🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 192 (from laksa115)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa192.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://finance.yahoo.com/news/shopees-hidden-delivery-army-thats-160345438.html\')), getAhrefsUnparsedNoserviceFromURL(\'https://finance.yahoo.com/news/shopees-hidden-delivery-army-thats-160345438.html\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/finance.yahoo.com\/news\/shopees-hidden-delivery-army-thats-160345438.html","crawl_time":1775581104,"first_indexed_time":1754932536,"http_code":200,"src_unparsed":"com,yahoo!finance,\/news\/shopees-hidden-delivery-army-thats-160345438.html s443","src_root_hash":"3401813433841292792","history_drop_reason":null,"meta_title":"Shopee's Hidden Delivery Army That's Changing Southeast Asia's $160B E-Commerce Game","meta_descriptions":["Sea Ltd.'s hyper-local logistics gamble has turned retirees, students, and homemakers into its fastest growth engine."],"attrs_boilerpipe_text":"Sea Ltd.'s Shopee (\nNYSE:SE\n) has\ndelivered\none of the more notable turnarounds in Southeast Asia's $160 billion e-commerce market, lifting its stock more than 300% since early 2024 and pushing the company's market capitalization toward $100 billion. At the center of this recovery is SPX Express, an in-house logistics arm that now moves the majority of Shopee's billions of parcels each year. Built through years of investment and a hyper-local delivery model, SPX Express operates thousands of neighborhood-based collection points, often run by retirees, homemakers, and students. This network has helped drive faster delivery speeds with 90% of parcels in Singapore arriving next day and expand its logistics market share in the region to about 25% in 2024.\nWarning! GuruFocus has detected 2 Warning Sign with SE.\nShopee's logistics push has strengthened its dominance in the region, where it now commands 56% of gross merchandise value among the top e-commerce platforms, compared with 19% for TikTok Shop and 15% for Lazada, according to Momentum Works. Ahead of Sea's August 12 earnings release, consensus estimates call for a record $5 billion in revenue, with e-commerce expected to contribute $3.61 billion and logistics services $799 million, up 14% from a year earlier. CEO Forrest Li initiated the logistics expansion in 2021, when surging pandemic demand exposed critical delivery bottlenecks. Since then, the company has invested heavily, appointed seasoned operators, and reduced reliance on third-party carriers, gaining tighter control over costs and service quality.\nOperational challenges remain. SPX Express faces thin margins, gig-like pay structures, and periodic pushback from local councils over parcel sorting in shared spaces. The next test will be scaling beyond Shopee's own platform and competing more directly with established players like J&T Express, which benefits from its TikTok Shop partnership. Even so, Shopee's community-driven delivery model has embedded the brand into daily life across Southeast Asia from neighborhood warungs in Indonesia to convenience stores in Taiwan positioning it as a key player in the region's evolving e-commerce logistics landscape.\nThis article first appeared on\nGuruFocus\n.\nMSG_NO_NEWS","attrs_markdown":"SOMETHING\\_WENT\\_WRONG\n\n[SKIP\\_TO\\_NAVIGATION](https:\/\/finance.yahoo.com\/news\/shopees-hidden-delivery-army-thats-160345438.html#navigation-container)  [SKIP\\_NAVIGATION](https:\/\/finance.yahoo.com\/news\/shopees-hidden-delivery-army-thats-160345438.html#nimbus-app)  [SKIP\\_DOCK](https:\/\/finance.yahoo.com\/news\/shopees-hidden-delivery-army-thats-160345438.html#right-rail)\n\n# YAHOO\\_FINANCE\n- [News](https:\/\/www.yahoo.com\/)\n  - [Today's news](https:\/\/www.yahoo.com\/news\/)\n  - [US](https:\/\/www.yahoo.com\/news\/us\/)\n  - [Politics](https:\/\/www.yahoo.com\/news\/politics\/)\n  - [World](https:\/\/www.yahoo.com\/news\/world\/)\n  - 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[Nutrition](https:\/\/shopping.yahoo.com\/health\/nutrition\/)\n      - [Personal care](https:\/\/shopping.yahoo.com\/health\/personal-care\/)\n      - [Sleep](https:\/\/shopping.yahoo.com\/health\/sleep\/)\n      - [Women's health](https:\/\/shopping.yahoo.com\/health\/womens-health\/)\n    - [Home and garden](https:\/\/shopping.yahoo.com\/home-garden\/)\n      - [Bath](https:\/\/shopping.yahoo.com\/home-garden\/bath\/)\n      - [Bedding](https:\/\/shopping.yahoo.com\/home-garden\/bedding\/)\n      - [Cleaning](https:\/\/shopping.yahoo.com\/home-garden\/cleaning\/)\n      - [Gardening](https:\/\/shopping.yahoo.com\/home-garden\/gardening\/)\n      - [Home decor](https:\/\/shopping.yahoo.com\/home-garden\/home-decor\/)\n      - [Home improvement](https:\/\/shopping.yahoo.com\/home-garden\/home-improvement\/)\n      - [Kitchen](https:\/\/shopping.yahoo.com\/home-garden\/kitchen\/)\n      - [Outdoor](https:\/\/shopping.yahoo.com\/home-garden\/outdoor\/)\n    - [Pets](https:\/\/shopping.yahoo.com\/pets\/)\n    - [Tech](https:\/\/shopping.yahoo.com\/tech\/)\n      - [Accessories](https:\/\/shopping.yahoo.com\/tech\/accessories\/)\n      - [Audio](https:\/\/shopping.yahoo.com\/tech\/audio\/)\n      - [Auto](https:\/\/shopping.yahoo.com\/tech\/auto\/)\n      - [Computers](https:\/\/shopping.yahoo.com\/tech\/computing\/)\n      - [Phones](https:\/\/shopping.yahoo.com\/tech\/phones\/)\n      - [Smart home](https:\/\/shopping.yahoo.com\/tech\/smart-home\/)\n      - [Streaming](https:\/\/shopping.yahoo.com\/tech\/streaming\/)\n      - [TVs](https:\/\/shopping.yahoo.com\/tech\/tvs\/)\n    - [Gift ideas](https:\/\/shopping.yahoo.com\/gift-ideas\/)\n      - [Best gifts for men](https:\/\/shopping.yahoo.com\/gift-ideas\/article\/best-gift-ideas-for-men-200430444.html)\n      - [Best gift cards](https:\/\/shopping.yahoo.com\/gift-ideas\/article\/best-gift-cards-184432258.html)\n      - [Best gifts for mom](https:\/\/shopping.yahoo.com\/gift-ideas\/article\/best-gifts-for-mom-172933189.html)\n      - [Best gifts for teens](https:\/\/shopping.yahoo.com\/gift-ideas\/article\/best-gifts-for-teens-185109070.html)\n      - 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[Best travel gifts](https:\/\/shopping.yahoo.com\/gift-ideas\/article\/the-best-travel-gifts-for-the-jet-setters-in-your-life-according-to-frequent-fliers-173720063.html)\n      - [Best gifts for mother-in-law](https:\/\/shopping.yahoo.com\/gift-ideas\/article\/best-gifts-for-mother-in-law-170519303.html)\n      - [Best anniversary gifts for wife](https:\/\/shopping.yahoo.com\/gift-ideas\/article\/anniversary-gift-wife-180730480.html)\n    - [Stores](https:\/\/shopping.yahoo.com\/stores\/)\n      - [Amazon](https:\/\/shopping.yahoo.com\/stores\/amazon\/)\n      - [Best Buy](https:\/\/shopping.yahoo.com\/stores\/best-buy\/)\n      - [Coach Outlet](https:\/\/shopping.yahoo.com\/stores\/coach-outlet\/)\n      - [Home Depot](https:\/\/shopping.yahoo.com\/stores\/home-depot\/)\n      - [Kate Spade New York](https:\/\/shopping.yahoo.com\/stores\/kate-spade-new-york\/)\n      - [Lowes](https:\/\/shopping.yahoo.com\/stores\/lowes\/)\n      - [Macy's](https:\/\/shopping.yahoo.com\/stores\/macys\/)\n      - 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[Watch Now](https:\/\/finance.yahoo.com\/live\/)\n\n...\n\n[UPGRADE\\_TO\\_PREMIUM](https:\/\/finance.yahoo.com\/about\/plans\/select-plan\/?.done=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fshopees-hidden-delivery-army-thats-160345438.html&ncid=_1088_DCM-PARTNER_NATIVE_US_NoTargeting_HeaderEyebrow_YahooFinanceUsers___RightRail_Header-UpgradetoPaidSubscriptionButton__N_)\n\n### U.S. markets close in 3h 3m\nUS Markets\n\nUS Markets\n\nEUROPE Markets\n\nASIA Markets\n\nCRYPTOCURRENCIES\n\nRATES\n\nCOMMODITIES\n\nCURRENCIES\n\nU.S. markets close in 3h 3m\n\n[S\\&P 500](https:\/\/finance.yahoo.com\/quote\/%5EGSPC\/)\n\n6,585.83\n\n\\-26.00\n\n\\-0.39%\n\n[Dow 30](https:\/\/finance.yahoo.com\/quote\/%5EDJI\/)\n\n46,454.24\n\n\\-215.64\n\n\\-0.46%\n\n[Nasdaq](https:\/\/finance.yahoo.com\/quote\/%5EIXIC\/)\n\n21,862.04\n\n\\-134.30\n\n\\-0.61%\n\n[Russell 2000](https:\/\/finance.yahoo.com\/quote\/%5ERUT\/)\n\n2,532.80\n\n\\-7.84\n\n\\-0.31%\n\n[VIX](https:\/\/finance.yahoo.com\/quote\/%5EVIX\/)\n\n26\\.44\n\n\\+2.27\n\n\\+9.42%\n\n[Gold](https:\/\/finance.yahoo.com\/quote\/GC%3DF\/)\n\n4,687.40\n\n\\+2.70\n\n\\+0.06%\n\n[Bitcoin USD](https:\/\/finance.yahoo.com\/quote\/BTC-USD\/)\n\n68,222.45\n\n\\-1,679.24\n\n\\-2.40%\n\n[CBOE Interest Rate 10 Year T No](https:\/\/finance.yahoo.com\/quote\/%5ETNX\/)\n\n4\\.3560\n\n\\+0.0210\n\n\\+0.48%\n\nADVERTISEMENT\n\n[![GuruFocus.com](https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/1dRsDDve1tZ_3JJlVc0SRw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEzMjtoPTQ4\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2020-11\/656a72d0-2a99-11eb-abff-c3a42df53bdf)](http:\/\/www.gurufocus.com\/ \"GuruFocus.com\")\n\n# Shopee's Hidden Delivery Army That's Changing Southeast Asia's \\$160B E-Commerce Game\n![](https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/C6Fgp_y2hOLk51LQkrBhDQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwMw--\/https:\/\/media.zenfs.com\/en\/us.finance.gurufocus\/e3461dd3db26ad97647031d4f97e0eb6)\n\nKhac Phu Nguyen\n\nAugust 11, 2025\n\n2 MINUTES\\_READ\n\nSea Ltd.'s Shopee ([NYSE:SE](https:\/\/finance.yahoo.com\/quote\/SE)) has [delivered](https:\/\/www.bloomberg.com\/news\/features\/2025-08-10\/shopee-s-delivery-network-boosts-stock-300-helped-by-retirees-and-students?srnd=homepage-asia) one of the more notable turnarounds in Southeast Asia's \\$160 billion e-commerce market, lifting its stock more than 300% since early 2024 and pushing the company's market capitalization toward \\$100 billion. At the center of this recovery is SPX Express, an in-house logistics arm that now moves the majority of Shopee's billions of parcels each year. Built through years of investment and a hyper-local delivery model, SPX Express operates thousands of neighborhood-based collection points, often run by retirees, homemakers, and students. This network has helped drive faster delivery speeds with 90% of parcels in Singapore arriving next day and expand its logistics market share in the region to about 25% in 2024.\n\n- [Warning! GuruFocus has detected 2 Warning Sign with SE.](https:\/\/www.gurufocus.com\/term\/gf-score\/SE)\n\nShopee's logistics push has strengthened its dominance in the region, where it now commands 56% of gross merchandise value among the top e-commerce platforms, compared with 19% for TikTok Shop and 15% for Lazada, according to Momentum Works. Ahead of Sea's August 12 earnings release, consensus estimates call for a record \\$5 billion in revenue, with e-commerce expected to contribute \\$3.61 billion and logistics services \\$799 million, up 14% from a year earlier. CEO Forrest Li initiated the logistics expansion in 2021, when surging pandemic demand exposed critical delivery bottlenecks. Since then, the company has invested heavily, appointed seasoned operators, and reduced reliance on third-party carriers, gaining tighter control over costs and service quality.\n\nOperational challenges remain. SPX Express faces thin margins, gig-like pay structures, and periodic pushback from local councils over parcel sorting in shared spaces. The next test will be scaling beyond Shopee's own platform and competing more directly with established players like J\\&T Express, which benefits from its TikTok Shop partnership. Even so, Shopee's community-driven delivery model has embedded the brand into daily life across Southeast Asia from neighborhood warungs in Indonesia to convenience stores in Taiwan positioning it as a key player in the region's evolving e-commerce logistics landscape.\n\nThis article first appeared on [GuruFocus](https:\/\/www.gurufocus.com\/news\/3052665\/shopees-hidden-delivery-army-thats-changing-southeast-asias-160b-ecommerce-game?r=caf6fe0e0db70d936033da5461e60141).\n\n[TERMS](https:\/\/guce.yahoo.com\/terms?locale=en-US)  AND [PRIVACY\\_POLICY](https:\/\/guce.yahoo.com\/privacy-policy?locale=en-US)\n\n[Privacy & Cookie Settings](https:\/\/guce.yahoo.com\/privacy-settings?locale=en-US)\n\n[More Info](https:\/\/finance.yahoo.com\/more-info)\n## RECOMMENDED\\_STORIES\n\nCOPYRIGHT\n\nWHATS\\_TRENDING\n\n[Dow Jones](https:\/\/finance.yahoo.com\/quote\/%5EDJI\/) [S\\&P 500](https:\/\/finance.yahoo.com\/quote\/SPY\/) [DAX Index](https:\/\/finance.yahoo.com\/quote\/%5EGDAXI\/) [Nvidia](https:\/\/finance.yahoo.com\/quote\/NVDA\/) [Tesla](https:\/\/finance.yahoo.com\/quote\/TSLA\/) [DJT](https:\/\/finance.yahoo.com\/quote\/DJT\/) [Tariffs](https:\/\/finance.yahoo.com\/topic\/tariffs\/)\n\nEXPLORE\\_MORE\n\n[Mortgages](https:\/\/finance.yahoo.com\/personal-finance\/mortgages\/) [Credit Cards](https:\/\/finance.yahoo.com\/personal-finance\/credit-cards\/) [Sectors](https:\/\/finance.yahoo.com\/sectors\/) [Crypto Heatmap](https:\/\/finance.yahoo.com\/crypto\/heatmap\/) [Financial News](https:\/\/finance.yahoo.com\/news\/)\n\nABOUT\n\n[Data Disclaimer](https:\/\/help.yahoo.com\/kb\/finance-for-web\/SLN2310.html?locale=en_US) [Help](https:\/\/help.yahoo.com\/kb\/finance-for-web) [Feedback](https:\/\/yahoo.uservoice.com\/forums\/952723-finance-b3) [Sitemap](https:\/\/finance.yahoo.com\/sitemap\/) [Licensing](https:\/\/info.wrightsmedia.com\/yahoo-finance-licensing) [What's New](https:\/\/finance.yahoo.com\/about\/whatsnew\/) [About Our Ads](https:\/\/policies.oath.com\/us\/en\/oath\/privacy\/adinfo\/index.html)  [PREMIUM\\_PLANS](https:\/\/finance.yahoo.com\/about\/plans\/)\n\n[TERMS](https:\/\/guce.yahoo.com\/terms?locale=en-US)  AND [PRIVACY\\_POLICY](https:\/\/guce.yahoo.com\/privacy-policy?locale=en-US)\n\n[Privacy & Cookie Settings](https:\/\/guce.yahoo.com\/privacy-settings?locale=en-US)\n\n[More Info](https:\/\/finance.yahoo.com\/more-info)\n\n- [TRENDING\\_TICKERS](https:\/\/finance.yahoo.com\/trending-tickers)\n  \n  - 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At the center of this recovery is SPX Express, an in-house logistics arm that now moves the majority of Shopee's billions of parcels each year. Built through years of investment and a hyper-local delivery model, SPX Express operates thousands of neighborhood-based collection points, often run by retirees, homemakers, and students. This network has helped drive faster delivery speeds with 90% of parcels in Singapore arriving next day and expand its logistics market share in the region to about 25% in 2024.\n\n- [Warning! GuruFocus has detected 2 Warning Sign with SE.](https:\/\/www.gurufocus.com\/term\/gf-score\/SE)\n\nShopee's logistics push has strengthened its dominance in the region, where it now commands 56% of gross merchandise value among the top e-commerce platforms, compared with 19% for TikTok Shop and 15% for Lazada, according to Momentum Works. Ahead of Sea's August 12 earnings release, consensus estimates call for a record \\$5 billion in revenue, with e-commerce expected to contribute \\$3.61 billion and logistics services \\$799 million, up 14% from a year earlier. CEO Forrest Li initiated the logistics expansion in 2021, when surging pandemic demand exposed critical delivery bottlenecks. Since then, the company has invested heavily, appointed seasoned operators, and reduced reliance on third-party carriers, gaining tighter control over costs and service quality.\n\nOperational challenges remain. SPX Express faces thin margins, gig-like pay structures, and periodic pushback from local councils over parcel sorting in shared spaces. The next test will be scaling beyond Shopee's own platform and competing more directly with established players like J\\&T Express, which benefits from its TikTok Shop partnership. Even so, Shopee's community-driven delivery model has embedded the brand into daily life across Southeast Asia from neighborhood warungs in Indonesia to convenience stores in Taiwan positioning it as a key player in the region's evolving e-commerce logistics landscape.\n\nThis article first appeared on [GuruFocus](https:\/\/www.gurufocus.com\/news\/3052665\/shopees-hidden-delivery-army-thats-changing-southeast-asias-160b-ecommerce-game?r=caf6fe0e0db70d936033da5461e60141).","meta_canonical":null}

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URL	https://finance.yahoo.com/news/shopees-hidden-delivery-army-thats-160345438.html
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Meta Title	Shopee's Hidden Delivery Army That's Changing Southeast Asia's $160B E-Commerce Game
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Boilerpipe Text	Sea Ltd.'s Shopee ( NYSE:SE ) has delivered one of the more notable turnarounds in Southeast Asia's $160 billion e-commerce market, lifting its stock more than 300% since early 2024 and pushing the company's market capitalization toward $100 billion. At the center of this recovery is SPX Express, an in-house logistics arm that now moves the majority of Shopee's billions of parcels each year. Built through years of investment and a hyper-local delivery model, SPX Express operates thousands of neighborhood-based collection points, often run by retirees, homemakers, and students. This network has helped drive faster delivery speeds with 90% of parcels in Singapore arriving next day and expand its logistics market share in the region to about 25% in 2024. Warning! GuruFocus has detected 2 Warning Sign with SE. Shopee's logistics push has strengthened its dominance in the region, where it now commands 56% of gross merchandise value among the top e-commerce platforms, compared with 19% for TikTok Shop and 15% for Lazada, according to Momentum Works. Ahead of Sea's August 12 earnings release, consensus estimates call for a record $5 billion in revenue, with e-commerce expected to contribute $3.61 billion and logistics services $799 million, up 14% from a year earlier. CEO Forrest Li initiated the logistics expansion in 2021, when surging pandemic demand exposed critical delivery bottlenecks. Since then, the company has invested heavily, appointed seasoned operators, and reduced reliance on third-party carriers, gaining tighter control over costs and service quality. Operational challenges remain. SPX Express faces thin margins, gig-like pay structures, and periodic pushback from local councils over parcel sorting in shared spaces. The next test will be scaling beyond Shopee's own platform and competing more directly with established players like J&T Express, which benefits from its TikTok Shop partnership. Even so, Shopee's community-driven delivery model has embedded the brand into daily life across Southeast Asia from neighborhood warungs in Indonesia to convenience stores in Taiwan positioning it as a key player in the region's evolving e-commerce logistics landscape. This article first appeared on GuruFocus . MSG_NO_NEWS
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[UPGRADE\_TO\_PREMIUM](https://finance.yahoo.com/about/plans/select-plan/?.done=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fshopees-hidden-delivery-army-thats-160345438.html&ncid=_1088_DCM-PARTNER_NATIVE_US_NoTargeting_HeaderEyebrow_YahooFinanceUsers___RightRail_Header-UpgradetoPaidSubscriptionButton__N_) ### U.S. markets close in 3h 3m US Markets US Markets EUROPE Markets ASIA Markets CRYPTOCURRENCIES RATES COMMODITIES CURRENCIES U.S. markets close in 3h 3m [S\&P 500](https://finance.yahoo.com/quote/%5EGSPC/) 6,585.83 \-26.00 \-0.39% [Dow 30](https://finance.yahoo.com/quote/%5EDJI/) 46,454.24 \-215.64 \-0.46% [Nasdaq](https://finance.yahoo.com/quote/%5EIXIC/) 21,862.04 \-134.30 \-0.61% [Russell 2000](https://finance.yahoo.com/quote/%5ERUT/) 2,532.80 \-7.84 \-0.31% [VIX](https://finance.yahoo.com/quote/%5EVIX/) 26\.44 \+2.27 \+9.42% [Gold](https://finance.yahoo.com/quote/GC%3DF/) 4,687.40 \+2.70 \+0.06% [Bitcoin USD](https://finance.yahoo.com/quote/BTC-USD/) 68,222.45 \-1,679.24 \-2.40% [CBOE Interest Rate 10 Year T No](https://finance.yahoo.com/quote/%5ETNX/) 4\.3560 \+0.0210 \+0.48% ADVERTISEMENT [![GuruFocus.com](https://s.yimg.com/ny/api/res/1.2/1dRsDDve1tZ_3JJlVc0SRw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEzMjtoPTQ4/https://s.yimg.com/os/creatr-uploaded-images/2020-11/656a72d0-2a99-11eb-abff-c3a42df53bdf)](http://www.gurufocus.com/ "GuruFocus.com") # Shopee's Hidden Delivery Army That's Changing Southeast Asia's \$160B E-Commerce Game ![](https://s.yimg.com/ny/api/res/1.2/C6Fgp_y2hOLk51LQkrBhDQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwMw--/https://media.zenfs.com/en/us.finance.gurufocus/e3461dd3db26ad97647031d4f97e0eb6) Khac Phu Nguyen August 11, 2025 2 MINUTES\_READ Sea Ltd.'s Shopee ([NYSE:SE](https://finance.yahoo.com/quote/SE)) has [delivered](https://www.bloomberg.com/news/features/2025-08-10/shopee-s-delivery-network-boosts-stock-300-helped-by-retirees-and-students?srnd=homepage-asia) one of the more notable turnarounds in Southeast Asia's \$160 billion e-commerce market, lifting its stock more than 300% since early 2024 and pushing the company's market capitalization toward \$100 billion. At the center of this recovery is SPX Express, an in-house logistics arm that now moves the majority of Shopee's billions of parcels each year. Built through years of investment and a hyper-local delivery model, SPX Express operates thousands of neighborhood-based collection points, often run by retirees, homemakers, and students. This network has helped drive faster delivery speeds with 90% of parcels in Singapore arriving next day and expand its logistics market share in the region to about 25% in 2024. - [Warning! GuruFocus has detected 2 Warning Sign with SE.](https://www.gurufocus.com/term/gf-score/SE) Shopee's logistics push has strengthened its dominance in the region, where it now commands 56% of gross merchandise value among the top e-commerce platforms, compared with 19% for TikTok Shop and 15% for Lazada, according to Momentum Works. Ahead of Sea's August 12 earnings release, consensus estimates call for a record \$5 billion in revenue, with e-commerce expected to contribute \$3.61 billion and logistics services \$799 million, up 14% from a year earlier. CEO Forrest Li initiated the logistics expansion in 2021, when surging pandemic demand exposed critical delivery bottlenecks. Since then, the company has invested heavily, appointed seasoned operators, and reduced reliance on third-party carriers, gaining tighter control over costs and service quality. Operational challenges remain. SPX Express faces thin margins, gig-like pay structures, and periodic pushback from local councils over parcel sorting in shared spaces. The next test will be scaling beyond Shopee's own platform and competing more directly with established players like J\&T Express, which benefits from its TikTok Shop partnership. Even so, Shopee's community-driven delivery model has embedded the brand into daily life across Southeast Asia from neighborhood warungs in Indonesia to convenience stores in Taiwan positioning it as a key player in the region's evolving e-commerce logistics landscape. This article first appeared on [GuruFocus](https://www.gurufocus.com/news/3052665/shopees-hidden-delivery-army-thats-changing-southeast-asias-160b-ecommerce-game?r=caf6fe0e0db70d936033da5461e60141). 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Readable Markdown	Sea Ltd.'s Shopee ([NYSE:SE](https://finance.yahoo.com/quote/SE)) has [delivered](https://www.bloomberg.com/news/features/2025-08-10/shopee-s-delivery-network-boosts-stock-300-helped-by-retirees-and-students?srnd=homepage-asia) one of the more notable turnarounds in Southeast Asia's \$160 billion e-commerce market, lifting its stock more than 300% since early 2024 and pushing the company's market capitalization toward \$100 billion. At the center of this recovery is SPX Express, an in-house logistics arm that now moves the majority of Shopee's billions of parcels each year. Built through years of investment and a hyper-local delivery model, SPX Express operates thousands of neighborhood-based collection points, often run by retirees, homemakers, and students. This network has helped drive faster delivery speeds with 90% of parcels in Singapore arriving next day and expand its logistics market share in the region to about 25% in 2024. - [Warning! GuruFocus has detected 2 Warning Sign with SE.](https://www.gurufocus.com/term/gf-score/SE) Shopee's logistics push has strengthened its dominance in the region, where it now commands 56% of gross merchandise value among the top e-commerce platforms, compared with 19% for TikTok Shop and 15% for Lazada, according to Momentum Works. Ahead of Sea's August 12 earnings release, consensus estimates call for a record \$5 billion in revenue, with e-commerce expected to contribute \$3.61 billion and logistics services \$799 million, up 14% from a year earlier. CEO Forrest Li initiated the logistics expansion in 2021, when surging pandemic demand exposed critical delivery bottlenecks. Since then, the company has invested heavily, appointed seasoned operators, and reduced reliance on third-party carriers, gaining tighter control over costs and service quality. Operational challenges remain. SPX Express faces thin margins, gig-like pay structures, and periodic pushback from local councils over parcel sorting in shared spaces. The next test will be scaling beyond Shopee's own platform and competing more directly with established players like J\&T Express, which benefits from its TikTok Shop partnership. Even so, Shopee's community-driven delivery model has embedded the brand into daily life across Southeast Asia from neighborhood warungs in Indonesia to convenience stores in Taiwan positioning it as a key player in the region's evolving e-commerce logistics landscape. This article first appeared on [GuruFocus](https://www.gurufocus.com/news/3052665/shopees-hidden-delivery-army-thats-changing-southeast-asias-160b-ecommerce-game?r=caf6fe0e0db70d936033da5461e60141).
Shard	192 (laksa)
Root Hash	3401813433841292792
Unparsed URL	com,yahoo!finance,/news/shopees-hidden-delivery-army-thats-160345438.html s443