We wrote a while ago that Shopee is pursuing a risky but correct strategy.

This strategy is probably paying off, for now. On the same day of Google JD announcement, SEA, Shopee’s parent company, announced that it had completed Convertible Notes offering of US$575 million.

General confidence from equity holders also recovered significantly lately:

Restored confidence

So now with both Tencent portfolio companies armed with significant war chest, Southeast Asia’s ecommerce scene is becoming more interesting. The camps are becoming obvious as well:

Tencent/Google: Shopee, JD, Go-Jek

Alibaba/Softbank: Lazada, Grab, Tokopedia