# Sea Shares Drop 9% as DBS Flags Spinoff Hurdles

> DBS warns Sea's Monee spinoff faces regulatory hurdles, pushing shares down 9.1%.
- Title: Sea Shares Drop 9% as DBS Flags Spinoff Hurdles | Shortify
- Summary: DBS warns Sea's Monee spinoff faces regulatory hurdles, pushing shares down 9.1%. Sea shares fell 9.1% after DBS Group Research identified licensing, debt…
- Keywords: sea, monee, dbs group research, forrest li, shopee, garena, indonesia, financial services authority, mari bank, philippines, nasdaq, singapore exchange
- Source: BigGo Finance — https://finance.biggo.com/news/585ca688-f435-4b4a-a536-03e21046b308
- Author: BigGo Finance
- Published: 2026-10-21T03:55:13+00:00
- Read time: 1 min
- Topics: sea, monee, dbs group research, forrest li, shopee, garena, indonesia, financial services authority, mari bank, philippines, nasdaq, singapore exchange
## Sea Shares Slide
Sea shares fell 9.1 percent to us dollar 80.43 after db s group research said a potential listing of the group's fintech arm monee could unlock value but faces real obstacles.
## DBS Valuation Estimate
Analyst sachin mittal values monee at us dollar 18 billion to us dollar 22 billion, versus the us dollar 6 billion implied by sea's share price.
## Spinoff Timeline
DBS sees no listing before 2027 due to licensing rules in singapore, indonesia's 40 percent debt-to-income cap on buy-now-pay-later services from 2027, and a recent philippine licence.
## Monee Financials
Monee's second-quarter revenue rose 58.9 percent to us dollar 1.4 billion, but credit provisions jumped 75 percent to us dollar 554 million.
## Regulatory Hurdles
In singapore, investors seeking more than a 5 percent stake in mari bank need banking act approval; indonesia's financial services authority will cap debt-to-income ratios at 40 percent starting 2027.
## Monee's Growth
Monee's loan book grew 62.5 percent to us dollar 11.1 billion, with credit provisions rising 75 percent to us dollar 554 million due to off-shopee spaylater lending and riskier markets.
## Spinoff Challenges
A standalone monee would also have to deal with shopee on arm's-length terms, given the fintech business's heavy reliance on the e-commerce platform's customer base.
## Key takeaway

Sea shares fell 9.1% after DBS Group Research identified licensing, debt rules, and partner complexities as obstacles to Monee's 2027 listing.