Sea Ltd. Shares Tumble 0.73% on $700M Volume Ranking 150th as Regulatory Scrutiny and Mixed Business Performance Weigh

Sea Ltd. . 16, , ranking 150th among U.S. equities. The decline came amid mixed signals from its core digital entertainment and e-commerce segments, as well as evolving regulatory dynamics in key markets.

Recent developments highlight Sea's strategic focus on cross-border logistics and payment infrastructure. A partnership with Singapore-based logistics provider was announced to streamline Southeast Asian e-commerce operations, though investors remain cautious about execution risks. Meanwhile, , .

in Vietnam and Indonesia continues to weigh on investor sentiment. Authorities in both countries are reviewing data privacy practices across digital platforms, with potential compliance costs and operational constraints. Sea's recent shareholder letter emphasized its commitment to proactive compliance, but analysts note the lack of concrete guidance on long-term cost impacts.

To run this back-test accurately I need to pin down a few practical details about the portfolio construction and the data universe: 1. Stock universe • Do you want to consider all U.S. common stocks (NYSE + NASDAQ) each day, or restrict the universe to a well-defined index (e.g., Russell 3000, S&P 1500, etc.)? • If you already have a list of tickers to use, please provide it; otherwise I’ll select a liquid U.S. universe and explain my choice. 2. Trade mechanics • Entry price: use the same day’s close, or the next day’s open? • Exit price after one holding day: close or open? • Equal-weight each position at entry (i.e., 1/500 each), or weight by something else (e.g., volume-weighted)? 3. Transaction costs (optional) • Should we include an estimate of commission/slippage, or assume frictionless trading? Once I have these details I can generate the required data-retrieval plan and run the back-test.