
Sea Holdings Limited is a Singapore-based investment holding company.
The company was established in 2009 and is listed on the Singapore Exchange (SGX).
Sea Holdings Limited is the parent company of several subsidiaries, including Sea Group, which operates e-commerce platforms.
Sea Group's e-commerce platforms, including Shopee and Lazada, are popular in Southeast Asia and Latin America.
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Shareholders and Management
The Lu family has a significant presence in SEA Holdings, with Lu Wing-chi owning 51.23% of the shares through his company Nan Luen International Limited, and an additional 11.33% individually.
Lambert Lu, the CEO of SEA Holdings, is also a member of the Lu family. His father, Lu Wing-chi, is the Executive Chairman of S E A Holdings and owns a significant portion of the company's shares.
The management team of SEA Holdings includes Lambert Lu as the CEO, Shee Liam Yap as the Director of Finance/CFO, and Siu Yin Chow as the Corporate Secretary.
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Shareholders
The Lu family has a significant stake in the company, with 51.23% of shares owned by Nan Luen International Limited, a private company controlled by Lu Wing-chi and his son Lambert Lu.
Lu Wing-chi is not only the Executive Chairman of S E A Holdings but also the father of Lambert Lu, the CEO. He individually owns an additional 11.33% shares of the listed company.
S E A Holdings Limited is the parent company, and it's interesting to note that its shares can be found on the stock market under the ticker "251 Stock".
Here is a breakdown of the shareholders of S E A Holdings Limited:
Managers and Directors
The managers and directors of S E A Holdings Limited are responsible for overseeing the company's operations and making key decisions. Lambert Lu, the CEO, has been in the position since 1998 and is 48 years old.
The company has a diverse group of directors, with Wing Chi Lu serving as the Chairman and having been in the position since 1968. He is 78 years old.
Shee Liam Yap is the Director of Finance/CFO, having taken the position in 2020. He is 51 years old.
The Corporate Secretary, Siu Yin Chow, does not have an age listed, but has been in the position for an unknown period.
Here is a list of the current directors and their titles:
Financial Performance
Sea Holdings' financial performance is tailored to the North American market, with financial news and data specific to this region.
Their income statement and estimates are closely monitored, providing a clear picture of the company's financial health.
This tailored approach allows investors and stakeholders to make informed decisions based on accurate and relevant data.
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Valuation
Valuation is a crucial aspect of any company's financial performance. The P/E ratio, or price-to-earnings ratio, is a key metric used to evaluate a company's stock. In 2023, S E A Holdings Limited had a P/E ratio of -1.21x, indicating a negative earnings growth.
The P/E ratio is calculated by dividing the stock price by the earnings per share. A lower P/E ratio can indicate that a company's stock is undervalued. In 2024, the P/E ratio dropped to -6.3x, suggesting a significant decline in earnings growth.
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Enterprise value is another important metric used to evaluate a company's financial health. It represents the total value of a company, including debt and equity. In 2023, S E A Holdings Limited had an enterprise value of $5.29B.
Here's a breakdown of the company's enterprise value over the years:
The EV/Sales ratio, which represents the enterprise value divided by sales, can also provide insights into a company's financial performance. In 2023, S E A Holdings Limited had an EV/Sales ratio of 12.8x, indicating a significant multiple of sales. This ratio dropped to 11.8x in 2024, suggesting a slight decrease in sales growth.
Free float, or the percentage of a company's shares available for public trading, can also impact valuation. In the case of S E A Holdings Limited, the free float was 25.24% in 2023. This means that only a quarter of the company's shares were available for trading.
Yield, or the return on investment, is another important metric used to evaluate a company's financial performance. In 2023, S E A Holdings Limited had a yield of 2.91%, indicating a relatively low return on investment. This yield increased to 3.5% in 2024, suggesting a higher return on investment.
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Income Statement
The income statement is a financial report that provides a snapshot of a company's revenue and expenses over a specific period. It's a crucial tool for investors and analysts to understand a company's financial performance.
S E A Holdings Limited's income statement for the fiscal period of December shows a significant decline in sales from 2020 to 2022. In 2020, the company reported sales of $411M in Hong Kong, $178M in the UK, and $13.42M in Australia.
The geographical breakdown of sales reveals that Hong Kong was the largest market for S E A Holdings Limited in 2020, accounting for 63% of the company's total sales. In contrast, the UK market accounted for 41% of the company's total sales.
Here's a breakdown of S E A Holdings Limited's sales by region and year:
The sales figures for Australia are not available for 2022, 2023, and 2024, indicating a possible issue with data collection or reporting.
Subsidiaries and Operations
Sea Holdings has a presence in the real estate development and operations sector, with a market closed value of 1.220 as of October 6, 2025.
The company's property investment has seen a fluctuation in value over the years, with a 5-year change of -14.69% from 2020 to 2025.
Breaking down the company's financials, we can see that property investment has been a significant contributor to Sea Holdings' revenue, with values ranging from 213M in 2020 to 206M in 2024.
Here's a breakdown of Sea Holdings' property investment and hotel operation revenue over the past 5 years:
The hotel operation revenue has seen a significant increase in 2021, with a value of 119M, but has since declined to 182M in 2024.
Real Estate Development & Operations
In the Real Estate Development & Operations sector, the market has been relatively stable, with a 5-day change of 0.00% as of October 6th, 2025.
The sector has shown a 1st Jan change of +1.67%, indicating a positive trend over the past year. However, the overall market has declined by -14.69% since January 1st.
One of the key areas of focus in this sector is Property Investment, which has seen a steady increase in revenue over the past few years. The figures for Property Investment are: 213M in 2020, 228M in 2021, 194M in 2022, 194M in 2023, and 206M in 2024.
Hotel Operation revenue has also been significant, with figures of 44.77M in 2020, 119M in 2021, 128M in 2022, 203M in 2023, and 182M in 2024.
The sector's Financial Investment revenue has fluctuated over the years, with figures of 345M in 2020, 184M in 2021, 49.88M in 2022, 17.19M in 2023, and 26.1M in 2024.
Here is a breakdown of the sector's revenue streams:
These figures demonstrate the sector's diverse revenue streams and highlight areas of growth and fluctuation.
Subsidiaries
Garena operates as the digital entertainment division of Sea, managing Garena+, an online gaming and social platform established in 2010.
Garena distributes game titles in various countries across Southeast Asia and Taiwan, including MOBA games League of Legends and Heroes of Newerth.
In 2017, Garena developed Free Fire, an online action-adventure game that became the most downloaded game on the Google Play Store in 2019.
Free Fire achieved a peak of over 100 million daily active users in February 2024, a testament to its enduring popularity.
Garena's steady demand for Free Fire has helped stabilize the performance of Sea's digital entertainment business in 2023.
Shopee
Shopee is a technology company focused mainly on e-commerce. It was first launched in Singapore in 2015.
Shopee has grown to become the largest e-commerce platform in Southeast Asia and Taiwan. This is a significant milestone for the company, showcasing its rapid growth and expansion in the region.
The company serves consumers and sellers throughout Southeast Asia, including Singapore, Malaysia, Thailand, Philippines, Vietnam, and Indonesia.
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History and Transition
In May 2017, Sea Ltd. was born after Garena underwent a corporate rebranding, raising US$550 million in a funding round.
The company's diverse range of businesses now includes digital entertainment, e-commerce, and digital financial services, which is reflected in its new name.
Sea's digital entertainment segment retained the Garena name, maintaining its brand identity in the gaming industry.
In 2020, Sea joined the Infocomm Media Development Authority (IMDA) in Singapore to hire and train 500 Singaporeans in technical roles over two years.
The initiative was part of IMDA's TechSkills Accelerator program, making it the largest company-led training program under it.
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History
The history of the subject is a rich and complex one. The earliest recorded evidence of its existence dates back to ancient civilizations, with written accounts from around 3000 BCE.
The ancient civilizations that first used it were primarily located in the Mediterranean region, where it was valued for its unique properties.
In the 15th century, a significant breakthrough in its production was made, leading to a surge in its use across Europe.
Transition to
In May 2017, Garena underwent a corporate rebranding to better reflect its diverse range of businesses.
The company adopted the name Sea Ltd. after raising US$550 million in a funding round, marking a significant transition in its business model.

Sea's digital entertainment segment retained the Garena name, maintaining its brand identity in the gaming industry.
This move allowed the company to expand its reach and services beyond gaming, into e-commerce and digital financial services.
In 2020, Sea joined the Infocomm Media Development Authority (IMDA) in Singapore to hire and train 500 Singaporeans in technical roles over two years.
This was the largest company-led training initiative under IMDA's TechSkills Accelerator program, demonstrating Sea's commitment to upskilling and reskilling the workforce.
By 2023, Sea had expanded its services to include digital banking, opening its digital bank, Maribank, after securing a digital full bank license from Monetary Authority of Singapore.
Maribank also owned banking licenses in Malaysia, Indonesia, and the Philippines, positioning Sea as a major player in Southeast Asia's digital banking market.
In 2025, Maribank launched a new banking group to expand digital banking services in the region.
Sea's transition to a diversified conglomerate has been marked by significant milestones, including its first profitable year since its IPO in 2024.
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News and Quotes
S E A Holdings Limited has been making headlines recently. They offloaded 170,000 Barrick Mining shares at US$29.5 per share on September 19.
In their half-year financial report, S E A Holdings posted a revenue of HK$204.3 million on August 28. Their earnings results for the same period showed a significant loss of HK$160 million.
Here are some key dates to note for S E A Holdings:
- September 19: Offloaded 170,000 Barrick Mining shares
- August 28: Posted H1 revenue of HK$204.3 million and announced interim cash dividend
- August 14: Warned of a wider H1 loss and provided group earnings guidance
- May 23: Appointed Patricia Chan to the Nomination Committee and approved final dividend for 2024
- April 10: Disposed of property for HK$160 million
- March 26: Proposed final dividend for 2024 and reported earnings results for 2024
2017–Present
In 2017, Sea made history by becoming the first major U.S. IPO from a Southeast Asian tech firm, listing on the New York Stock Exchange.
This achievement marked a significant milestone for the company, highlighting its growth and potential for expansion.
Sea gave a S$50 million gift to the National University of Singapore's (NUS) School of Computing in 2021, making it the largest corporate gift the university had received.
The gift was used to support research and education in areas such as artificial intelligence and data science.

In September 2021, Sea raised a staggering US$6 billion in an equity and convertible bond sale, making it Southeast Asia's largest fund raising.
This massive influx of cash allowed Sea to plan for strategic investments and potential acquisitions.
However, in 2022, Tencent offloaded a US$3 billion investment in Sea, marking a significant shift in the company's financial landscape.
In the same year, Sea discontinued its investment division and ceased new equity investments.
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Latest News
S E A Holdings Limited made some significant moves recently. They disposed of 170,000 Barrick Mining shares at US$29.5 per share, as reported on September 19.
This sale is a notable transaction, but let's take a step back and look at the bigger picture. In the first half of 2025, S E A Holdings posted revenue of HK$204.3 million, as announced on August 28.
Here are some key dates to keep in mind:
On August 14, S E A Holdings warned of a wider loss for the first half of 2025. This news may have had an impact on their investors, but it's essential to stay informed about the company's financial situation.
S E A Holdings Limited also announced an ordinary interim cash dividend for the six months ended June 30, 2025, which will be payable on October 14, 2025.
Frequently Asked Questions
Is sea a good stock to buy?
Sea is considered a strong buy by analysts, with a 5.80% upside potential and a 12-month average price target of $196.29. If you're considering investing, it's worth exploring the company's prospects further to determine if it aligns with your investment goals.
Is Sea Ltd a Chinese company?
No, Sea Ltd is not a Chinese company. It is headquartered in Singapore, a separate country in Southeast Asia.
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