新加坡科技巨头Sea(SE.US)凭借旗下电商平台Shopee推动股价实现300%的强势反弹，成功超越星展集 团，重夺东南亚市值最高上市公司的头衔。 为向投资者证明自身的长期盈利潜力，Sea还在押注数字金融等新业务领域。其一大"秘密武器"是鲜为 人知的物流业务SPX Express：在新加坡等市场，该物流网络依靠家庭主妇、学生及退休人员组成的配 送队伍，实现了常态化、可靠的物流配送服务。 另一边，星展集团的股价自去年年初以来已上涨65%，创下历史新高。作为新加坡规模最大的银行，星 展集团依托贷款业务与财富管理业务实现了稳健盈利，在此基础上，该集团承诺通过提高股息、回购并 注销股票的方式，向投资者返还数十亿美元资金。 随着越来越多消费者通过线上渠道购买从iPhone到日用百货的各类商品，Sea旗下电商平台Shopee已巩 固了在东南亚市场的领导地位。8月，Sea公布的销售额创下历史新高且超出市场预期，表明其成功抵御 了字节跳动旗下TikTok和阿里巴巴(BABA.US)旗下Lazada等强劲对手的攻势。自去年年初以来，Sea股 价涨幅超四倍，投资者对其在东南亚市场优势的信心持续增强。 尽管面临TikTok、La ...

（原标题：The Chinese Factor Behind Southeast Asia's USD184 Billion E-Commerce Boom丨CBN x ASEAN Watch） Stephanie: Hello everyone, I'm Stephanie Li. Today's episode dives into how Chinese enterprises are reshaping Southeast Asia's e-commerce landscape. Joining me is our ASEAN correspondent Sharon Hu, whose on-the-ground reporting brings fresh insights. Sharon, let's start with those staggering growth numbers you mentioned earlier. Sharon: Absolutely, Stephanie. A report released by DBS Group of Singapore and Cube ...

Core Viewpoint - Sea's stock price surged this week, with its market capitalization returning to approximately $103 billion, nearing DBS Bank's $111 billion, positioning it to reclaim the title of Southeast Asia's most valuable company, driven by better-than-expected sales data [1][3] Group 1: Company Performance - Sea is rapidly approaching the title of Southeast Asia's most valuable company, supported by record sales and strong performance in e-commerce and logistics, reshaping the market landscape and demonstrating growth potential amid fierce competition [3] - The surge in Sea's stock price is directly linked to the company's impressive sales figures, as more Southeast Asian consumers flock to its e-commerce platform, Shopee [3] Group 2: Competitive Landscape - Shopee, as Southeast Asia's top e-commerce retailer, faces intense competition from established players like TikTok Shop and Lazada, as well as emerging challengers such as Shein and Temu [4] - Despite the real threats from competitors, Sea is building defenses through deepening and innovating its core business [5] Group 3: Logistics Strategy - A key part of Sea's strategy is its logistics company, SPX Express, which has been developed over several years and is becoming a critical advantage that differentiates it from competitors [6] - SPX Express typically completes most deliveries within a day in Singapore, making competitors' three-day delivery times seem slow, and it employs local residents for package delivery, creating a unique localized service network [6] Group 4: Competitive Pressure in Logistics - Sea's strong rise in logistics is putting significant pressure on competitors, with reports indicating that Alibaba-backed Ninja Van is feeling the squeeze from larger firms like J&T Global Express and SPX Express [7] - Ninja Van is reportedly negotiating internal financing, with its valuation potentially halved, and has laid off about 12% of its workforce, indicating the need to streamline operations and reduce reliance on e-commerce logistics [7]

Core Viewpoint - The Southeast Asian e-commerce market is experiencing explosive growth, with annual sales projected to increase from $4 billion in 2012 to $184 billion by 2024, attracting significant attention from Chinese companies [2][4]. Group 1: Market Growth and Opportunities - The e-commerce platforms in Southeast Asia, such as Lazada, are evolving through substantial investments from Alibaba and leveraging the entire Alibaba ecosystem for digital transformation [4]. - Chinese companies are increasingly entering the Southeast Asian market, shifting from merely selling products to offering services, thereby reshaping the e-commerce landscape [5]. - Southeast Asia, with nearly 700 million people and a high percentage of young consumers, presents a significant opportunity for e-commerce growth, as internet penetration rates exceed 70% in most countries [5][6]. Group 2: Consumer Preferences and Trends - The most notable e-commerce growth is observed in Indonesia, Thailand, and Vietnam, where consumers prefer visually appealing, low-decision, and high-repeat purchase products [6]. - Chinese sellers have a competitive advantage in understanding local demands and product selection, becoming a dominant seller group on Southeast Asian e-commerce platforms [6][10]. - The rise of content-driven e-commerce, particularly through platforms like TikTok Shop, is changing consumer purchasing behavior, with 75% of consumers more willing to buy products recommended by influencers [8][9]. Group 3: Technological Advancements - E-commerce platforms in Southeast Asia are benefiting from technological upgrades, with Lazada being a pioneer in applying AI for personalized recommendations and operational efficiency [7]. - The integration of AI has led to a 46% increase in user interaction with the platform during peak shopping events [7]. Group 4: Infrastructure Development - The logistics and payment infrastructure in Southeast Asia is improving, with significant investments from Chinese logistics companies to enhance delivery efficiency [12][13]. - The electronic payment adoption rate has surpassed 50%, with mobile payments in Thailand projected to account for 55% of e-commerce transactions by 2024 [13][14]. - Despite the growth in electronic payments, cash transactions remain prevalent due to cultural preferences and the limited issuance of debit and credit cards [13][14]. Group 5: Cross-Border Payment Solutions - Chinese payment service providers are capitalizing on the opportunity to address payment challenges in Southeast Asia, offering localized services and cross-border payment solutions [14]. - Successful collaborations, such as UnionPay's partnership with Laos' national payment network, highlight the potential for Chinese payment services to enhance local payment ecosystems [14].

Group 1: Company Overview - Sea, headquartered in Singapore, is rapidly approaching the title of Southeast Asia's most valuable company, driven by record sales and strong performance in e-commerce and logistics [1] - The company's market capitalization has surged back to approximately $103 billion, closely trailing DBS Bank's $111 billion, indicating its potential to reclaim the top position in the region [1] - The stock price increase was catalyzed by the release of better-than-expected sales data, showcasing Sea's growth potential amid fierce competition [1] Group 2: Competitive Landscape - Shopee, as Southeast Asia's leading e-commerce retailer, faces intense competition from established players like TikTok Shop and Lazada, as well as emerging competitors such as Shein and Temu [2] - Despite the competitive threats, Sea is focusing on deepening and innovating its core business to build defenses against rivals [2] Group 3: Logistics Strategy - A key strategic advantage for Sea is its logistics company, SPX Express, which has been developed over several years and differentiates the company from its competitors [3] - SPX Express is capable of delivering most goods within a day in Singapore, making competitors' three-day delivery times seem slow [3] - The company employs local residents for package delivery, creating a unique localized service network that is rapidly gaining traction [3] Group 4: Competitive Pressure in Logistics - Sea's strong rise in logistics is putting significant pressure on competitors, such as Ninja Van, which is experiencing challenges from larger firms like J&T Global Express and SPX Express [4] - Reports indicate that Ninja Van is negotiating internal financing, with its valuation potentially being cut by about half, and has recently laid off approximately 12% of its workforce [4] - The intense competition in the logistics sector, despite the growth of Southeast Asia's e-commerce market, is continuously squeezing profit margins in the industry [4]

Group 1: Market Growth - Southeast Asia's e-commerce market is experiencing explosive growth, with annual sales projected to increase from $4 billion in 2012 to $184 billion by 2024 [1] - The region has a population of nearly 700 million, with a significant proportion of young consumers, and internet penetration rates exceeding 70% in most countries [4][5] Group 2: Chinese Companies' Involvement - Chinese e-commerce platforms like Lazada and TikTok Shop are expanding their presence in Southeast Asia, leveraging their ecosystems to enhance digital experiences [3][6] - Chinese businesses are transitioning from merely selling products to offering services, thereby reshaping the e-commerce landscape in Southeast Asia [3] Group 3: Consumer Behavior and Preferences - Southeast Asian consumers prefer visually appealing, low-decision, and high-repurchase products, such as beauty and personal care items, which are easily promoted through content e-commerce [5] - Approximately 75% of Southeast Asian consumers are more inclined to purchase products recommended by influencers, with TikTok being a primary channel for influencer marketing [7] Group 4: Infrastructure Development - Logistics and payment infrastructures are improving, with companies like Cainiao and SF Express establishing operations in Southeast Asia to enhance logistics efficiency [9][10] - The electronic payment penetration in Southeast Asia has surpassed 50%, with mobile payments in Thailand projected to account for 55% of e-commerce transactions by 2024 [10][11] Group 5: Challenges and Opportunities - Despite the growth in electronic payments, many consumers still prefer cash on delivery due to a lack of credit systems and low card issuance rates [11] - Chinese payment service providers are capitalizing on the opportunity to address payment challenges in Southeast Asia, offering localized services to facilitate cross-border transactions [12]

Group 1 - Alibaba International has opened its fall recruitment channel on August 5, aiming to hire around 1,000 graduates from the 2026 class, with 80% of positions related to AI, including roles in algorithms, engineering, product, operations, design, and logistics [1] - The company has been focusing on AI-driven initiatives since its inception, launching the world's first AI-native application in foreign trade, Accio, and significantly upgrading its e-commerce platforms, resulting in a hundredfold increase in usage [1] - The recruitment will take place in various locations including Hangzhou, Beijing, Guangzhou, Shenzhen, Hong Kong, and Sunnyvale, USA, with campus presentations starting in September at key universities [1] Group 2 - Over the past year, Alibaba International has published multiple papers in the AI field, with over 30 papers accepted at top international conferences, including 9 at the ACL [2] - The AI solutions from Alibaba International have received significant recognition, winning the SAIL Star Award at the World Artificial Intelligence Conference, and the open-source model Ovis has surpassed 1 million downloads [2] - Alibaba Group has initiated its fall recruitment for the 2026 class, planning to issue over 7,000 offers, with AI-related positions making up more than 60% of the total, an increase from 50% in the spring recruitment [3] Group 3 - Other major tech companies are also increasing their recruitment in the AI and tech development sectors, with ByteDance seeing a 23% year-on-year increase in R&D positions, and JD.com planning to open 35,000 positions across various sectors [4] - Meituan is set to recruit 6,000 people, including specialized programs aimed at attracting top tech talent globally [4]

Core Viewpoint - Alibaba's stock has shown a nearly 50% increase over the past year, but it remains 65% below its all-time high from October 2020, indicating potential for future growth despite challenges [1][2]. Financial Performance - In fiscal 2022, Alibaba's revenue grew by 19%, but growth slowed to 2% in fiscal 2023, 8% in fiscal 2024, and is projected at 6% for fiscal 2025, primarily due to regulatory and macroeconomic challenges [2][4][5]. - Analysts expect Alibaba's revenue to rise by 7% in fiscal 2026 and by 8% in fiscal 2027, with adjusted EPS growth projected at 8% and 14% respectively [10]. Challenges Faced - Alibaba faced significant regulatory challenges, including fines and restrictions from China's antitrust regulators, which limited its competitive strategies [4]. - The Chinese economy's slowdown, exacerbated by "zero-COVID" policies and a weak real estate market, negatively impacted consumer spending and cloud customer expenditures [5]. - Leadership changes, including the departure of CEO Daniel Zhang in 2023, raised concerns about the company's growth trajectory [6]. Business Stabilization - Despite challenges, Alibaba's retail business saw growth in overseas markets, which helped offset weaker performance in its domestic marketplaces [7]. - The company implemented cost-cutting measures, share buybacks, and increased revenue from higher-margin cloud and AI businesses, leading to improved earnings per share [8]. Future Outlook - Alibaba's stock trades at 11 times its forward adjusted earnings, with potential for a higher valuation if trade tensions ease, possibly rising to about $167 by fiscal 2027 [12]. - The company may integrate its various business units more closely, enhancing its competitive position against less diversified rivals [11].

Core Viewpoint - Sea Limited has made a significant recovery after a challenging 2022, returning to profitability and showing renewed momentum across its e-commerce, gaming, and fintech segments, although competition is intensifying in the Southeast Asian market [1][2]. Group 1: Business Performance - Sea Limited has regained profitability and improved cost discipline, leading to a more than 100% increase in stock price from its lows [2]. - The fintech segment, rebranded as Monee, has become a strong profit contributor with over 28 million active borrowers and a loan book of $5.8 billion, reflecting a growing demand for credit products [10]. - Monee generated $787 million in revenue in the first quarter, a 58% year-over-year increase, with adjusted EBITDA reaching $241 million, up 62% year-over-year [11]. Group 2: Competitive Landscape - Shopee, Sea's e-commerce platform, holds over 50% market share in several Southeast Asian countries but faces increasing competition from TikTok Shop, Lazada, and other regional players [4][5][6]. - TikTok Shop is rapidly gaining traction, particularly among Gen Z users, creating new shopping behaviors that Shopee does not fully replicate [5]. - Lazada, backed by Alibaba, is leveraging its resources in logistics and technology to regain market share, posing a serious threat to Shopee [6]. Group 3: Risks and Challenges - The competitive landscape is becoming more challenging, with Shopee needing to reinvest in logistics and promotions, which could pressure short-term margins [9]. - Monee's rapid growth in lending exposes it to potential risks, particularly as it serves first-time borrowers who may lack formal credit histories [12]. - Regulatory changes in digital lending across Southeast Asia could slow growth or increase compliance costs, similar to past events in China [13]. Group 4: Valuation and Market Sentiment - Sea Limited's stock has rebounded to nearly $150, moving away from its "deep value" phase, with current price-to-sales and price-to-earnings ratios at 5.3 and 106, respectively [14]. - The market is no longer pricing Sea as a broken growth story, indicating that any negative developments could lead to a significant stock price correction [15]. - Investors need to be cautious as the company faces competitive threats, credit exposure, and potential volatility in stock prices [16].

Group 1: E-commerce Performance - Alibaba's e-commerce business remains its strongest asset, with Taobao and Tmall driving a 12% year-over-year growth in customer management revenues in Q4 of fiscal 2025, aided by improved take rates [1] - In the fiscal fourth quarter, Taobao and Tmall Group generated RMB 93.2 billion ($12.9 billion) in revenues, a 4% increase year-over-year, accounting for 47% of total company revenues [4] - International commerce, including AliExpress and Lazada, saw revenues of RMB 27.4 billion ($3.8 billion), up 45% year-over-year, with AliExpress alone growing by 22% [4] Group 2: Strategic Initiatives - Alibaba is integrating its food delivery platform Ele.me and travel services platform Fliggy with its core e-commerce business to enhance resource alignment and delivery network strength [3] - The company is focusing on improving consumption quality through better monetization tools and AI-driven search and recommendations, aiming for growth in both China and globally [2] Group 3: Competitive Landscape - Alibaba faces increasing competition from domestic rivals JD.com and PDD Holdings, both of which are expanding rapidly in China's digital retail market [5] - JD.com reported a 16.3% year-over-year growth in retail revenues in Q1 2025, driven by strong category execution and ecosystem integration [6] - PDD Holdings experienced a 15% year-over-year increase in online marketing services revenues in Q1 2025, supported by enhanced tools for merchant performance [7] Group 4: Stock Performance and Valuation - Alibaba's shares have increased by 34.4% year-to-date, outperforming the Zacks Internet – Commerce industry growth of 5.7% and the Zacks Retail-Wholesale sector's growth of 2.8% [8] - The forward 12-month Price/Earnings ratio for BABA stock is 10.39X, significantly lower than the industry's 24.70X, indicating a favorable valuation [15] - The Zacks Consensus Estimate for Q1 fiscal 2026 earnings is $2.48 per share, reflecting a 9.73% year-over-year growth, while the estimate for fiscal 2026 earnings is $10.47 per share, indicating a 16.2% year-over-year growth [13]