338,472,987       
      net profit attributable to non-controlling interests
    		                -1,585,000     -372,000 -372,000 -599,000     -148,000 -722,000 -1,869,000             
      net (profit) loss attributable to non-controlling interests
    		                 327,000       977,000 1,281,000 5,124,000 5,124,000                
      net investment loss
    		                  -18,917,000                         
      changes in fair value of convertible notes
    		                          -87,000 -87,000 -87,000 -87,000 -6,775,000     61,187,000        
      net loss (profit) attributable to non-controlling interests
    		                  -1,319,000 -602,500 -2,410,000           -1,869,000 -3,208,000 -1,717,000 -746,000 -565,000        
      investment gain
    		                   -6,146,250 -24,585,000 -19,770,000  -9,462,000 -63,073,000 -63,073,000 45,253,000 45,253,000 58,968,000 5,111,000 6,977,000 6,977,000 4,817,000 2,913,000 2,047,000 -771,000 -771,000 9,374,000 8,478,000 7,515,000 -352,000 -352,000 34,302,000 
      investment gain (loss)
    		                      -19,770,000                     
      changes in fair value of 2017 convertible notes
    		                               -116,525,500 -466,102,000           
      shares used in loss per share computation:
    		                                           
      basic and diluted
    		                                 412,857,316 370,724,164  84,451,102.5 337,804,410 336,531,721 335,147,405 293,324,598 29,756,547 177,902,368 
      changes in fair value of the 2017 convertible notes
    		                                 -467,876,000 -436,120,000         
      net loss excluding share-based compensation and changes in fair value of the 2017 convertible notes
    		                                 -452,404,000 -237,290,000         
      adjusted net loss
    		                                   -321,187,000 -155,746,250 -622,985,000 -385,417,000 -205,498,000 -251,563,000 -70,241,750 -127,133,000 
      others
    		                                    53,134,250 212,537,000 120,136,000 44,386,000 18,281,000 18,281,000 14,295,000 
      changes in fair value of convertible debts
    		                                    -4,982,000 -19,928,000 -55,956,000     
      changes in fair value of convertible promissory notes
    		                                       -18,796,000 -51,950,000   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-11-12 2025-08-12 2025-05-13 2025-03-04 2024-12-31 2024-05-14 2023-12-31 2022-12-31 2021-12-31 2021-06-30 2020-12-31 2020-09-30 2020-05-18 2019-12-31 2019-11-12 2018-11-21 2018-08-22 2018-05-16 2018-02-28 2017-12-31 2017-11-22 2016-12-31 2015-12-31 
                             
        assets
      		                       
        current assets
      		                       
        cash and cash equivalents
      		3,067,819,000 2,165,809,000 2,183,030,000 2,405,153,000 2,405,153,000 2,460,831,000 2,811,056,000 6,029,859,000 9,247,762,000 4,645,383,000 6,166,880,000 3,509,039,000 2,599,702,000 1,898,588,000 2,297,187,000 1,209,235,000 1,477,140,000 1,172,426,000 1,347,361,000 1,347,361,000 581,474,000 170,078,000 116,203,000 
        restricted cash
      		1,963,218,000 2,075,266,000 1,810,071,000 1,655,171,000 1,655,171,000 1,479,871,000 1,410,365,000 1,549,574,000 1,551,635,000 1,328,060,000 859,192,000 692,843,000 505,396,000  360,065,000 247,773,000 154,207,000 159,521,000 95,300,000 95,300,000 69,426,000   
        accounts receivable
      		349,415,000 322,357,000 342,319,000 306,657,000 306,657,000 236,608,000 262,716,000 268,814,000 388,308,000 382,662,000 362,999,000 289,158,000 160,003,000  138,198,000 61,220,000 55,114,000 70,899,000 61,846,000 61,846,000 57,830,000   
        prepaid expenses and other assets
      		1,832,583,000 1,817,004,000 1,863,143,000 1,661,373,000 1,661,373,000 2,076,799,000 1,861,842,000 1,798,651,000 1,401,863,000 1,202,889,000 1,054,229,000  717,243,000 28,343,000 489,272,000 265,342,000 270,026,000 223,849,000 186,181,000 186,181,000 149,382,000 79,443,000 52,458,000 
        loans receivable, net of allowance for credit losses of 443,555 and 697,688, as of december 31, 2024 and september 30, 2025 respectively
      		6,413,832,000                       
        inventories
      		209,285,000 169,298,000 172,696,000 143,246,000 143,246,000 142,284,000 125,395,000 109,668,000 117,499,000 99,477,000 64,219,000 61,676,000 34,222,000  21,372,000 19,565,000 16,906,000 13,382,000 9,790,000 9,790,000 7,272,000   
        short-term investments
      		6,834,186,000 7,244,913,000 6,243,214,000 6,215,423,000 6,215,423,000 2,940,964,000 2,547,644,000 864,258,000 911,281,000 962,141,000 126,099,000 42,320,000 30,468,000  9,416,000         
        amounts due from related parties
      		412,431,000 355,937,000 490,221,000 418,430,000 418,430,000 434,623,000 290,254,000 13,421,000 16,095,000 14,001,000 19,449,000 6,725,000 3,549,000  2,277,000 5,328,000 5,904,000 2,244,000 2,235,000 2,235,000 1,384,000   
        total current assets
      		21,082,769,000 19,740,334,000 17,779,300,000 16,857,668,000 16,857,668,000 12,381,271,000 11,773,934,000 12,688,012,000 15,135,397,000 9,397,098,000 8,939,004,000 5,563,087,000 4,050,583,000  3,317,787,000 1,808,463,000 1,979,297,000 1,642,321,000 1,720,713,000 1,720,713,000 866,768,000 309,884,000 229,695,000 
        non-current assets
      		                       
        property and equipment
      		1,189,733,000 1,137,765,000 1,081,491,000 1,097,699,000 1,097,699,000 1,107,072,000 1,207,698,000 1,387,895,000 1,029,963,000 442,122,000 386,401,000 358,390,000 301,314,000  294,783,000 147,379,000 121,920,000 93,939,000 74,348,000 74,348,000 47,934,000 31,123,000  
        operating lease right-of-use assets
      		1,328,315,000 1,233,437,000 1,166,823,000 1,054,785,000 1,054,785,000 951,402,000 1,015,982,000 957,840,000 649,680,000 388,073,000 234,555,000 215,056,000 185,550,000  168,366,000         
        intangible assets
      		15,754,000 15,315,000 20,605,000 27,310,000 27,310,000 42,883,000 50,821,000 65,019,000 52,517,000 42,137,000 39,773,000 35,882,000 39,925,000  14,914,000 25,668,000 29,591,000 33,614,000 37,333,000 37,333,000 42,048,000 29,963,000 50,857,000 
        long-term investments
      		1,827,968,000 2,121,897,000 2,828,545,000 2,694,305,000 2,694,305,000 4,024,615,000 4,262,562,000 1,253,593,000 1,052,861,000 286,372,000 190,482,000  143,175,000  99,086,000 118,188,000 71,006,000 58,514,000 28,216,000 28,216,000 27,132,000 45,072,000 41,410,000 
        loans receivable, net of allowance for credit losses of 5,780 and 17,848, as of december 31, 2024 and september 30, 2025 respectively
      		345,074,000                       
        deferred tax assets
      		606,589,000 601,921,000 513,325,000 517,383,000 517,383,000 330,509,000 328,961,000 245,226,000 103,755,000 114,862,000 99,904,000 89,441,000 78,152,000  73,100,000 59,418,000 56,428,000 55,070,000 48,104,000 48,104,000 44,775,000 35,295,000 33,374,000 
        goodwill
      		104,768,000 107,631,000 106,031,000 107,625,000 107,625,000 110,049,000 112,782,000 230,208,000 539,624,000 476,334,000 216,278,000 208,095,000 223,342,000  30,952,000 30,952,000 30,952,000 30,952,000 30,952,000 30,952,000 30,952,000   
        total non-current assets
      		5,668,533,000 5,700,076,000 6,063,773,000 5,767,801,000 5,767,801,000 6,713,769,000 7,109,298,000 4,314,784,000 3,620,628,000 2,125,949,000 1,516,667,000 1,397,489,000 1,182,241,000  764,114,000 443,956,000 376,067,000 328,131,000 267,567,000 267,567,000 254,431,000 175,891,000 200,175,000 
        total assets
      		26,751,302,000 25,440,410,000 23,843,073,000 22,625,469,000 22,625,469,000 19,095,040,000 18,883,232,000 17,002,796,000 18,756,025,000 11,523,047,000 10,455,671,000 6,960,576,000 5,232,824,000  4,081,901,000 2,252,419,000 2,355,364,000 1,970,452,000 1,988,280,000 1,988,280,000 1,121,199,000 485,775,000 429,870,000 
        liabilities and shareholders’ equity
      		                       
        current liabilities
      		                       
        accounts payable
      		480,395,000 359,092,000 320,948,000 350,021,000  280,005,000 342,547,000 258,648,000 213,580,000 179,551,000 121,637,000 118,433,000 50,956,000  48,124,000 25,168,000 33,920,000 13,937,000 8,644,000 8,644,000 9,338,000   
        accrued expenses and other payables
      		2,630,808,000 2,420,402,000 2,163,786,000 2,380,371,000  1,815,919,000 1,834,807,000 1,396,613,000 3,531,187,000 2,670,816,000 2,033,461,000 1,545,039,000 1,136,018,000 9,797,000 826,887,000 503,336,000 404,900,000 375,466,000 285,248,000 285,248,000 218,451,000 102,086,000 42,147,000 
        deposits payable
      		3,484,208,000 3,413,955,000 3,154,334,000 2,711,693,000  1,948,148,000 1,706,299,000 1,316,395,000                
        escrow payables and advances from customers
      		2,775,667,000 2,793,949,000 2,603,794,000 2,498,094,000  2,405,751,000 2,199,464,000 1,862,325,000                
        amounts due to related parties
      		253,051,000 109,991,000 188,973,000 255,896,000  186,068,000 64,081,000 415,000 74,738,000 60,017,000 42,613,000 50,816,000 36,802,000           
        borrowings
      		224,750,000 209,420,000 120,502,000 130,615,000  105,058,000 146,661,000 88,410,000                
        operating lease liabilities
      		340,783,000 328,085,000 311,707,000 300,274,000  272,801,000 290,788,000 269,968,000 186,494,000 113,544,000 74,506,000 69,714,000 56,456,000  49,729,000         
        convertible notes
      		2,336,500,000 1,148,803,000 1,148,395,000 1,147,984,000  151,841,000 151,764,000 31,237,000     1,374,724,000 29,481,000 22,706,000         
        deferred revenue
      		1,976,647,000 1,770,249,000 1,630,687,000 1,405,785,000  1,199,621,000 1,208,892,000 1,535,083,000 2,644,463,000 2,538,838,000 2,150,165,000 1,811,414,000 1,032,593,000  990,677,000 348,663,000 273,688,000 283,538,000 268,241,000 268,241,000 161,784,000 122,218,000 162,638,000 
        income tax payable
      		188,250,000 176,217,000 158,141,000 115,419,000  121,993,000 223,638,000 176,598,000 181,400,000 114,448,000 52,306,000 56,084,000 34,775,000  16,138,000   9,523,000  9,614,000    
        total current liabilities
      		14,691,059,000 12,730,163,000 11,801,267,000 11,296,152,000  8,487,205,000 8,168,941,000 6,935,692,000 7,176,436,000 5,883,597,000 4,636,067,000 3,772,539,000 2,428,617,000 81,860,000 2,051,730,000 946,539,000 777,923,000 752,295,000 637,705,000 637,705,000 449,834,000 263,756,000 244,345,000 
        non-current liabilities
      		                       
        deferred tax liabilities
      		30,551,000 19,403,000 1,172,000 408,000  307,000       857,000   3,501,000 3,954,000 4,104,000 4,378,000 4,378,000    
        unrecognized tax benefits
      		132,100,000 132,100,000 132,100,000 138,000,000  9,107,000       972,000   2,913,000 2,938,000 2,985,000 3,088,000 3,088,000 2,362,000   
        total non-current liabilities
      		1,756,434,000 2,926,344,000 2,967,465,000 2,851,741,000  3,838,933,000       1,837,232,000 4,296,303,000  1,277,712,000 1,345,998,000 923,604,000 875,444,000 875,444,000 882,525,000 142,594,000 101,327,000 
        total liabilities
      		16,447,493,000 15,656,507,000 14,768,732,000 14,147,893,000  12,326,138,000       4,265,849,000 4,378,163,000  2,224,251,000 2,123,921,000 1,675,899,000 1,513,149,000 1,513,149,000 1,332,359,000 406,350,000 345,672,000 
        loans receivable, net of allowance for credit losses of 443,555 and 595,102, as of december 31, 2024 and june 30, 2025 respectively
      		 5,589,750,000                      
        loans receivable, net of allowance for credit losses of 5,780 and 13,833, as of december 31, 2024 and june 30, 2025 respectively
      		 239,169,000                      
        loans receivable, net of allowance for credit losses of 443,555 and 516,332, as of december 31, 2024 and march 31, 2025 respectively
      		  4,674,606,000                     
        loans receivable, net of allowance for credit losses of 5,780 and 7,667, as of december 31, 2024 and march 31, 2025 respectively
      		  152,173,000                     
        loans receivable, net of allowance for credit losses of 319,463 and 443,555, as of december 31, 2023 and 2024 respectively
      		   4,052,215,000                    
        loans receivable, net of allowance for credit losses of 2,105 and 5,780, as of december 31, 2023 and 2024 respectively
      		   108,594,000                    
        loans receivable, net of allowance for credit losses of 319,463 and 443,555, as of december 31, 2023 and 2024, respectively
      		    4,052,215,000                   
        loans receivable, net of allowance for credit losses of 2,105 and 5,780 as of december 31, 2023 and 2024, respectively
      		    108,594,000                   
        loans receivable, net of allowance for credit losses of 319,463 and 331,336, as of december 31, 2023 and march 31, 2024 respectively
      		     2,609,291,000                  
        loans receivable, net of allowance for credit losses of 2,105 and 2,221, as of december 31, 2023 and march 31, 2024 respectively
      		     19,995,000                  
        loans receivable, net of allowance for credit losses of 236,797 and 319,463, as of december 31, 2022 and 2023, respectively
      		      2,464,662,000                 
        loans receivable, net of allowance for credit losses of 2,022 and 2,105, as of december 31, 2022 and 2023, respectively
      		      20,551,000                 
        loans receivable, net of allowance for credit losses of 91,504 and 236,797, as of december 31, 2021 and 2022, respectively
      		       2,053,767,000                
        loans receivable, net of allowance for credit losses of 6,172 and 2,022, as of december 31, 2021 and 2022, respectively
      		       21,663,000                
        loans receivable, net of allowance for credit losses of 20,872 and 91,504, as of december 31, 2020 and december 31, 2021 respectively
      		        1,500,954,000               
        loans receivable, net of allowance for credit losses of 19,612 and 6,172, as of december 31, 2020 and december 31, 2021 respectively
      		        28,964,000               
        advances from customers
      		        244,574,000 206,383,000 161,379,000 121,039,000 78,635,000  50,203,000 26,456,000 24,716,000 30,450,000 27,155,000 27,155,000 24,061,000 15,459,000 17,564,000 
        bank borrowings
      		        100,000,000               
        loans receivable, net of allowance for credit losses of 20,872 and 58,832, as of december 31, 2020 and june 30, 2021 respectively
      		         762,485,000              
        loans receivable, net of allowance for credit losses of 19,612 and 15,058, as of december 31, 2020 and june 30, 2021 respectively
      		         45,488,000              
        loans receivable, net of allowance for credit losses of nil and 20,872, as of december 31, 2019 and december 31, 2020 respectively
      		          285,937,000             
        loans receivable, net of allowance for credit losses of nil and 19,612, as of december 31, 2019 and december 31, 2020 respectively
      		          117,149,000             
        short-term borrowings
      		            2,382,000  1,307,000         
        prepaid expenses and other assets, net of allowance for credit losses of 1,259 and 55,010, as of december 31, 2019 and september 30, 2020 respectively
      		           961,326,000            
        long-term investments, net of allowance for credit loss of nil and 13,429 as of december 31, 2019 and september 30, 2020 respectively
      		           219,138,000            
        prepaid expenses and other assets, net of allowance for credit losses of 885 and 13,466, as of december 31, 2019 and september 30, 2020 respectively
      		           246,617,000            
        long-term borrowings
      		            111,000           
        amounts due from subsidiaries
      		             3,613,656,000          
        total current assets, representing total assets
      		             5,540,587,000          
        amounts due to subsidiaries
      		             42,582,000          
        loss in excess of investments
      		             2,939,971,000          
        shareholders’ equity
      		                       
        class a ordinary shares
      		             154,000  94,000 94,000       
        class b ordinary shares
      		             76,000  76,000 76,000       
        additional paid-in capital
      		             4,687,284,000  1,793,010,000 1,776,246,000       
        accumulated other comprehensive loss
      		             5,449,000          
        statutory reserves
      		             46,000  46,000 46,000       
        accumulated deficit
      		             -3,530,585,000  -1,791,163,000 -1,572,861,000       
        total shareholders’ (deficit) equity
      		             1,162,424,000         73,698,000 
        total liabilities and shareholders’ (deficit) equity
      		             5,540,587,000          
        amount due to related parties
      		              45,959,000 34,802,000 32,668,000 39,381,000 36,790,000 36,790,000 25,251,000   
        short-term investment
      		                  18,000,000 18,000,000    
        short-term bank borrowings
      		                  2,013,000 2,013,000 1,976,000   
        income taxes payable
      		               8,114,000 8,031,000  9,614,000  8,973,000   
        convertible debts
      		               1,116,384,000 1,145,836,000       
        accumulated other comprehensive income
      		               23,042,000 24,984,000       
        total sea limited shareholders’ equity
      		               25,105,000 228,585,000     -125,670,000  
        non-controlling interests
      		               3,063,000 2,858,000       
        total shareholders’ equity
      		               28,168,000 231,443,000     -125,650,000  
        total liabilities and shareholders’ equity
      		               2,252,419,000 2,355,364,000       
        convertible promissory notes
      		                 745,746,000 726,950,000 726,950,000 674,411,000   
        liabilities, mezzanine equity and shareholders’ equity
      		                       
        commitments and contingencies
      		                       
        deferred initial public offering costs
      		                    4,818,000   
        selected consolidated balance sheets data:
      		                       
        total mezzanine equity
      		                     205,075,000 10,500,000 
        total liabilities, mezzanine equity and shareholders’ equity
      		                     485,775,000 429,870,000 
        selected consolidated balance sheet data:
      		                       
        total sea limited shareholders’ (deficit) equity
      		                      71,655,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2030-12-31 2025-09-30 2025-06-30 2025-05-13 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-05-14 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-05-16 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-05-17 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-05-18 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-05-18 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-05-22 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-05-16 2018-03-31 2017-12-31 
                                                 
          •
        		                                         
          item 1.
        		                                         
          item 2.
        		                                         
          item 3.
        		                                         
          a.
        		                                         
          b.
        		                                         
          c.
        		                                         
          d.
        		                                         
          item 4.
        		                                         
          gmv
        		                                         
          orders
        		                                         
          bookings
        		                                         
          game qaus
        		                                         
          game qpus
        		                                         
          item 4a.
        		                                         
          item 5.
        		                                         
          service revenue
        		                                         
          digital entertainment
        		                                         
          e-commerce and other services
        		                                         
          sales of goods
        		                                         
          total revenue
        		                                         
          southeast asia
        		                                         
          latin america
        		                                         
          rest of asia
        		                                         
          rest of the world
        		                                         
          other operating income
        		                                         
          sales and marketing expenses
        		                                         
          general and administrative expenses
        		                                         
          benefit from credit losses
        		                                         
          research and development expenses
        		                                         
          impairment of goodwill
        		                                         
          total operating expenses
        		                                         
          selected consolidated statements of operations data:
        		                                         
          revenue:
        		                                         
          cost of revenue:
        		                                         
          cost of service
        		                                         
          cost of goods sold
        		                                         
          total cost of revenue
        		                                         
          gross profit
        		                                         
          operating income
        		                                         
          interest income
        		                                         
          interest expense
        		                                         
          net investment loss
        		                                         
          net gain on debt extinguishment
        		                                         
          changes in fair value of convertible notes
        		                                         
          foreign exchange gain
        		                                         
          income before income tax and share of results of equity investees
        		                                         
          income tax expense
        		                                         
          share of results of equity investees
        		                            1,070,000  681,000           
          net income
        		                                         
          revenue
        		                                         
          non-operating income
        		                                         
          a combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “other services.”
        		                                         
          net cash generated from (used in) operating activities
        		                   -723,651,000                      
          net cash from investing activities
        		 -622,860,000 -1,517,470,000 -1,114,732,000 -1,114,732,000 -1,761,066,000 -1,716,072,000 -709,922,000 -853,786,000 -853,786,000 -1,048,554,000  -3,193,868,000 -673,772,000 -673,772,000 51,522,000 -402,128,000 -947,520,000 -1,130,683,000 -1,130,683,000 -1,775,510,000 -341,936,000 -1,145,514,000 -504,313,000 -504,313,000 -366,936,000 -209,164,000 -163,746,000 -147,066,000 -147,066,000 -143,681,000 -54,906,000 -73,382,000 -91,250,000 -91,250,000 -65,590,000 -97,087,000 -40,014,000 -21,837,000 -21,837,000 -68,533,000 
          net cash generated from financing activities
        		 288,944,000 54,229,000 274,387,000 274,387,000 700,210,000 557,845,000 242,607,000 183,831,000 183,831,000 183,385,000 124,483,000 -1,071,000 59,214,000 59,214,000 -513,711,000 474,030,000 297,556,000 142,381,000 142,381,000 385,993,000 6,835,238,000    2,949,101,000 -2,806,000 811,594,000 -24,757,000  1,045,045,000 2,231,000    1,522,000 315,000 545,336,000 -545,000  1,554,377,000 
          effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
        		 -49,211,000 106,019,000 17,825,000 17,825,000 -144,793,000 179,290,000 -44,817,000 -72,819,000 -72,819,000 68,317,000 -54,167,000 -71,622,000 49,508,000 49,508,000 109,112,000 -124,889,000 -119,683,000 -8,051,000 -8,051,000 6,509,000 -32,977,000 14,539,000 -46,289,000 -46,289,000 59,032,000 13,000,000 60,466,000 -51,771,000 -51,771,000 23,177,000 -8,327,000 8,332,000 1,843,000 1,843,000  -3,650,000 -17,255,000 6,166,000 6,166,000  
          net increase in cash, cash equivalents and restricted cash
        		 792,320,000       -274,280,000 -274,280,000    40,486,000 40,486,000 -33,386,000     -1,687,832,000 6,523,072,000    2,826,641,000 97,008,000 1,006,439,000 -447,273,000 -447,273,000 896,743,000 28,931,000 -35,061,000 1,420,653,000 1,420,653,000  -174,338,000 299,314,000 -110,576,000 -110,576,000  
          cash, cash equivalents and restricted cash at beginning of year
        		                                         
          cash, cash equivalents and restricted cash at end of year
        		                                         
          e.
        		                                         
          item 6.
        		                                         
          directors and executive officers
        		                                         
          forrest xiaodong li
        		                                         
          gang ye
        		                                         
          tony tianyu hou
        		                                         
          david heng chen seng
        		                                         
          khoon hua kuok
        		                                         
          chris zhimin feng
        		                                         
          terry feng zhao
        		                                         
          yanjun wang
        		                                         
          david jingye chen
        		                                         
          david y ma
        		                                         
          name
        		                                         
          all directors and executive officers as a group
        		                                         
          *
        		                                         
          represents options to purchase class a ordinary shares.
        		                                         
          represents unvested restricted shares units for class a ordinary shares.
        		                                         
          function
        		                                         
          general operation
        		                                         
          sales and marketing
        		                                         
          general and administrative
        		                                         
          research and development
        		                                         
          total
        		                                         
          directors and executive officers:
        		                                         
          principal shareholders:
        		                                         
          tencent entities
        		                                         
          blue dolphins venture inc
        		                                         
          capital research global investors
        		                                         
          †
        		                                         
          ††
        		                                         
          unless otherwise indicated, the business address of our directors and executive officers is c/o 1 fusionopolis place, #17-10, galaxis, singapore 138522.
        		                                         
          represents 45,527,793 class b ordinary shares held by blue dolphins venture inc, a company wholly owned by forrest xiaodong li. the registered address of blue dolphins venture inc is kingston chambers, p.o. box 173, road town, tortola, british virgin islands.
        		                                         
          f.
        		                                         
          item 7.
        		                                         
          item 8.
        		                                         
          item 9.
        		                                         
          item 10.
        		                                         
          g.
        		                                         
          h.
        		                                         
          i.
        		                                         
          item 11.
        		                                         
          item 12.
        		                                         
          persons depositing or withdrawing shares or holders of adss must pay:
        		                                         
          us5.00
        		                                         
          us.05
        		                                         
          a fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of adss
        		                                         
          us.05 (or less) per ads (or portion thereof) per annum
        		                                         
          registration or transfer fees
        		                                         
          expenses of the depositary
        		                                         
          taxes and other governmental charges the depositary or the custodian has to pay on any ads or shares underlying adss, such as stock transfer taxes, stamp duty or withholding taxes
        		                                         
          any charges incurred by the depositary or its agents for servicing the deposited securities
        		                                         
          item 13.
        		                                         
          item 14.
        		                                         
          item 15.
        		                                         
          item 16a.
        		                                         
          item 16b.
        		                                         
          item 16c.
        		                                         
          audit fees
        		                                         
          tax fees
        		                                         
          audit related fees
        		                                         
          other fees
        		                                         
          “tax fees” means the aggregate fees billed for the tax services provided with respect to tax consulting and tax audit assistance.
        		                                         
          “audit-related fees” means the aggregate fees billed in each fiscal year listed for professional services rendered by our principal auditors related to the audit of our financial statements that are not reported under “audit fees.”
        		                                         
          “other fees” means the aggregate fees billed for transaction advisory services with respect to the review of our sustainability, regulatory compliance, cybersecurity, accounting standards training and transaction due diligence.
        		                                         
          item 16d.
        		                                         
          item 16e.
        		                                         
          item 16f.
        		                                         
          item 16g.
        		                                         
          item 16h.
        		                                         
          item 16i.
        		                                         
          item 17.
        		                                         
          item 18.
        		                                         
          item 19.
        		                                         
          exhibit number
        		                                         
          1.1
        		                                         
          2.1
        		                                         
          2.2
        		                                         
          2.3
        		                                         
          2.4*
        		                                         
          3.1*
        		                                         
          4.1
        		                                         
          4.2
        		                                         
          4.3
        		                                         
          4.4†
        		                                         
          4.5
        		                                         
          4.6†
        		                                         
          4.7
        		                                         
          4.8
        		                                         
          4.9
        		                                         
          4.10
        		                                         
          8.1*
        		                                         
          11.1
        		                                         
          12.1*
        		                                         
          12.2*
        		                                         
          13.1**
        		                                         
          13.2**
        		                                         
          15.1*
        		                                         
          15.2*
        		                                         
          15.3*
        		                                         
          15.4*
        		                                         
          15.5*
        		                                         
          101.ins
        		                                         
          101.sch
        		                                         
          101.cal
        		                                         
          101.def
        		                                         
          101.lab
        		                                         
          101.pre
        		                                         
          104
        		                                         
          **
        		                                         
          sea limited
        		                                         
          by:
        		                                         
          name:
        		                                         
          title:
        		                                         
          date: april 6, 2023
        		                                         
          digital financial services
        		                                         
          mobile wallet total payment volume
        		                                         
          seamoney qaus
        		                                         
          net investment gain
        		                                         
          non-gaap financial measure:
        		                                         
          net income excluding share-based compensation
        		                                         
          to see how we define and calculate “net income excluding share-based compensation,” a reconciliation between such item and net income (the most directly comparable u.s. gaap financial measure) and a discussion of the limitations of non-gaap financial measures, see “—non-gaap financial measures” below.
        		                                         
          add: share-based compensation
        		                                         
          net cash generated from operating activities
        		 1,175,447,000 1,615,735,000 756,931,000 756,931,000  1,170,076,000 617,868,000 468,494,000 468,494,000      319,691,000   -723,651,000  -304,824,000 62,747,000     295,978,000               
          cash, cash equivalents and restricted cash at the end of the year
        		                                         
          operating lease obligations, including imputed interest
        		                                         
          obligations for leases that have not yet commenced, including imputed interest
        		                                         
          finance lease obligations, including imputed interest
        		                                         
          debt, including scheduled interest
        		                                         
          purchase commitments
        		                                         
          minimum guarantee commitments
        		                                         
          for further information, refer to note 10 – leases in the accompanying notes to consolidated financial statements included in “item 17. financial statements.”
        		                                         
          for further information, refer to note 24 – commitments and contingencies in the accompanying notes to consolidated financial statements included in “item 17. financial statements.”
        		                                         
          we have commitments to pay minimum royalty fees to game developers for certain online games we have licensed.
        		                                         
          yuxin ren
        		                                         
          represents unvested restricted class a ordinary shares.
        		                                         
          t. rowe price associates, inc.
        		                                         
          represents (i) 1,816,833 class a ordinary shares beneficially owned by tencent holdings limited through huang river investment limited, (ii) 98,510,410 class a ordinary shares held by tencent limited, and (iii) 3,937,500 class a ordinary shares by tencent growthfund limited, a wholly-owned subsidiary of tencent holdings limited. tencent holdings limited is a limited liability company organized and existing under the laws of the cayman islands and is currently listed on hong kong stock exchange. the registered office of tencent holdings limited is cricket square, hutchins drive, p.o. box 2681, grand cayman ky1-1111, cayman islands.
        		                                         
          represents 45,527,793 class b ordinary shares held by blue dolphins venture inc, a company wholly owned by forrest xiaodong li. the registered address of blue dolphins venture inc is kingston chambers, po box 173, road town, tortola, british virgin islands.
        		                                         
          “other fees” means the aggregate fees billed for transaction advisory services with respect to the review of our sustainability, regulatory compliance and transaction due diligence.
        		                                         
          4.1*
        		                                         
          4.5†
        		                                         
          4.6
        		                                         
          4.7†
        		                                         
          4.10*
        		                                         
          4.11*
        		                                         
          date: april 22, 2022
        		                                         
          cash, cash equivalents and restricted cash at beginning of the period
        		 0 0 4,081,585,000 4,081,585,000  0 0 4,243,657,000 4,243,657,000  0 0 7,610,384,000 7,610,384,000  0 0 10,838,140,000 10,838,140,000  0 0 7,053,393,000 7,053,393,000  0 0 3,570,578,000 3,570,578,000  0 0 1,259,312,000 1,259,312,000  0 0 1,444,978,000 1,444,978,000  
          cash, cash equivalents and restricted cash at end of the period
        		 792,320,000 258,513,000 4,015,996,000 4,015,996,000  191,139,000 105,736,000 3,969,377,000 3,969,377,000  -218,113,000 -2,671,081,000 7,650,870,000 7,650,870,000  -219,249,000 -1,255,117,000 9,118,136,000 9,118,136,000  6,523,072,000 -859,732,000 6,862,632,000 6,862,632,000  97,008,000 1,006,439,000 3,123,305,000 3,123,305,000  28,931,000 -35,061,000 2,679,965,000 2,679,965,000  -174,338,000 299,314,000 1,334,402,000 1,334,402,000  
          net decrease in cash, cash equivalents and restricted cash
        		   -65,589,000 -65,589,000       -218,113,000      -1,255,117,000 -1,720,004,000 -1,720,004,000    -190,761,000 -190,761,000                 
          cash flows from operating activities
        		                                         
          adjustments to reconcile net income to net cash (used in) generated from operating activities:
        		                                         
          amortization of debt issuance costs of convertible notes
        		                                         
          amortization of premium on debt securities
        		                                         
          deferred income taxes
        		                                         
          depreciation and amortization
        		                                         
          impairment and write-off of long-lived assets
        		                                         
          net foreign exchange differences
        		                            -26,148,000  9,919,000           
          provision for credit losses
        		                                         
          share-based compensation
        		                            41,316,000  34,935,000           
          unrecognized tax benefits
        		                                         
          others
        		                            8,511,000  3,168,000           
          operating cash flows before changes in working capital:
        		                            -211,924,000  -181,604,000           
          accounts receivable
        		                            14,207,000  -44,780,000           
          prepaid expenses and other assets
        		                            -166,204,000  -36,379,000           
          inventories
        		                            -10,486,000  -5,155,000           
          amounts due from related parties
        		                            1,139,000  -2,367,000           
          operating lease right-of-use assets
        		                            -8,921,000  -10,762,000           
          accounts payable
        		                            -16,221,000  20,468,000           
          accrued expenses and other payables
        		                            -4,793,000  131,009,000           
          escrow payables and advances from customers
        		                                         
          amounts due to related parties
        		                            3,772,000             
          operating lease liabilities
        		                            6,146,000  12,130,000           
          deferred revenue
        		                            140,154,000  77,251,000           
          income tax payable
        		                            9,134,000  10,696,000           
          net cash (used in) generated from operating activities
        		           599,839,000 595,480,000 605,536,000 605,536,000         318,279,000 318,279,000      -27,798,000 89,933,000          
          cash flows from investing activities
        		                                         
          purchase of property and equipment
        		                            -50,089,000  -42,351,000           
          purchase of intangible assets and capitalized software costs
        		                                         
          proceeds from disposal of long-lived assets
        		                                         
          purchase of investments
        		                            -8,153,000  -100,153,000           
          proceeds from sale and maturity of investments
        		                                         
          distributions from investments
        		                                         
          acquisition of businesses, net of cash acquired
        		                            -90,275,000             
          effect on cash from deconsolidation of subsidiaries
        		                                         
          change in securities purchased under agreements to resell
        		                                         
          change in loans receivable
        		                                         
          cash flows from financing activities
        		                                         
          repayment of bank borrowings and finance lease obligations
        		                                         
          proceeds from bank borrowings
        		                                         
          capital contributed by non-controlling interest
        		                                         
          transactions with non-controlling interests
        		                                         
          payments for redemption, exchange, conversion and repurchase of convertible notes
        		                                         
          proceeds from issuance of ordinary shares
        		                            3,904,000  3,394,000           
          change in deposits payable
        		                                         
          proceeds from borrowings under securitization transactions
        		                                         
          proceeds from (repayments of) secured borrowings
        		                                         
          settlement of capped calls
        		                                         
          cash, cash equivalents and restricted cash at beginning of the year
        		                                         
          cash, cash equivalents and restricted cash at end of the year
        		                                         
          net cash generated from investing activities
        		                                         
          net cash (used in) generated from financing activities
        		                       41,562,000 41,562,000         1,527,875,000 1,527,875,000       
          adjustments to reconcile net income to net cash generated from operating activities:
        		                                         
          amortization of discount and debt issuance costs of convertible notes
        		                                         
          deferred income tax
        		                            -9,607,000  4,035,000           
          net loss on debt extinguishment
        		                                         
          proceeds from issuance of convertible notes
        		                                         
          proceeds from secured borrowings
        		                                         
          net cash used in investing activities
        		                                         
          net cash (used in) generated from investing activities
        		                                         
          net loss
        		                            -280,791,000  -281,920,000           
          adjustments to reconcile net loss to net cash generated from operating activities:
        		                                         
          disposal of subsidiaries, net of cash disposed
        		                                         
          purchase of capped calls
        		                                         
          cash, cash equivalents and restricted cash at beginning of the period/year
        		                                         
          cash, cash equivalents and restricted cash at end of the period/year
        		                                         
          allowance for credit losses
        		                                         
          amortization of discount on convertible notes
        		                                         
          amortization of intangible assets
        		                            2,604,000  1,516,000           
          depreciation of property and equipment
        		                            35,645,000  33,065,000           
          gain on disposal of subsidiaries
        		                                         
          gain on re-measurement of equity interests
        		                                         
          impairment loss on intangible assets
        		                                         
          impairment loss on inventories
        		                                         
          impairment loss on investments
        		                              68,000           
          net loss on disposal of investments
        		                                         
          net unrealized loss on equity securities
        		                                         
          advances from customers
        		                            20,318,000  13,680,000           
          proceeds from disposal of property and equipment
        		                            260,000  148,000           
          repayment of borrowings and finance lease obligations
        		                                         
          proceeds from borrowings
        		                            1,224,000  0           
          transaction with non-controlling interests
        		                                         
          purchase of capped call
        		                                         
          contribution by non-controlling interest
        		                              1,268,000           
          payments for exchange and conversion of convertible notes
        		                                         
          adjustments to reconcile net loss to net cash from operating activities:
        		                                         
          gain on disposal of subsidiary
        		                                         
          unrealised loss on marketable equity securities
        		                                         
          distribution from investments
        		                            302,000             
          disposal of subsidiary, net of cash disposed
        		                                         
          change in accrued expenses and other payables
        		                                         
          net increase (decrease) in cash, cash equivalents and restricted cash
        		                                         
          supplement disclosures of cash flow information:
        		                                         
          income taxes paid
        		                            -25,281,000             
          interest paid
        		                            -108,000             
          supplement disclosures of non-cash activities:
        		                                         
          purchase of property and equipment included in accrued expenses and other payables
        		                            8,321,000             
          purchase of intangible assets included in accrued expenses and other payables
        		                            12,000             
          purchase of property and equipment included in prepayments
        		                            -15,590,000             
          purchase of intangible assets included in prepayments
        		                            -291,000             
          conversion and exchange of convertible notes into ordinary shares
        		                                         
          acquisition of subsidiaries by conversion of convertible notes or issuance of shares
        		                                         
          proceeds from disposal of a subsidiary included in prepaid expenses and other assets
        		                                         
          transfers of loans receivable to prepaid expenses and other assets
        		                                         
          gain on disposal of investments
        		                              -117,000           
          loss on debt extinguishment
        		                                         
          prepaid licensing fees written-off
        		                                         
          unrealized loss on marketable securities
        		                                         
          purchase of intangible assets
        		                            -693,000  -1,497,000           
          proceeds from disposal of intangible assets
        		                                         
          repayment of borrowings
        		                            -30,250,000  -327,000           
          proceeds from partial disposal of a subsidiary without a loss in control
        		                            600,000             
          gain on re-measurement of previously held equity interests
        		                            -3,003,000             
          impairment loss on intangible asset
        		                                         
          change in prepaid expenses and other assets
        		                                         
          interest received
        		                            9,291,000             
          acquisition of a subsidiary by conversion of convertible notes
        		                            72,000,000             
          gain on disposal of equity investees
        		                                         
          changes in fair value of 2017 convertible notes
        		                            87,000  6,775,000           
          amortization of discount on 2018 convertible notes and 2019 convertible notes
        		                            18,392,000             
          net cash from operating activities
        		                            -223,679,000 -223,679,000    -17,815,000 -17,815,000 -138,191,000 -73,916,000 -188,753,000 -94,360,000 -94,360,000 -244,416,000 
          capital expenditures
        		                            -57,358,000 0    0 0 0 0 0 0 0 0 
          free cash flows
        		                            -281,037,000 -223,679,000    -17,815,000 -17,815,000 -138,191,000 -73,916,000 -188,753,000 -94,360,000 -94,360,000 -244,416,000 
          proceeds from disposal of investments
        		                            1,582,000  0           
          principal payments under finance lease obligations
        		                            -235,000  -730,000           
          conversion of 2017 convertible notes into ordinary shares
        		                            -29,568,000             
          net cash generated from (used in) financing activities
        		                             -24,757,000          -545,000  
          amount due to related parties
        		                              -11,985,000           
          loan to related parties
        		                                         
          repayment of loans from related parties
        		                                         
          acquisition of non-controlling interests
        		                                         
          amortization of discount on 2018 convertible notes
        		                                         
          proceeds from issuance of convertible debts
        		                                         
          proceeds from disposal of a subsidiary without a loss of control
        		                                         
          conversion of 2017 convertible notes
        		                                         
          intangible assets written-off
        		                                         
          amortization of discounts on convertible notes
        		                                         
          purchase of non-marketable equity and other investments
        		                                         
          purchase of available-for-sale investments
        		                                         
          loans to a third party
        		                                         
          sales of available-for-sale investments
        		                                         
          sales of non-marketable equity and other investments
        		                                         
          repayment of bank borrowings
        		                                         
          proceeds from issuance of series b contingently redeemable convertible preference shares, net of issuance costs
        		                                         
          effect of foreign exchange rate changes on cash, cash equivalents and restricted cash*
        		                                         
          net increase in cash, cash equivalents and restricted cash*
        		                                         
          cash, cash equivalents and restricted cash* at beginning of the year
        		                                         
          cash, cash equivalents and restricted cash* at end of the year
        		                                         
          waiver of other payables
        		                                         
          changes in fair value of convertible promissory notes
        		                                         
          restricted cash
        		                                         
          repayment of loans from related party
        		                                         
          proceeds from issuance of convertible promissory notes
        		                                         
          contribution by non-controlling interests
        		                                         
          effect of foreign exchange rate changes on cash and cash equivalents
        		                                        5,441,000 
          net increase in cash and cash equivalents
        		                                        1,246,869,000 
          cash and cash equivalents at beginning of the year
        		                                         
          cash and cash equivalents at end of the year
        		                                         
          payable for acquisition of non-controlling interests
        		                                         
          conversion of a mezzanine equity into ordinary shares
        		                                         
          cash and cash equivalents at beginning of the period
        		                                         
          cash and cash equivalents at end of the period