Singapore’s Sea, dubbed as the Tencent of SE Asia, isn’t really like Tencent at all

Employees play pool during their lunch break in the pantry at the Garena Interactive Holding Ltd. headquarters in Singapore, on Thursday, Aug. 25, 2016. Photographer: Nicky Loh/Bloomberg

Singapore’s Sea Ltd. initially modeled itself on Chinese internet colossus Tencent Holdings Ltd. and is often called the Tencent of Southeast Asia. Now that Sea has filed for an initial public offering and given a peak at its financials, the resemblance is starting to break down.

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