Whether Shopee is a Chinese-funded company or not remains controversial, since the nationality of the founder and the chairman of the board, Forrest Li, is unclear. We can see from the investor details from Shopee that a Chinese-based company (Tencent) owns 20% or more. As published by The Economic Democracy Union, we should carefully consider data security and cash flow out of Taiwan through Shopee.

Score Analysis

Ownership, Shareholders and Political Activity-2
Shopee belongs to the Sea Group and the founder and operator are Forrest Li, who was born in Tianjin, China; yet his identity documents show that he is Singaporean. The nationality of Forrest Li remains unclear. According to the MOEA definition of Chinese-funded enterprises, subsidiary companies where Chinese-funded assets/capital hold more than 30% of the shares is defined as “Mainland-funded” companies. If Forrest Li’s nationality is clarified, Shopee’s classification as a Chinese-funded company will be reconsidered. Due to this controversy, we applied a deduction to the score, -2.

Media Reputation, Public Controversy and Boycott Calls-3
Shopee was criticized for its pro-Thai government stance in Thailand since Shopee banned a seller who is a supporter of the opposition party. #BanShopee then became the third-highest trending hashtag with over 57,000 uses and many Twitter users saying they’ve deleted the app. This justified boycott and the political stance lead to a score reduction of -3.
(Scroll down to see more about Thailand and China Politics)

Other: -4
Shopee’s overseas website blocked searches for the keyword “Taiwan”, using “China Taiwan” instead. This is suspected to be a pro-China action, since the phrasing “Chinese Taipei” or “China Taiwan” are labels that the CCP pressures many companies to use, to the detriment of Taiwan (-2). Besides, Shopee released an online advertisement “Bye now, buy now” that insinuating PChome in 2018, but apologized two years later (2020). Using offensive advertising and slandering the competitor left a bad impression on some in Taiwanese society (-1). In addition, The Economic Democracy Union reported that Shopee has a large amount of personal information and corporate cash flow (-1). The FSC Taiwan repeal the electronic payment license of Shopee Payment; however, this news didn’t result in deductions yet but may in the future after there is more information come out from the investigation. Overall, these elements led to a score reduction of -4

Thailand and China Politics

Basic Information

Ownership Sea Group (冬海集團)
Leadership Forrest Li (李小冬)
Revenue NT$33.60 billion
Shareholders Foreign Owned (外資)

Data Collection


Source: 蝦皮官網


Forrest Li, the founder and CEO of the Sea Group, is Chinese, but his identity documents show that he is Singaporean. Whether Li has renounced his Chinese nationality, and whether the time point was before or after the law was revised in Taiwan must be clarified. According to the Ministry of Economic Affairs revised the definition of Chinese-funded enterprise that to all subsidiary companies where Chinese-funded assets/capital hold more than 30% of the shares is defined as Mainland-funded companies. If the nationality of Forrest Li is Chinese, whether Shopee is a Chinese-funded company will be re-judgemented.




Sea Group, the parent company of Shopee, was listed on the New York Stock Exchange in 2017. Tencent of China holds 39.7% of its shares as the largest shareholder (now reduced to about 20%), Blue Dolphins Venture holds 15% of its shares, and founder Forrest Li has 20%, chief technology officer of Sea Gang Ye holds 10%, and other shareholders include Hillhouse Capital, Temasek Group, etc.

Shopee’s explosive growth pushes Sea to near $1b revenue

Latest Update (16/Aug):

The FSC Taiwan repeal the electronic payment license of Shopee Payment

The FSC Taiwan announced today (14/Aug) that it will officially abolish the license for the electronic payment business of Shopee Payment. The Banking Bureau of the Financial Services Commission stated that Shopee Pay will no longer be allowed to conduct any substantial agent collection and payment business from now on, and that the cash flow transactions that are still in progress must ensure the rights of consumers.

The FSC also pointed out that Shopee Payment did not apply to the FSC for the issuance of an electronic payment institution business license before the end of get off work today. Therefore, in accordance with Article 13, Item 3 of the Electricity Payments Regulations, the license for Shopee Payment’s exclusive electronic payment was abolished. From tomorrow on, Shopee Payment must adopt a response plan that complies with the laws and regulations to properly settle the current business and ensure the rights of users.


聯合新聞網:金管會正式廢止許可 蝦皮支付連第3方支付都不能做



Shopee is suspected of illegally operating the banking industry, the investment review committee should reject the case of its capital increase

Shopee Payment Co., Ltd. (Shopee Payment) was approved by the FSC last year to apply for an exclusive electronic payment institution business. Economic Democracy Union found out that the two businesses (Shopee Co., Ltd. 樂購蝦皮 and Singaporean Shopee Entertainment E-commerce Co., Ltd. Taiwan branches 蝦皮電商) operated e-commerce: “Shopee Wallet” and “蝦拼晚點付” are suspected of operating a bank without a license.

The Investment Board should reject the application for a capital increase of Shopee payment, and the financial management committee and inspections should also promptly intervene in the investigation.



Overseas Shopee block the keyword "Taiwan"

A netizen broke the news in the PTT Gossiping that “The keywords of “Taiwan” in Shopee overseas are blocked”. When using a VPN (Virtual Private Network) to connect to a US server and then turned on Shopee, search for “Taiwan” and other keys Words, the screens presented “No product found.” However, if you search for “China Taiwan”, a normal page will appear, and many Taiwan-related products can be searched.


聯合新聞網:國外蝦皮搜尋關鍵字封鎖「台灣」 改用「中國台灣」才有結果  

Shopee has a large amount of personal information and corporate cash flow

Jiang Minyan, secretary of Taiwan Citizen Front, said that large e-commerce platforms, including Shopee, possess a large number of users’ personal information. If they are improperly used by the Chinese Communist regime, they may become a weapon for China to monitor Taiwanese consumers. Jiang Minyan pointed out that Ant Financial, a subsidiary company of Alibaba Group, assisted the Chinese government in establishing a “social credit scoring system,” and its chairman even declared that “bad guys have nowhere to run,” in fact, a substitution of the CCP regime to punish dissidents.


The #BanShopee hashtag climbed to the top of Thailand's Twitter trends

Shopee apologizes to PChome for Insinuating in the Ads

Two years ago, Shopee shot an advertisement “Bye now, buy now” insinuating PChome. After PChome accused Shopee of violating the Fair Trading Act, in 2019, the Taipei District Prosecutors Office decided that Shopee was slading PChome in their ads for commercial competition. PChome’s credibility reversed and sued Shoppee for violating the Fair Trading Act. Shopee officially apologized to PChome and promised to remove the advertising video.


今周刊:蝦皮用廣告對PChome開嘲諷技 為何網友不買單?

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