THROUGHOUT MOST of the pandemic Sea Group, a Singaporean super-app, had wind in its sails. Both its e-commerce business, Shopee, and its gaming unit, Garena, were thriving thanks to growing appetite for all things digital. In October Sea’s stockmarket value surpassed $200bn, making it the first South-East Asian stock in history to break into the exclusive ranks of the world’s mega-cap companies.
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Since then the weather has turned, wiping more than $130bn from Sea’s market capitalisation. The global tech sell-off is only part of
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