Sea Limited's Shipping Subsidies Boost GMV: Is Growth Sustainable?
Sea Limited’s SE heavy reliance on shipping subsidies has been a key catalyst behind Shopee’s strong GMV expansion, but it also raises concerns about how sustainable that momentum is. In the third quarter of 2025, Shopee delivered strong growth, with GMV rising more than 28% year over year to $32.2 billion, highlighting its solid market ...












