Forrest Li

Chairman and Group CEO, Sea

 

Tech innovator Forrest Li is the billionaire founder of online phenomena Garena and Shopee

China-born Forrest Li is the founder, chairman and CEO of Singapore-based online gaming, e-commerce and digital payments company Sea, which is listed on the New York Stock Exchange. Sea Group—comprising Garena, Shopee and Seamoney—is backed by Chinese tech giant Tencent, and is considered South-East Asia’s most valuable listed company. Shares in Sea Limited have spiked approximately sevenfold in the last four years, lifting the valuation of the business to US$120 billion (SG$160.8 billion).

Shares in Sea Limited spiked approximately sevenfold in the last four years leading up to 2021, lifting the valuation of the business to US$120 billion (SG$160.8 billion). Sea operates three brands: e-commerce business Shopee, online gaming service Garena and fintech unit Seamoney. In September 2021, the company raised US$6 billion (SG$8 biliion) in a sale of convertible bonds and new shares. The funds will be used to grow its business, and for possible investments and acquisitions. Sea was also granted a full digital bank license by the Monetary Authority of Singapore in December 2020, allowing the firm to accept deposits from and provide banking services to retail and non-retail customers. 

However, 2022 saw the US-listed company’s shares tumble 77 per cent amid a shakeout in high-tech stocks and Li’s fortune taking a steep drop from $4.2 billion to $2.8 billion. Though revenue was up by 29 per cent during the post-pandemic period, a mix of supply chain constraints, rising interest rates and local currency depreciations against the US dollar have continued to weigh down on Sea Group’s earnings. Shopee is currently undergoing a 12-18 month plan to achieve self-sufficiency, which includes the company’s executive staff temporarily forgoing cash compensation.

Li, who is a football fan, holds a degree in engineering from the prestigious Shanghai Jiaotong University and an MBA from the Stanford Graduate School of Business. He is a member of the Singapore Economic Development Board, and also serves on the advisory council of Stanford University’s Graduate School of Business as well as an independent non-executive director of Shangri-La Asia Limited. Most recently, he also launched a $10-million, 28,000-square metre training facility along Mattar Road that serves as a new home for the Lion City Sailor’s first team, the club’s Under-21 side, the women’s team, academy trainees and a Sailors Galley café run by the guys behind Tiga Folks.

Impacted Industries


Awards


2020

Businessman of the Year (Singapore Business Awards)

2019

Businessman of the Year (Singapore Business Awards)

Did You Know?


Sea acquired Singaporean football club Home United in 2020, which it subsequently renamed Lion City Sailors FC.

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