[144] Sea Limited American SEC Filing

Rhea-AI Filing Summary

Form 144 filed for Sea Limited (symbol SE) reports a proposed sale of 300,000 ADRs through J.P. Morgan Securities LLC. The filing lists an aggregate market value of $55,962,000 for the 300,000 ADRs and reports the issuer's total ADRs outstanding as 543,584,213. The securities were acquired on 03/08/2017 by exercise of share options under the issuer's ESOP and were paid as compensation for service rendered. The filing names the approximate planned sale date as 09/02/2025 on the NYSE. The form also discloses multiple smaller ADR sales by Perennial Spring Limited during the past three months, mostly in 2,000-ADR lots on various dates between 06/03/2025 and 07/30/2025, with individual gross proceeds shown for each sale.

Positive

• Clear provenance: securities were acquired by exercise of ESOP options on 03/08/2017, and the form documents compensation-for-service payment.
• Broker and venue disclosed: proposed sales to be handled by J.P. Morgan Securities LLC on the NYSE with an approximate sale date of 09/02/2025.

Negative

• Concentration of proposed sale: a single notice covers a sizable block of 300,000 ADRs representing a material market value of $55,962,000.
• Frequent recent disposals: numerous small ADR sales by Perennial Spring Limited over the past three months are listed, indicating ongoing liquidation activity by that holder.

Insights

Securities Analyst

TL;DR The filing notifies a notable insider-related block sale of 300,000 ADRs through a broker with detailed prior small disposals.

The filing documents a proposed sale of 300,000 ADRs with an aggregate market value of $55,962,000, to be executed via J.P. Morgan Securities on the NYSE with an approximate sale date of 09/02/2025. The shares were acquired by exercise of employee share options on 03/08/2017 and recorded as compensation for services. The form also lists many smaller sales by Perennial Spring Limited over the prior three months, typically in 2,000-ADR increments, each with stated gross proceeds. This is a standard Rule 144 notice providing market and provenance details required for public resale; it does not contain operational or financial performance data.

Corporate Governance Expert

TL;DR The filing is a routine Rule 144 disclosure showing an insider-related sale plan and prior dispositions by an affiliated holder.

The document confirms the securities to be sold were obtained through an ESOP exercise and that the filer affirms no undisclosed material adverse information. Multiple small sales by Perennial Spring Limited are itemized with dates and gross proceeds, indicating recent liquidity activity by a related holder. The filing includes the broker's name and the planned execution venue, satisfying disclosure requirements under Rule 144; it contains no governance changes or allegations.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
ADR	J.P. Morgan Securities LLC 390 Madison Avenue 6th Floor New York NY 10017	300000	55962000	543584213	09/02/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
ADR	03/08/2017	Exercise of share options under Issuers ESOP	Issuer			300000	03/08/2017	Compensation for Service Rendered

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/03/2025	2000	331908
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/04/2025	2000	337388
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/05/2025	2000	341374
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/06/2025	2000	334184
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/09/2025	2000	329592
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/10/2025	2000	315862
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/11/2025	2000	310022
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/12/2025	2000	306583
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/13/2025	2000	310812
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/16/2025	2000	317046
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/17/2025	2000	315713
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/18/2025	2000	312686
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/20/2025	2000	309072
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/23/2025	2000	306900
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/24/2025	2000	316680
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/25/2025	2000	314342
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/26/2025	2000	316007
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/27/2025	2000	316287
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	06/30/2025	2000	319446
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/01/2025	2000	304925
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/02/2025	2000	299897
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/03/2025	2000	297685
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/07/2025	2000	302004
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/08/2025	2000	297680
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/09/2025	2000	304068
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/10/2025	2000	297214
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/11/2025	2000	295779
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/14/2025	2000	302577
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/15/2025	2000	313322
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/16/2025	2000	321556
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/17/2025	2000	327408
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/18/2025	2000	337060
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/21/2025	2000	314488
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/22/2025	2000	308265
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/23/2025	2000	317293
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/24/2025	2000	313453
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/28/2025	2000	319709
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/29/2025	2000	320480
Perennial Spring Limited Kingston Chambers P.O. Box 173 Road Town, Tortola D8 VG1110	ADR	07/30/2025	1600	254597

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is being sold in the Form 144 for Sea Limited (SE)?

The filing notifies a proposed sale of 300,000 ADRs of Sea Limited.

Who is the broker and where will the SE ADRs be sold?

The broker is J.P. Morgan Securities LLC and the sale is planned on the NYSE with an approximate date of 09/02/2025.

What is the aggregate market value of the ADRs to be sold?

The filing states an aggregate market value of $55,962,000 for the 300,000 ADRs.

How and when were the securities being sold originally acquired?

The 300,000 ADRs were acquired on 03/08/2017 by exercise of share options under the issuer's ESOP and paid as compensation for service rendered.

Does the filing show recent sales by related parties?

Yes; the filing lists multiple ADR sales by Perennial Spring Limited between 06/03/2025 and 07/30/2025, mostly in 2,000-ADR lots with stated gross proceeds for each sale.