New HKTDC Chairman Professor Frederick Ma Si-Hang Meets With Management Team
Professor Ma said, 'It is both an honour and a tremendous responsibility to take up the chairmanship at this juncture of Hong Kong's economic transformation. While I am delighted to contribute to deepening Hong Kong's integration into the national development agenda, the unprecedented challenges of our era compel me to remain vigilant in leveraging Hong Kong's unique roles as a 'super-connector' and 'super-value-adder'.'
'I am confident that through the collective efforts of the HKTDC team, we will strengthen Hong Kong's core advantages as a global trading and international financial hubs while serving as a bridge linking the Mainland and global markets. Simultaneously, we will proactively explore emerging markets, drive enterprise innovation, sustainable development and digital transformation. This will ensure Hong Kong's enduring vitality on the global trading stage.'
Biography of HKTDC Chairman Professor Fredrick Ma: https://bit.ly/4mIEHBI
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Please contact the HKTDC's Communications & Public Affairs Department:
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.
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6 minutes ago
- Yahoo
Morning Bid: CPI on radar after US-China rollover
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets World markets got a minor fillip from the expected 90-day rollover of the U.S.-China trade tariff truce, clearing one of Tuesday's two big hurdles. Now for the July inflation report. Much rides on the consumer price report - not least markets' assumption of a Federal Reserve interest rate cut next month, but also the impact so far of rising tariffs as well as the reliability data compiled by the embattled Bureau of Labor Statistics. Annual inflation is expected to have ticked up a tenth to 2.8% and 'core' inflation built to 3.0% - the latter involving a 0.3% monthly gain, the biggest since January, and likely lifted by tariff-sensitive goods such as vehicle parts and toys. * Chinese stocks nudged about half a percent higher after confirmation the recently-negotiated deals between Washington and Beijing officials in Stockholm would indeed see an extension of the existing deal until November. Although largely expected, the new order prevented a snapback to triple-digit tariffs between both sides and it settles for now with a 30% levy on Chinese exports to America and 10% Chinese tariffs on U.S. imports there. Wall Street futures were flat after ebbing slightly on Monday. * Broader macro markets remained largely frozen ahead of the CPI report - with Treasury yields and the dollar flatlining and bond volatility gauges sinking to their lowest in three years. Aside from the CPI release, investors will keep half an eye on the latest NFIB small business survey for July and Federal budget data for last month too - with growing attention on the revenues being generated by unilateral tariff rises. * Elsewhere, the Australian dollar eased marginally after the Reserve Bank of Australia delivered another widely expected quarter-point interest rate cut and Japan's Nikkei surged more than 2% on its return from holiday amid a wave of tech enthusiasm. Gold prices nursed Monday's setback after President Donald Trump said bullion would not be subject to tariff rises after all - clearing up confusion on the issue last week. Sterling was firmer after UK wage and retail numbers further dampened Bank of England easing speculation - as did better-than-forecast jobs numbers. Today's column looks at how after a turbulent year so far, with multiple potential disturbances to U.S. bond markets, Treasuries appear to be slumbering instead and implied volatility has ebbed to its lowest in three years. Today's Market Minute * The United States and China on Monday extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods as U.S. retailers get ready to ramp up inventories ahead of the critical end-of-year holiday season. * Trump upended decades of U.S. national security policy, creating an entirely new category of corporate risk, when he made a deal with Nvidia to give the U.S. government a cut of its sales in exchange for resuming exports of banned AI chips to China. * Australia's central bank cut interest rates on Tuesday for a third time this year and signaled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum. * Western governments are increasingly worried about becoming too reliant on China for rare earths as well as some refined metals. Their challenge is to work out how to secure supply without taxpayers being unduly burdened, explains ROI columnist Clyde Russell. * It's becoming increasingly difficult to get any visibility on the U.S. labor market amid all the conflicting economic data. But ROI columnist Jamie McGeever argues that one figure may be worth paying attention to more than the rest. Chart of the day The Consumer Price Index report from the Labor Department's Bureau of Labor Statistics is due Tuesday amid mounting concern over the quality of inflation and employment data. Budget and staffing cuts have led to the suspension of data collection for portions of the CPI basket in some areas across the country - and Trump's firing of BLS boss Erika McEntarfer this month followed big downward revisions to May and June payroll counts. Data collection suspensions come after years of what many describe as underfunding of the BLS under both Republican and Democratic administrations. Citing a need to "align survey workload with resource levels," the BLS suspended CPI data collection completely in one city in Nebraska, Utah and New York. It has also suspended collection on 15% of the sample in the other 72 areas, on average. The share of different cell imputation in the CPI data - essentially modeled assumptions of where prices might be - jumped to 35% in June from 30% in May. Trump on Monday said he was nominating Heritage Foundation economist E.J. Antoni as the new BLS chief. Today's events to watch * U.S. July consumer price index (8:30 AM EDT) NFIB July small business survey (6:00 AM EDT) July Federal budget (2:00 PM EDT) * Kansas City Federal Reserve President Jeffrey Schmid and Richmond Fed President Thomas Barkin both speak * U.S. corporate earnings: Cardinal Health Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan; Editing by Andrew Cawthorne) Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
Trump tariffs live updates: China urges firms to shun Nvidia chips as Trump signs tariff extension
On Tuesday, reports said that China had told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. Nvidia (NVDA) and AMD (AMD) agreed to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. The New York Times reported that Nvidia CEO Jensen Huang agreed to the arrangement, which is "essentially making the federal government a partner in Nvidia's business in China," at a meeting with President Trump last week. "To call this unusual or unprecedented would be a staggering understatement," Stephen Olson, a former US trade negotiator, told Bloomberg. "What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that's the case, we've entered into a new and dangerous world." The chips include Nvidia's H20 AI accelerator and AMD's MI308 chips, which the Trump administration had previously targeted with export controls. Trump on Monday signed an executive order extending the tariff truce between the US and China for another 90 days, pushing trade negotiations out to the fall. China also announced the extension of the tariff pause on state media. Elsewhere on Monday, Trump said imports of gold (GC=F) to the US would not face a tariff. "Gold will not be Tariffed!" Trump wrote on social media. Gold futures were little changed after Trump's post. Prices for the metal slid on Monday. The White House had said last week that the administration would issue a new policy clarifying whether gold bars would be subject to duties after a US government agency said they would, prompting chaos and confusion in the market. Meanwhile, Trump's latest sweeping "reciprocal" tariffs hit dozens of US trade partners last week. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Trump says, 'Gold will not be Tariffed!' President Trump posted on social media that gold will not be subject to tariffs after a surprise US Customs and Border Protection (CBP) ruling sparked confusion over whether the precious metal faced duties. "A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!" Trump wrote on Truth Social on Monday afternoon. On Friday, the Financial Times reported that CBP classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration. Gold futures (GC=F) declined 2.5% early on Monday as investors awaited clarity from the White House over its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs. Trump reportedly signs order granting another 90-day extension on harshest China tariffs Yahoo Finance's Ben Werschkul reports: Read more here. China urges firms not to use Nvidia H20 chips in new guidance China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Small US firms paying Trump tariffs face $202B annual hit Small US businesses are struggling to comply with President Trump's new tariffs. These companies, which are the source of more than half of the country's job creation are also finding it hard to cope with the growing financial strain from higher import costs. Bloomberg News: Read more here. Trump on China extension: We'll see what happens President Trump said China has been "dealing quite nicely" with the US, a possible hint that his administration is preparing to extend the countries' trade truce past a deadline that expires Tuesday. "We'll see what happens," he said during a White House press conference, adding, "They've been dealing quite nicely." The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks. An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year. Swiss government to meet pharma firms to discuss US tariffs The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US. The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites. From Reuters: Read more here. New gold tariffs are in effect. Will Costco gold bars be affected? Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you're lucky enough to find them in stock. However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco's gold bars as well. Yahoo Finance's Hal Bundrick reports: Read more here. US consumers to bear brunt of tariff hit: Goldman Goldman Sachs GS) says that President Trump's tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut. Bloomberg News reports: Read more here. Nvidia, AMD to pay 15% on China AI chip sales in US deal Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing. Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip. Bloomberg News reports: Read more here. Why Trump's soybean ask of China is 'highly unlikely' China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Swiss economy seen weathering Trump's tariff shock for now Bloomberg News reports: Read more here. Commentary: Tariffs are denting profits, and maybe soon your portfolio With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. A 240-year-old Swiss watchmaker's race to beat Trump's tariff deadline It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. Tariffs are starting to squeeze farmers' profits President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. The US has slapped a 39% tariff on Switzerland, leaving the country's leaders reeling Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. President Trump posted on social media that gold will not be subject to tariffs after a surprise US Customs and Border Protection (CBP) ruling sparked confusion over whether the precious metal faced duties. "A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!" Trump wrote on Truth Social on Monday afternoon. On Friday, the Financial Times reported that CBP classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration. Gold futures (GC=F) declined 2.5% early on Monday as investors awaited clarity from the White House over its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs. Yahoo Finance's Ben Werschkul reports: Read more here. China urges firms not to use Nvidia H20 chips in new guidance China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Small US firms paying Trump tariffs face $202B annual hit Small US businesses are struggling to comply with President Trump's new tariffs. These companies, which are the source of more than half of the country's job creation are also finding it hard to cope with the growing financial strain from higher import costs. Bloomberg News: Read more here. Small US businesses are struggling to comply with President Trump's new tariffs. These companies, which are the source of more than half of the country's job creation are also finding it hard to cope with the growing financial strain from higher import costs. Bloomberg News: Read more here. Trump on China extension: We'll see what happens President Trump said China has been "dealing quite nicely" with the US, a possible hint that his administration is preparing to extend the countries' trade truce past a deadline that expires Tuesday. "We'll see what happens," he said during a White House press conference, adding, "They've been dealing quite nicely." The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks. An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year. President Trump said China has been "dealing quite nicely" with the US, a possible hint that his administration is preparing to extend the countries' trade truce past a deadline that expires Tuesday. "We'll see what happens," he said during a White House press conference, adding, "They've been dealing quite nicely." The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks. An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year. Swiss government to meet pharma firms to discuss US tariffs The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US. The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites. From Reuters: Read more here. The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US. The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites. From Reuters: Read more here. New gold tariffs are in effect. Will Costco gold bars be affected? Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you're lucky enough to find them in stock. However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco's gold bars as well. Yahoo Finance's Hal Bundrick reports: Read more here. Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you're lucky enough to find them in stock. However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco's gold bars as well. Yahoo Finance's Hal Bundrick reports: Read more here. US consumers to bear brunt of tariff hit: Goldman Goldman Sachs GS) says that President Trump's tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut. Bloomberg News reports: Read more here. Goldman Sachs GS) says that President Trump's tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut. Bloomberg News reports: Read more here. Nvidia, AMD to pay 15% on China AI chip sales in US deal Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing. Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip. Bloomberg News reports: Read more here. Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing. Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip. Bloomberg News reports: Read more here. Why Trump's soybean ask of China is 'highly unlikely' China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Swiss economy seen weathering Trump's tariff shock for now Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Commentary: Tariffs are denting profits, and maybe soon your portfolio With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. A 240-year-old Swiss watchmaker's race to beat Trump's tariff deadline It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. Tariffs are starting to squeeze farmers' profits President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. The US has slapped a 39% tariff on Switzerland, leaving the country's leaders reeling Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
Sea Limited Reports Second Quarter 2025 Results
SINGAPORE, August 12, 2025--(BUSINESS WIRE)--Sea Limited (NYSE: SE) ("Sea" or the "Company") today announced its financial results for the second quarter ended June 30, 2025. "The momentum from our strong start to 2025 has continued into the second quarter. All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year," said Forrest Li, Sea's Chairman and Chief Executive Officer. "Given the high potential of our markets and the stage we are at in our business now, we will continue to prioritize growth, which will pave the way for us to maximize our long-term profitability. At the same time, our company has reached a stage where we can pursue growth opportunities while improving profitability." On e-commerce, he said, "After a record-high Q1, Shopee has delivered another record-breaking Q2. GMV grew 25% year-on-year in the first half, and we expect this growth momentum to carry into Q3." On Brazil, he added, "This quarter, we celebrated Shopee's 5-year anniversary in Brazil, and I am very proud of what the team has achieved: we have become the market leader by order volume, we continue to grow fast, and we are operating profitably. We remain committed to delivering strong, profitable growth while reinforcing our market leadership across Asia and Brazil." On digital financial services, Mr. Li said, "Monee has delivered excellent growth throughout the first half of the year, diversified its loan portfolio across markets and products, and maintained high asset quality through prudent risk management. It is exciting that our credit business is still in the early stages in many of our markets, reinforcing our strong conviction in Monee's long-term growth and earnings potential." On digital entertainment, Mr. Li said, "Garena has delivered a very strong performance in the first half of this year. We believe Free Fire has established itself as an evergreen franchise, both sustaining its user engagement and growing its appeal in more markets globally. We are also committed to trying out new genres and new markets, and testing the boundaries of future game experiences by embracing AI. Given all of this, we are raising our full-year guidance for Garena, and expect bookings to grow more than 30% in 2025, year-on-year." Second Quarter 2025 Highlights Group Total GAAP revenue was US$5.3 billion, up 38.2% year-on-year. Total gross profit was US$2.4 billion, up 52.1% year-on-year. Total net income was US$414.2 million, as compared to total net income of US$79.9 million for the second quarter of 2024. Total adjusted EBITDA1 was US$829.2 million, as compared to US$448.5 million for the second quarter of 2024. E-commerce Gross orders totaled 3.3 billion for the quarter, increasing by 28.6% year-on-year. GMV was US$29.8 billion for the quarter, increasing by 28.2% year-on-year. GAAP revenue was US$3.8 billion, up 33.7% year-on-year. GAAP revenue included US$3.3 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 33.6% year-on-year. Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 46.2% year-on-year to US$2.6 billion. Value-added services revenue, mainly consisting of revenues related to logistics services, was up 2.9% year-on-year to US$743.0 million. Adjusted EBITDA1 was US$227.7 million, as compared to US$(9.2) million for the second quarter of 2024. Digital Financial Services GAAP revenue was US$882.8 million, up 70.0% year-on-year. Adjusted EBITDA1 was US$255.3 million, up 55.0% year-on-year. Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of June 30, 2025, consumer and SME loans principal outstanding was US$6.9 billion, up 94.0% year-on-year. This consists of US$5.9 billion on-book and US$0.9 billion off-book loans principal outstanding2. Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.0%, relatively stable quarter-on-quarter. Digital Entertainment Bookings3 were US$661.3 million, up 23.2% year-on-year. GAAP revenue was US$559.1 million, up 28.4% year-on-year. Adjusted EBITDA1 was US$368.2 million, up 21.6% year-on-year. Adjusted EBITDA represented 55.7% of bookings for the second quarter of 2025, as compared to 56.4% for the second quarter of 2024. Quarterly active users were 664.8 million, up 2.6% year-on-year. Quarterly paying users were 61.8 million, up 17.8% year-on-year. Paying user ratio was 9.3%, as compared to 8.1% for the second quarter of 2024. Average bookings per user were US$0.99, as compared to US$0.83 for the second quarter of 2024. 1 For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures". 2 Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. 3 GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. Unaudited Summary of Financial Results (Amounts are expressed in thousands of US dollars "$" except for per share data) For the Three Monthsended June 30, 2024 2025 $ $ YOY% Revenue Service revenue 3,464,276 4,798,913 38.5 % Sales of goods 342,592 460,564 34.4 % 3,806,868 5,259,477 38.2 % Cost of revenue Cost of service (1,904,316 ) (2,417,660 ) 27.0 % Cost of goods sold (317,735 ) (432,007 ) 36.0 % (2,222,051 ) (2,849,667 ) 28.2 % Gross profit 1,584,817 2,409,810 52.1 % Other operating income 42,563 31,903 (25.0 %) Sales and marketing expenses (774,768 ) (1,009,495 ) 30.3 % General and administrative expenses (303,838 ) (323,342 ) 6.4 % Provision for credit losses (167,415 ) (323,729 ) 93.4 % Research and development expenses (298,465 ) (297,428 ) (0.3 %) Total operating expenses (1,501,923 ) (1,922,091 ) 28.0 % Operating income 82,894 487,719 488.4 % Non-operating income, net 56,414 83,299 47.7 % Income tax expense (60,612 ) (144,056 ) 137.7 % Share of results of equity investees 1,215 (12,758 ) (1,150.0 %) Net income 79,911 414,204 418.3 % Earnings per share attributable to Sea Limited's ordinary shareholders: Basic 0.14 0.68 385.7 % Diluted 0.14 0.65 364.3 % Change in deferred revenue of Digital Entertainment 101,258 102,159 0.9 % Adjusted EBITDA for Digital Entertainment (1) 302,800 368,190 21.6 % Adjusted EBITDA for E-commerce (1) (9,180 ) 227,694 (2,580.3 %) Adjusted EBITDA for Digital Financial Services (1) 164,678 255,263 55.0 % Adjusted EBITDA for Other Services (1) (5,958 ) (13,766 ) 131.1 % Unallocated expenses (2) (3,867 ) (8,137 ) 110.4 % Total adjusted EBITDA (1) 448,473 829,244 84.9 % (1) For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures". (2) Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker ("CODM") as part of segment performance. Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 Revenue Our total GAAP revenue increased by 38.2% to US$5.3 billion in the second quarter of 2025 from US$3.8 billion in the second quarter of 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars ("$"). For the Three Monthsended June 30, 2024 2025 YOY% $ $ Service revenue E-commerce 2,479,830 3,312,155 33.6% Digital Financial Services 519,338 882,808 70.0% Digital Entertainment 435,559 559,118 28.4% Other Services(1) 29,549 44,832 51.7% Sales of goods 342,592 460,564 34.4% Total revenue 3,806,868 5,259,477 38.2% (1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments. E-commerce: Our e-commerce service GAAP revenue increased by 33.6% to US$3.3 billion in the second quarter of 2025 from US$2.5 billion in the second quarter of 2024, primarily driven by the growth of GMV. Digital Financial Services: Our digital financial services GAAP revenue increased by 70.0% to US$882.8 million in the second quarter of 2025 from US$519.3 million in the second quarter of 2024, primarily driven by the growth of our credit business as our lending activities increased. Digital Entertainment: Our digital entertainment GAAP revenue increased by 28.4% to US$559.1 million in the second quarter of 2025 from US$435.6 million in the second quarter of 2024. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration. Sales of goods: GAAP revenue increased by 34.4% to US$460.6 million in the second quarter of 2025 from US$342.6 million in the second quarter of 2024. Cost of Revenue Our total cost of revenue was US$2.8 billion in the second quarter of 2025, as compared to US$2.2 billion in the second quarter of 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars ("$"). For the Three Monthsended June 30, 2024 2025 YOY% $ $ Cost of service E-commerce 1,676,782 2,120,088 26.4% Digital Financial Services 78,927 115,899 46.8% Digital Entertainment 139,501 171,922 23.2% Other Services(1) 9,106 9,751 7.1% Cost of goods sold 317,735 432,007 36.0% Total cost of revenue 2,222,051 2,849,667 28.2% (1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments. E-commerce: Cost of revenue was US$2.1 billion in the second quarter of 2025, as compared to US$1.7 billion in the second quarter of 2024, primarily driven by an increase in logistics costs as orders volume grew. Digital Financial Services: Cost of revenue was US$115.9 million in the second quarter of 2025, as compared to US$78.9 million in the second quarter of 2024, primarily driven by server and hosting expenses, interest expenses due to the growth in customer deposits under our banking business, and other costs associated with our credit business. Digital Entertainment: Cost of revenue was US$171.9 million in the second quarter of 2025, as compared to US$139.5 million in the second quarter of 2024, primarily from payment channel costs, which was largely in line with the increase in our digital entertainment revenue. Cost of goods sold: Cost of goods sold increased by 36.0% to US$432.0 million in the second quarter of 2025 from US$317.7 million in the second quarter of 2024. Other Operating Income Our other operating income was US$31.9 million and US$42.6 million in the second quarter of 2025 and 2024, respectively. Other operating income mainly consists of rebates from e-commerce related logistics services providers. Sales and Marketing Expenses Our total sales and marketing expenses increased by 30.3% to US$1.0 billion in the second quarter of 2025 from US$774.8 million in the second quarter of 2024. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars ("$"). For the Three Monthsended June 30, 2024 2025 YOY% Sales and Marketing Expenses $ $ E-commerce 672,944 803,431 19.4% Digital Financial Services 54,950 122,554 123.0% Digital Entertainment 27,069 43,103 59.2% General and Administrative Expenses Our general and administrative expenses increased by 6.4% to US$323.3 million in the second quarter of 2025 from US$303.8 million in the second quarter of 2024. Provision for Credit Losses Our provision for credit losses increased by 93.4% to US$323.7 million in the second quarter of 2025 from US$167.4 million in the second quarter of 2024. Research and Development Expenses Our research and development expenses were US$297.4 million in the second quarter of 2025, as compared to US$298.5 million in the second quarter of 2024, relatively flat year-on-year. Non-operating Income or Losses, Net Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$83.3 million in the second quarter of 2025, as compared to a net non-operating income of US$56.4 million in the second quarter of 2024. The non-operating income in the second quarter of 2025 was primarily due to interest income of US$90.3 million, partially offset by interest expense of US$9.0 million. Income Tax Expense We had a net income tax expense of US$144.1 million and US$60.6 million in the second quarter of 2025 and 2024, respectively. Net Income or Loss As a result of the foregoing, we had net income of US$414.2 million in the second quarter of 2025, as compared to net income of US$79.9 million in the second quarter of 2024. Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited's Ordinary Shareholders Basic earnings per share attributable to Sea Limited's ordinary shareholders was US$0.68 in the second quarter of 2025, compared to basic earnings per share attributable to Sea Limited's ordinary shareholders of US$0.14 in the second quarter of 2024. Diluted earnings per share attributable to Sea Limited's ordinary shareholders was US$0.65 in the second quarter of 2025, compared to diluted earnings per share attributable to Sea Limited's ordinary shareholders of US$0.14 in the second quarter of 2024. Webcast and Conference Call Information The Company's management will host a conference call today to review Sea's business and financial performance. Details of the conference call and webcast are as follows: Date and time: 7:30 AM U.S. Eastern Time on August 12, 20257:30 PM Singapore / Hong Kong Time on August 12, 2025 Webcast link: A replay of the conference call will be available at the Company's investor relations website ( An archived webcast will be available at the same link above. About Sea Limited Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. Monee is a leading digital financial services provider in Southeast Asia and is growing its presence in Brazil. Forward-Looking Statements This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "could," "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," "likely to," "potential," "confident," "guidance," and similar statements. Among other things, statements that are not historical facts, including statements about Sea's beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea's strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea's goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the expected growth of its digital entertainment, e-commerce and digital financial services businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance: "Adjusted EBITDA" for our digital entertainment segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our digital entertainment segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. "Adjusted EBITDA" for our e-commerce segment, digital financial services segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. "Total adjusted EBITDA" represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea's data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure. The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars ("$") except for number of shares & per share data. For the Three Months ended June 30, 2025 E-commerce DigitalFinancialServices DigitalEntertainment OtherServices(1) Unallocatedexpenses(2) Consolidated $ $ $ $ $ $ Operating income (loss) 154,851 243,115 275,465 (15,683 ) (170,029 ) 487,719 Net effect of changes in deferred revenue and its related cost - - 88,344 - - 88,344 Depreciation and Amortization 72,843 12,148 4,381 1,917 - 91,289 Share-based compensation - - - - 161,892 161,892 Adjusted EBITDA 227,694 255,263 368,190 (13,766 ) (8,137 ) 829,244 For the Three Months ended June 30, 2024 E-commerce DigitalFinancialServices DigitalEntertainment OtherServices(1) Unallocatedexpenses(2) Consolidated $ $ $ $ $ $ Operating (loss) income (84,762 ) 151,261 210,078 (9,003 ) (184,680 ) 82,894 Net effect of changes in deferred revenue and its related cost - - 86,546 - - 86,546 Depreciation and Amortization 75,582 13,417 6,176 3,045 - 98,220 Share-based compensation - - - - 180,813 180,813 Adjusted EBITDA (9,180 ) 164,678 302,800 (5,958 ) (3,867 ) 448,473 (1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as "Other Services". (2) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Amounts expressed in thousands of US dollars ("$") except for number of shares & per share data For the Six Monthsended June 30, 2024 2025 $ $ Revenue Service revenue 6,872,415 9,233,450 Sales of goods 668,782 867,127 Total revenue 7,541,197 10,100,577 Cost of revenue Cost of service (3,775,347 ) (4,648,778 ) Cost of goods sold (627,283 ) (805,796 ) Total cost of revenue (4,402,630 ) (5,454,574 ) Gross profit 3,138,567 4,646,003 Operating income (expenses) Other operating income 86,540 66,804 Sales and marketing expenses (1,544,403 ) (1,939,194 ) General and administrative expenses (594,692 ) (630,531 ) Provision for credit losses (329,182 ) (605,673 ) Research and development expenses (602,844 ) (593,286 ) Total operating expenses (2,984,581 ) (3,701,880 ) Operating income 153,986 944,123 Interest income 178,500 179,082 Interest expense (19,406 ) (18,055 ) Investment loss, net (125,352 ) (1,237 ) Net gain on debt extinguishment 32,009 15,688 Foreign exchange loss (26,878 ) (2,971 ) Income before income tax and share of results of equity investees 192,859 1,116,630 Income tax expense (139,372 ) (280,371 ) Share of results of equity investees 3,424 (11,230 ) Net income 56,911 825,029 Net loss (income) attributable to non-controlling interests 1,290 (16,007 ) Net income attributable to Sea Limited's ordinary shareholders 58,201 809,022 Earnings per share: Basic 0.10 1.37 Diluted 0.10 1.30 Weighted average shares used in earnings per share computation: Basic 571,968,378 591,566,401 Diluted 599,898,424 636,229,639 UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Amounts expressed in thousands of US dollars ("$") As ofDecember 31, As ofJune 30, 2024 2025 $ $ ASSETS Current assets Cash and cash equivalents 2,405,153 2,165,809 Restricted cash 1,655,171 2,075,266 Accounts receivable, net of allowance for credit losses of $5,089 and $13,057, as of December 31, 2024 and June 30, 2025 respectively 306,657 322,357 Prepaid expenses and other assets 1,661,373 1,817,004 Loans receivable, net of allowance for credit losses of $443,555 and $595,102, as of December 31, 2024 and June 30, 2025 respectively 4,052,215 5,589,750 Inventories, net 143,246 169,298 Short-term investments 6,215,423 7,244,913 Amounts due from related parties 418,430 355,937 Total current assets 16,857,668 19,740,334 Non-current assets Property and equipment, net 1,097,699 1,137,765 Operating lease right-of-use assets, net 1,054,785 1,233,437 Intangible assets, net 27,310 15,315 Long-term investments 2,694,305 2,121,897 Prepaid expenses and other assets 138,839 209,507 Loans receivable, net of allowance for credit losses of $5,780 and $13,833, as of December 31, 2024 and June 30, 2025 respectively 108,594 239,169 Restricted cash 21,261 33,434 Deferred tax assets 517,383 601,921 Goodwill 107,625 107,631 Total non-current assets 5,767,801 5,700,076 Total assets 22,625,469 25,440,410 UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Amounts expressed in thousands of US dollars ("$") As ofDecember 31, As ofJune 30, 2024 2025 $ $ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 350,021 359,092 Accrued expenses and other payables 2,380,371 2,420,402 Deposits payable 2,711,693 3,413,955 Escrow payables and advances from customers 2,498,094 2,793,949 Amounts due to related parties 255,896 109,991 Borrowings 130,615 209,420 Operating lease liabilities 300,274 328,085 Convertible notes 1,147,984 1,148,803 Deferred revenue 1,405,785 1,770,249 Income tax payable 115,419 176,217 Total current liabilities 11,296,152 12,730,163 Non-current liabilities Accrued expenses and other payables 71,678 90,636 Borrowings 249,474 306,933 Operating lease liabilities 803,502 967,781 Deferred revenue 109,895 178,360 Convertible notes 1,478,784 1,231,131 Deferred tax liabilities 408 19,403 Unrecognized tax benefits 138,000 132,100 Total non-current liabilities 2,851,741 2,926,344 Total liabilities 14,147,893 15,656,507 UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Amounts expressed in thousands of US dollars ("$") As ofDecember 31, As ofJune 30, 2024 2025 $ $ Shareholders' equity Class A Ordinary shares 272 274 Class B Ordinary shares 23 23 Additional paid-in capital 16,703,192 17,041,224 Accumulated other comprehensive loss (193,148 ) (35,693 ) Statutory reserves 17,260 17,260 Accumulated deficit (8,155,264 ) (7,346,242 ) Total Sea Limited shareholders' equity 8,372,335 9,676,846 Non-controlling interests 105,241 107,057 Total shareholders' equity 8,477,576 9,783,903 Total liabilities and shareholders' equity 22,625,469 25,440,410 UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Amounts expressed in thousands of US dollars ("$") For the Six Months endedJune 30, 2024 2025 $ $ Net cash generated from operating activities 1,086,362 2,372,666 Net cash used in investing activities (1,563,708 ) (2,632,202 ) Net cash generated from financing activities 426,438 328,616 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (117,636 ) 123,844 Net (decrease) increase in cash, cash equivalents and restricted cash (168,544 ) 192,924 Cash, cash equivalents and restricted cash at beginning of the period 4,243,657 4,081,585 Cash, cash equivalents and restricted cash at end of the period 4,075,113 4,274,509 Net cash used in investing activities amounted to US$2,632 million for the six months ended June 30, 2025. This was primarily attributable to increase in loans receivable of our credit business of US$2,044 million, net placement of US$363 million in securities purchased under agreements to resell, time deposits and liquid investment products, for better cash yield management, and purchase of property and equipment of US$216 million to support the existing operations. Net cash generated from financing activities amounted to US$329 million for the six months ended June 30, 2025. This was primarily attributable to an increase in bank deposits of US$445 million as well as net proceeds from other funding sources related to credit business of US$118 million, offset by the cash used in repurchase of convertible notes of US$233 million. UNAUDITED SEGMENT INFORMATION The Company has three reportable segments, namely e-commerce, digital financial services and digital entertainment. The Chief Operating Decision Maker ("CODM"), comprising our senior management team, evaluates each segment's financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment's actual financial and operating performance against projections as part of the Company's business planning and budgeting process. Amounts are expressed in thousands of US dollars ("$"). For the Three Months ended June 30, 2025 E-commerce Digital Financial Services Digital Entertainment Other Services(1) Total $ $ $ $ $ Revenue 3,771,076 882,808 559,118 46,475 5,259,477 Less(2) Cost of revenue (2,550,913) (115,899) (171,922) - Sales and marketing expenses (803,431) (122,554) (43,103) - Provision for credit losses - (315,610) - - Other operating expenses(3) (261,881) (85,630) (68,628) (62,158) Operating segment income (loss) 154,851 243,115 275,465 (15,683) 657,748 Unallocated expenses(4) (170,029) Operating income 487,719 Non-operating income, net 83,299 Income tax expense (144,056) Share of results of equity investees (12,758) Net income 414,204 For the Three Months ended June 30, 2024 E-commerce Digital Financial Services Digital Entertainment Other Services(1) Total $ $ $ $ $ Revenue 2,821,269 519,338 435,559 30,702 3,806,868 Less(2) Cost of revenue (1,993,767) (78,927) (139,501) - Sales and marketing expenses (672,944) (54,950) (27,069) - Provision for credit losses - (167,212) - - Other operating expenses(3) (239,320) (66,988) (58,911) (39,705) Operating segment (loss) income (84,762) 151,261 210,078 (9,003) 267,574 Unallocated expenses(4) (184,680) Operating income 82,894 Non-operating income, net 56,414 Income tax expense (60,612) Share of results of equity investees 1,215 Net income 79,911 (1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as "Other Services". (2) The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM. (3) Other operating expenses for E-commerce and Digital Entertainment include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Digital Financial Services include general and administrative expenses and research and development expenses, net of other operating income. (4) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. View source version on Contacts For enquiries, please contact: Investors / analysts: ir@ Media: media@
