What share options in Sea Ltd (SE) does Zhao Feng report on his Form 3?

He reports options over 300,000 Class A shares at a $15.00 exercise price, fully exercisable and expiring January 31, 2029, and options over 3,000,000 Class A shares at a $120.00 exercise price, becoming fully exercisable April 30, 2027 and expiring April 17, 2032.

Sea Ltd’s Zhao Feng discloses sizable SE equity stake

Sea Ltd executive Zhao Feng filed an initial ownership report showing his equity stake in the company.

Filing Impact

(Neutral)

Filing Sentiment

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Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

Sea Ltd executive Zhao Feng filed an initial ownership report showing his equity stake in the company. He holds 1,688,262 Class A ordinary shares directly and 150,000 Class A shares indirectly through a BVI entity. He also holds share options over 300,000 Class A shares at an exercise price of $15.00 per share, granted on January 31, 2019 and now fully exercisable, expiring on January 31, 2029. In addition, he holds options over 3,000,000 Class A shares at an exercise price of $120.00 per share, granted on April 17, 2022 and becoming fully exercisable on April 30, 2027, expiring on April 17, 2032.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Zhao Feng

Role President of Garena

Type	Security	Shares	Price	Value
holding	Share options (right to buy)	--	--	--
holding	Share options (right to buy)	--	--	--
holding	Class A ordinary shares	--	--	--
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Share options (right to buy) — 3,300,000 contracts (Direct); Class A ordinary shares — 1,688,262 shares (Direct); Class A ordinary shares — 150,000 shares (Indirect, By BVI entity)

Footnotes (2)

F1. The share options were granted on January 31, 2019 and are fully exercisable.
F2. The share options were granted on April 17, 2022 and will be fully exercisable on April 30, 2027.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Zhao Feng’s Form 3 filing show about his holdings in Sea Ltd (SE)?

The Form 3 shows Zhao Feng’s existing equity stake in Sea Ltd. He holds 1,688,262 Class A shares directly, 150,000 Class A shares indirectly via a BVI entity, and significant share options over additional Class A shares at fixed exercise prices.

How many Sea Ltd (SE) Class A shares does Zhao Feng own directly and indirectly?

Zhao Feng directly holds 1,688,262 Class A ordinary shares of Sea Ltd and indirectly holds 150,000 Class A shares through a BVI entity. These positions reflect his reported ownership at the time of the filing, separate from his option-based interests.

Did Zhao Feng buy or sell any Sea Ltd (SE) shares in this Form 3?

This Form 3 does not report new purchases or sales. It lists Zhao Feng’s existing holdings and option positions in Sea Ltd, serving as an initial ownership statement rather than a record of current trading activity.

When do Zhao Feng’s Sea Ltd (SE) options become fully exercisable and when do they expire?

Options over 300,000 Class A shares at $15.00 are already fully exercisable and expire on January 31, 2029. Options over 3,000,000 Class A shares at $120.00 become fully exercisable on April 30, 2027 and expire on April 17, 2032.

How is Zhao Feng’s indirect ownership in Sea Ltd (SE) structured?

The filing reports 150,000 Class A ordinary shares held indirectly by Zhao Feng "By BVI entity." This indicates these shares are owned through a British Virgin Islands entity associated with him, rather than in his own name directly.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 06:52 AM EDT

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Zhao Feng

(Last)

(First)

(Middle)

C/O 1 FUSIONOPOLIS PLACE,

#17-10, GALAXIS

(Street)

SINGAPORE

138522

(City)

(State)

(Zip)

SINGAPORE

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Sea Ltd [ SE ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President of Garena

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A ordinary shares	1,688,262	D
Class A ordinary shares	150,000	I	By BVI entity

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Share options (right to buy)	⁽¹⁾	01/31/2029	Class A ordinary shares	300,000	$15	D
Share options (right to buy)	⁽²⁾	04/17/2032	Class A ordinary shares	3,000,000	$120	D

Explanation of Responses:

1. The share options were granted on January 31, 2019 and are fully exercisable.

2. The share options were granted on April 17, 2022 and will be fully exercisable on April 30, 2027.

	/s/ Emily Tan, attorney-in-fact for Feng Zhao	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR