Sea director-linked entity sells 72K shares

Sea Ltd director David Y. Ma reported that a BVI entity associated with his household sold a total of 72,435 Class A ordinary shares of Sea Ltd on March 18, 2026 in open-market transactions.

Rhea-AI Filing Summary

Sea Ltd director David Y. Ma reported that a BVI entity associated with his household sold a total of 72,435 Class A ordinary shares of Sea Ltd on March 18, 2026 in open-market transactions. The sales occurred at weighted average prices of $85.28 and $86.14, within disclosed price ranges around those levels.

The transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted by the BVI entity on December 12, 2025, indicating they were scheduled in advance rather than timed discretionarily. After these sales, the filing shows 1,453,392 shares held indirectly through the BVI entity and 10,000 shares held directly by Ma.

Insider Trade Summary 10b5-1

Net Seller: 72,435 shares

Net Sell 3 txns

Insider Ma David Y

Role Director

Sold 72,435 shs ($6.18M)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	63,950	$85.28	$5.45M
Sale	Class A ordinary shares	8,485	$86.14	$731K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 1,453,392 shares (Indirect, By BVI entity); Class A ordinary shares — 10,000 shares (Direct)

Footnotes (3)

1. F1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by an immediate family member sharing the same household as the Reporting Person on December 12, 2025.
2. F2. Represents the weighted average price of shares sold at prices that ranged from $85.00 to $85.99. 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. F3. Represents the weighted average price of shares sold at prices that ranged from $86.00 to $86.53.

FAQ

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What insider transaction did Sea Ltd (SE) report in this Form 4?

Sea Ltd reported that an entity associated with director David Y. Ma sold 72,435 Class A ordinary shares in open-market trades on March 18, 2026. The filing also updates Ma’s remaining direct and indirect shareholdings after these transactions.

How many Sea Ltd (SE) shares were sold and at what prices?

The BVI entity associated with Sea Ltd director David Y. Ma sold 72,435 Class A ordinary shares. Weighted average prices were $85.28 for 63,950 shares and $86.14 for 8,485 shares, with actual trade prices spanning narrow ranges around those levels.

Were the Sea Ltd (SE) insider sales made under a Rule 10b5-1 plan?

Yes. The filing states the shares were sold under a Rule 10b5-1 trading plan adopted on December 12, 2025 by a BVI entity controlled by an immediate family member sharing Ma’s household, indicating pre-planned, scheduled transactions.

Who actually sold the Sea Ltd (SE) shares reported for David Y. Ma?

The sales were made by a BVI entity controlled by an immediate family member who shares the same household as director David Y. Ma. Ma reports the transactions as indirect ownership, reflecting his association with the entity rather than direct trading.

How many Sea Ltd (SE) shares does David Y. Ma hold after these transactions?

After the reported sales, the filing shows 1,453,392 Sea Ltd Class A ordinary shares held indirectly through the BVI entity and 10,000 shares held directly by David Y. Ma. These figures represent his updated ownership position following the March 18, 2026 trades.

What do the weighted average prices mean in the Sea Ltd (SE) Form 4?

The filing reports weighted average prices, such as $85.28 and $86.14, summarizing multiple trades executed between stated price ranges on March 18, 2026. The filer undertakes to provide exact share counts at each individual price upon request.

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Accepted by SEC EDGAR 03/20/2026 - 06:04 AM EDT Learn about SEC filing dates

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).

X

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^*

Ma David Y

(Last) (First) (Middle)

C/O 1 FUSIONOPOLIS PLACE,

#17-10, GALAXIS

(Street)

SINGAPORE 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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

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)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares	03/18/2026		S		63,950(1)	D	$85.28(2)	1,461,877	I	By BVI entity
Class A ordinary shares	03/18/2026		S		8,485(1)	D	$86.14(3)	1,453,392	I	By BVI entity
Class A ordinary shares								10,000	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by an immediate family member sharing the same household as the Reporting Person on December 12, 2025.

2. Represents the weighted average price of shares sold at prices that ranged from $85.00 to $85.99. 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 $86.00 to $86.53.

	/s/ Mark Tang, attorney-in-fact for David Y Ma	03/20/2026
	** 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)