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.
