Tencent-Backed Sea Faces Yet Another International Market Setback

• Tencent Holdings Ltd (OTC:TCEHY) backed Sea Ltd's (NYSE:SE) Shopee shut shop in France, retreating from a significant market months after launching its maiden foray into Europe, Bloomberg reports.
• The site will close on March 6. Shopee promised to complete all paid orders until then.
• The pullback shortly follows the ban of Sea's signature game Free Fire in India which wiped off over $16 billion in market value.
• "Following a short-term, preliminary pilot, we have decided not to continue the Shopee service in France," the company said. "Other markets are unaffected. We continue to adopt an open-minded and disciplined approach to exploring new markets."
• Price Action: SE shares traded lower by 9.34% at $132 in the premarket on the last check Tuesday.