Sea SEC Filings

Sea Limited discloses updated ownership details for founder Forrest Xiaodong Li and Blue Dolphins Venture Inc. Mr. Li beneficially owns 104,615,356 Shares as of December 30, 2025, representing approximately 16.1% of Sea Limited’s total issued and outstanding Shares and about 57.7% of the aggregate voting power. His stake includes Class A and Class B Ordinary Shares, options and restricted share units, as well as Shares subject to irrevocable voting proxies from directors, employees, affiliates and a family member. Blue Dolphins holds 45,527,793 Class B Ordinary Shares, or about 7.5% of total issued and outstanding Shares. The filing also lists multiple open-market sales of American Depositary Shares by an entity solely owned and controlled by Mr. Li under a Rule 10b5-1 Sales Plan during November and December 2025.

A shareholder filed a notice of proposed sale covering 49,381 ADS, to be sold on or about 12/30/2025 on the NYSE through broker Goldman Sachs & Co. LLC. The filing lists an aggregate market value of these ADS of 6338051.35, against a reported 546492141 ADS outstanding.

The 49,381 ADS were acquired on 12/30/2024 through the execution of vested employee stock options as compensation for services rendered. The notice also details numerous prior ADS sales over the past three months by Coast Bridge Investments Limited, showing multiple block trades on various dates with stated gross proceeds for each transaction.

By signing, the selling person represents they are not aware of any material adverse, nonpublic information about the issuer’s current or prospective operations, and acknowledges that intentional misstatements or omissions can constitute federal criminal violations.

An affiliate of SE has filed a Form 144 notice indicating an intention to sell up to 61,000 ADS through J.P. Morgan Securities LLC on the NYSE, with an approximate sale date of 12/11/2025. The notice reports that these ADS were acquired from the issuer on 08/08/2024 by exercising share options under the issuer’s ESOP for 23,318 ADS, and through vesting of restricted share units on 10/28/2024 for 1,907 ADS and on 11/01/2024 for 35,775 ADS, all as compensation for services provided. The filing states that 543,584,213 ADS are outstanding; this is a baseline figure, not the amount being sold. Over the past three months, Devon Court Limited has already sold multiple small blocks of ADS, generally between 200 and 1,500 ADS per trade from 09/12/2025 through 12/05/2025, with each trade’s gross proceeds listed in the notice.

A major shareholder, Alpha Ally Holdings Limited, has filed a Form 144 indicating a planned sale of 1,680,000 ADS through J.P. Morgan Securities on the NYSE, with an aggregate market value of $216,148,800. The ADS are part of a class with 543,584,213 shares outstanding, and the approximate sale date listed is 12/10/2025.

The securities were acquired on 07/16/2021 by exercising share options under the issuer’s ESOP, as compensation for services. Over the past three months, Alpha Ally Holdings Limited has already executed frequent block sales of 30,000 ADS per day from September through December 2025, each generating multi‑million‑dollar gross proceeds, signaling an ongoing orderly disposal of holdings rather than a one‑off transaction.

A holder of SE securities has filed a notice of proposed sale under Rule 144 covering 238,000 ADRs. These American Depositary Receipts are listed for sale through J.P. Morgan Securities LLC on the NYSE, with an indicated aggregate market value of 32,458,440 and an approximate sale date of 11/28/2025.

The ADRs were originally acquired on 07/17/2023 through the exercise of share options under the issuer's employee stock option plan as compensation for services. The filing notes that the issuer has 543,584,213 shares or units outstanding, which provides a baseline for the size of the planned sale.

Sea Ltd (SE) shareholder NordicSun Ltd has filed a Form 144 notice to sell up to 100,000 ADS through UBS Financial Services on the NYSE, with an aggregate market value of $14,514,500. The ADS were acquired on 09/16/2025 via the exercise of vested employee stock options as compensation for services. The filing notes that there were 543,584,213 ADS outstanding at the time of the notice. NordicSun has also sold multiple ADS blocks over the prior three months, including 60,000 ADS on 09/30/2025 for gross proceeds of $10,684,102.43, indicating an ongoing program of share sales by this holder.

Form 144 notice to sell ADS registered on NYSE. The filer proposes to sell 1,604,879 ADS through Goldman Sachs & Co. LLC with an aggregate market value of $286,840,023.67. The filing lists total shares outstanding of 546,492,141 and an approximate sale date of 09/30/2025. The securities were acquired on 12/30/2024 by exercise of vested employee stock options from the issuer and were paid as compensation for service. The filing also reports numerous ADS sales during the past three months by Coast Bridge Investments Limited with multiple trade dates and gross proceeds recorded.