Were Wang Yanjun’s Sea Ltd (SE) share sales part of a Rule 10b5-1 plan?

Yes. A footnote states the shares were sold under a Rule 10b5-1 trading plan adopted by a BVI entity controlled by Wang on September 4, 2025. Such plans pre-schedule trades, reducing the significance of trade timing as a signal of insider sentiment.

Sea Ltd (SE) CCO Wang Yanjun sells 1,600 shares via BVI 10b5-1 plan

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd executive Wang Yanjun reported a small, pre-planned insider sale of Class A ordinary shares. A BVI entity controlled by Wang sold a total of 1,600 Class A ordinary shares in open-market transactions on June 8–9, 2026 at prices ranging from about $82.87 to $85.41 per share. These trades were executed under a Rule 10b5-1 trading plan adopted on September 4, 2025, indicating they were scheduled in advance rather than timed opportunistically. Following these transactions, Wang continues to hold 1,212,442 Class A ordinary shares directly, so the disclosed sales represent a minor portion of his overall reported holdings.

Insights

Routine, pre-planned insider sales of a small fraction of total holdings.

Sea Ltd executive Wang Yanjun, its CCO and GC, oversaw sales of 1,600 Class A ordinary shares through a BVI entity in open-market trades at prices around $83–$85 per share. The filing shows these are non-derivative sales, not option exercises.

The trades were carried out under a Rule 10b5-1 trading plan adopted on September 4, 2025, suggesting they were scheduled in advance. The filing also reports direct ownership of 1,212,442 shares of Class A ordinary shares as of June 8, 2026, indicating the sold amount is small relative to Wang’s overall stake.

Because the sales are both pre-planned and modest versus reported direct holdings, they typically carry limited informational value about management’s view of the stock. Future company filings may update on any additional trades under the same trading plan, providing a fuller picture of ongoing disposition activity.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares ($134,752)

Net Sell 7 txns

Insider Wang Yanjun

Role CCO and GC

Sold 1,600 shs ($135K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	175	$82.87	$15K
Sale	Class A ordinary shares	218	$83.67	$18K
Sale	Class A ordinary shares	342	$84.64	$29K
Sale	Class A ordinary shares	65	$85.41	$6K
Sale	Class A ordinary shares	582	$84.19	$49K
Sale	Class A ordinary shares	218	$84.92	$19K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 2,625 shares (Indirect, By BVI entity); Class A ordinary shares — 1,212,442 shares (Direct, null)

Footnotes (1)

The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by the Reporting Person on September 4, 2025. Represents the weighted average price of shares sold at prices that ranged from $83.71 to $84.69. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4. Represents the weighted average price of shares sold at prices that ranged from $84.77 to $85.61. Represents the weighted average price of shares sold at prices that ranged from $82.28 to $83.26. Represents the weighted average price of shares sold at prices that ranged from $83.28 to $84.26. Represents the weighted average price of shares sold at prices that ranged from $84.28 to $85.26. Represents the weighted average price of shares sold at prices that ranged from $85.29 to $85.66.

Key Figures

Shares sold: 1,600 shares Sale price range: $82.87–$85.41 per share Direct holdings after period: 1,212,442 shares +2 more

5 metrics

Shares sold 1,600 shares Net open-market sales in Form 4 transaction summary

Sale price range $82.87–$85.41 per share Weighted average prices across reported sales on June 8–9, 2026

Direct holdings after period 1,212,442 shares Class A ordinary shares held directly as of June 8, 2026

Sell transactions count 6 transactions Number of open-market sale entries in transaction summary

Net buy/sell direction -1,600 shares Net-sell shares in transactionSummary for the reported period

Key Terms

Rule 10b5-1 trading plan, Class A ordinary shares, open-market sale, weighted average price, +1 more

5 terms

Rule 10b5-1 trading plan financial

"The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Class A ordinary shares financial

"security_title: "Class A ordinary shares" in multiple transactions"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

open-market sale financial

"transaction_action: "open-market sale" for each non-derivative transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"Represents the weighted average price of shares sold at prices that ranged from"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

indirect ownership financial

"direct_or_indirect: "I" and nature_of_ownership: "By BVI entity""

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Form 4 Insider Transactions: What Each Field Means →

06/10/2026 - 06:15 AM

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wang Yanjun

(Last)

(First)

(Middle)

C/O 1 FUSIONOPOLIS PLACE,

#17-10, GALAXIS

(Street)

SINGAPORE

138522

(City)

(State)

(Zip)

SINGAPORE

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/08/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A ordinary shares	06/08/2026		S		582⁽¹⁾	D	$84.19⁽²⁾	3,018	I	By BVI entity
Class A ordinary shares	06/08/2026		S		218⁽¹⁾	D	$84.92⁽³⁾	2,800	I	By BVI entity
Class A ordinary shares	06/09/2026		S		175⁽¹⁾	D	$82.87⁽⁴⁾	2,625	I	By BVI entity
Class A ordinary shares	06/09/2026		S		218⁽¹⁾	D	$83.67⁽⁵⁾	2,407	I	By BVI entity
Class A ordinary shares	06/09/2026		S		342⁽¹⁾	D	$84.64⁽⁶⁾	2,065	I	By BVI entity
Class A ordinary shares	06/09/2026		S		65⁽¹⁾	D	$85.41⁽⁷⁾	2,000	I	By BVI entity
Class A ordinary shares								1,212,442	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by the Reporting Person on September 4, 2025.

2. Represents the weighted average price of shares sold at prices that ranged from $83.71 to $84.69. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

3. Represents the weighted average price of shares sold at prices that ranged from $84.77 to $85.61.

4. Represents the weighted average price of shares sold at prices that ranged from $82.28 to $83.26.

5. Represents the weighted average price of shares sold at prices that ranged from $83.28 to $84.26.

6. Represents the weighted average price of shares sold at prices that ranged from $84.28 to $85.26.

7. Represents the weighted average price of shares sold at prices that ranged from $85.29 to $85.66.

	/s/ Emily Tan, attorney-in-fact for Yanjun Wang	06/10/2026
	** 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 4 (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 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Sea Ltd (SE) report for Wang Yanjun?

Sea Ltd reported that executive Wang Yanjun oversaw sales of 1,600 Class A ordinary shares through a BVI entity. The shares were sold in open-market transactions on June 8–9, 2026 under a pre-established Rule 10b5-1 trading plan.

At what prices were Sea Ltd (SE) shares sold in Wang Yanjun’s Form 4?

The reported sales occurred at weighted average prices between about $82.87 and $85.41 per share. Footnotes explain these averages reflect multiple trades within narrower intraday price ranges, and detailed trade-by-trade prices are available upon request from the reporting person.

How many Sea Ltd (SE) shares did Wang Yanjun sell in this filing?

The Form 4 shows net sales of 1,600 Class A ordinary shares. All reported transactions were coded as open-market sales, with no derivative exercises or gifts, resulting in a net-sell position for the reported period in the transaction summary.

How many Sea Ltd (SE) shares does Wang Yanjun still hold after these sales?

The filing reports that Wang Yanjun directly owns 1,212,442 Class A ordinary shares as of June 8, 2026. This indicates the 1,600 shares sold through the BVI entity represent a small fraction of his overall reported direct holdings in Sea Ltd.

What type of ownership structure is used for some of Wang Yanjun’s Sea Ltd (SE) shares?

The Form 4 notes that certain Class A ordinary shares are held indirectly "By BVI entity." This indicates a British Virgin Islands entity associated with Wang executed the reported open-market sales, while he also holds over one million shares directly.