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　　"small Tencent in Southeast Asia" Sea announced today that in order to cope with the current economic downturn, the company will continue to cut costs, and the executive team will collectively give up salaries.

　　"The leadership team has decided that we will not accept any cash compensation until the company is self-sufficient," Sea co-founder, chairman and CEO Forrest Li said in an internal memo to employees today.

　　Li Xiaodong also said: "We can now realize that this storm will not end in the short term: these negative situations may continue for a long time."

　　Just last week, Sea scaled back the operations of its e-commerce division, Shopee, closing its local operations in Chile, Colombia and Mexico (retaining only cross-border e-commerce), and exiting the Argentine market entirely. "Given the heightened uncertainty in the current macro situation, we need to focus our resources on our core business," Shopee said at the time.

　　Sea’s market value soared to more than $200 billion in October, as its gaming and e-commerce divisions gained popularity during the pandemic. But the company's share price has plummeted since then, and its market value is now only about $27 billion.

　　Li Xiaodong also said today that in the face of the current economic situation, investors are becoming more and more cautious, so financing has become more and more difficult. He reiterated that Sea's main goal for the next 12 to 18 months is to be cash flow positive. On a non-GAAP basis, Sea posted a net loss of $569.8 million in the second quarter, compared with a net loss of $321.2 million a year earlier.

　　In addition to the executive team's collective "zero pay", Sea is also limiting business travel to economy class, capping travel meals to $30 a day, spending on hotel accommodations to $150 a night, and reducing reimbursement for meals and entertainment.

　　"The only way for us to get rid of our dependence on external capital is to achieve self-sufficiency and generate enough cash to support operational needs and various projects," Li Xiaodong said.