Alibaba and Tencent are two household names in the global technology sphere. For a long time now, these two Chinese giants have slugged it out on their home turf in a struggle to achieve dominance in the growing Chinese internet consumer market. Having had a duopoly advantage thanks to China’s “Great Firewall,” these two, battle-hardened titans of the tech industry have sought to extend their businesses beyond their borders.
Sea Ltd. shares fell for the third day in a row and dropped below their initial public offering price, a rocky start as a public company for the Singapore games startup.Sea’s stock slipped 9.9 percent in New York trading Wednesday to close at 13.73 dollars.
Singapore’s Sea plans to price shares at 15 dollars in its initial public offering and raise more than 850 million dollars, according to people familiar with the matter.The total amount may be more than one billion dollars if an option to sell additional shares is exercised, said one of the people, asking not to be identified because the matter is private.