Sea Ltd (NYSE: SE) director Ma David Y files Form 3 holdings

Rhea-AI Filing Summary

Sea Ltd director Ma David Y has filed an initial ownership report showing his equity stake in the company. He holds share options giving the right to buy 800,000 Class A ordinary shares at an exercise price of 120.0000 per share, expiring on April 17, 2032; these options were granted on April 17, 2022 and are fully exercisable. In addition, he directly owns 10,000 Class A ordinary shares and has indirect ownership of 1,525,827 Class A ordinary shares through a BVI entity. This filing reflects existing positions rather than new purchases or sales.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Ma David Y

Role Director

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

Holdings After Transaction: Share options (right to buy) — 800,000 shares (Direct); Class A ordinary shares — 10,000 shares (Direct); Class A ordinary shares — 1,525,827 shares (Indirect, By BVI entity)

Footnotes (1)

1. [object Object]

Understanding Insider Trading Forms →

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

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1. Name and Address of Reporting Person^*

Ma David Y

(Last) (First) (Middle)

C/O 1 FUSIONOPOLIS PLACE,

#17-10, GALAXIS

(Street)

SINGAPORE 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)

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

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	10,000	D
Class A ordinary shares	1,525,827	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)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share options (right to buy)	(1)	04/17/2032	Class A ordinary shares	800,000	$120	D

Explanation of Responses:

1. The share options were granted on April 17, 2022 and are fully exercisable.

	/s/ Mark Tang, attorney-in-fact for David Y Ma	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)

FAQ

What does Ma David Y report owning in Sea Ltd (SE) on this Form 3?

He reports existing holdings in Sea Ltd, including share options over 800,000 Class A ordinary shares and direct and indirect ownership of Class A ordinary shares. This establishes his baseline beneficial ownership as a director as of the reporting date.

How many Sea Ltd Class A shares are covered by Ma David Y’s options?

His share options cover 800,000 underlying Class A ordinary shares at an exercise price of 120.0000 per share. These options were granted on April 17, 2022 and, according to the footnote, are already fully exercisable.

What direct and indirect Sea Ltd shareholdings does Ma David Y disclose?

He discloses direct ownership of 10,000 Class A ordinary shares and indirect ownership of 1,525,827 Class A ordinary shares through a BVI entity. Together with his options, this shows a substantial equity-linked exposure to Sea Ltd.

Are Ma David Y’s Sea Ltd share options currently exercisable?

Yes. A footnote states the share options were granted on April 17, 2022 and are fully exercisable. The options relate to 800,000 underlying Class A ordinary shares and have an expiration date of April 17, 2032.

Does this Sea Ltd (SE) Form 3 show any recent insider buying or selling?

No. The entries are classified as holdings, with no buy or sell transaction codes and no reported transaction shares. The filing simply records Ma David Y’s existing direct, indirect, and option positions as his initial ownership statement.

What is the significance of the BVI entity mentioned in Ma David Y’s holdings?

The filing notes 1,525,827 Class A ordinary shares are held indirectly "By BVI entity." This indicates part of his beneficial ownership is through a BVI-organized vehicle, rather than held directly in his own name.