CICC Assists Sea LImited in ADSs Follow-on Offering

Sea Limited (“Sea” or the “Company”), the largest Southeast Asian internet company listed on the NYSE (NYSE:SE), successfully closed its follow-on offering on 6 March, 2019 (EST), and the offering size is US$1.55 billion post-greenshoe. The transaction is the largest fundraising by a listed Southeast Asian internet company. China International Capital Corporation acted as a co-Manager for the offering.

Headquartered in Singapore, Sea is the largest internet company operating in e-commerce, digital entertainment and digital financial services in Southeast Asia. Sea is also the largest, as well as the first Southeast Asian internet company listed in the US. Tencent is the Company’s strategic investor pre-IPO and remains as its largest shareholder.

Sea is the market leader in each of the three key segments it operates in:

——Shopee

Launched in late 2015, Shopee is the #1 e-commerce platform by both GMV and total orders in the region (including in each of Indonesia, Taiwan, Vietnam, Thailand, the Philippines and Malaysia). Total GMV for 2018 reached US$10.3 billion.

——Garena

Established in 2009, Garena is the #1 developer and publisher of online games in the region. Its first self-developed game, FreeFire, has achieved close to 300 million registered users. In addition, Garena is the exclusive publisher in the region of the leading mobile multiplayer online battle arena game, Arena of Valor, which was co-developed with Tencent.

——Airpay

Launched in 2014, Airpay is the only e-payment service provider that has e-payment licenses in all four markets of Indonesia, Thailand, Vietnam and Malaysia. It has established a wide network of physical counters to serve the unbanked populations across these markets. Airpay serves as the underlying payment infrastructure for Shopee and is an important payment channel for Garena.
Upon launching the deal, CICC fully mobilized its global sales network, leveraging on its wide investor base. Through arranging in-depth discussions with investors, CICC helped stimulate market appetite and created demand momentum, which contributed to the successful closing of the deal.

This represents a marquee transaction as it is:
—the largest fundraising ever by a listed Southeast Asian internet company,
—the largest public offering (including IPO and follow-on offerings) ever by a Southeast Asian company listed in the US,
—the largest public offering (including IPO and follow-on offerings) in 2019 by a listed Southeast Asian company globally, and
—the largest follow-on offering by a listed Southeast Asian company globally since 2014.

It serves as a testament of CICC’s commitment in serving corporate clients under the Belt and Road Initiative, and marks another milestone of CICC providing capital market services to global corporate clients and high-quality new economy companies. As a leading investment bank with “China Roots, International Reach”, CICC will continue to leverage on our in-depth understanding of clients and our extensive investor coverage to provide best-in-class financial services to both domestic and international clients, assisting them to achieve their strategic goals.