$Sea Ltd(SE)$  

This downturn should not be easily reduced to market panic, which is actually redefining the company from a simple tech e-commerce to a complex of e-commerce plus finance plus a game.

Credit risk is always deceptive, and the large and rapidly growing denominator will instantly dilute the current bad debt rate, creating a false prosperity of good asset quality. High-growth credit books often reveal their true vulnerability only when the macro economy weakens or when risk-control models encounter stress tests. Once bad debts emerge, profit fluctuations will be multiplied.

For the coming few quarters , we should observation will inevitably focus on whether Shopee's subsidized marketing strength has risen again, and whether Monee's bad rates and credit costs can really remain manageable.