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Garena chief at Sea (NYSE: SE) offloads 4,000 shares

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Sea Ltd (SE) reports that Zhao Feng, President of Garena, indirectly sold a total of 4,000 Class A ordinary shares through a BVI entity he controls. The sales occurred on August 13–14, 2026 in multiple open-market transactions at weighted average prices generally between $121.90 and $127.45.

The filing states these sales were made pursuant to a Rule 10b5-1 trading plan adopted on December 26, 2025 by the BVI entity. Separately, Zhao Feng is reported to hold 1,690,128 Class A ordinary shares directly as of August 13, 2026.

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Insider Zhao Feng
Role President of Garena
Sold 4,000 shs ($496K)
Type Security Shares Price Value
Sale Class A ordinary shares F1, F7 2,000 $124.05 $248K
Sale Class A ordinary shares F1, F2 463 $122.55 $57K
Sale Class A ordinary shares F1, F3 465 $123.37 $57K
Sale Class A ordinary shares F1, F4 635 $124.32 $79K
Sale Class A ordinary shares F1, F5 210 $125.29 $26K
Sale Class A ordinary shares F1, F6 192 $126.38 $24K
Sale Class A ordinary shares F1 35 $127.45 $4K
holding Class A ordinary shares -- -- --
Holdings After Transaction: Class A ordinary shares — 142,000 shares (Indirect, By BVI entity); Class A ordinary shares — 1,690,128 shares (Direct)
Footnotes (7)
  1. F1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by the Reporting Person on December 26, 2025.
  2. F2. Represents the weighted average price of shares sold at prices that ranged from $121.90 to $122.84. 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 $122.91 to $123.895.
  4. F4. Represents the weighted average price of shares sold at prices that ranged from $123.90 to $124.89.
  5. F5. Represents the weighted average price of shares sold at prices that ranged from $124.92 to $125.84.
  6. F6. Represents the weighted average price of shares sold at prices that ranged from $125.93 to $126.88.
  7. F7. Represents the weighted average price of shares sold at prices that ranged from $123.66 to $124.45.
Total shares sold 4,000 shares Aggregate Class A ordinary shares sold indirectly on August 13–14, 2026
Sale on 2026-08-14 2,000 shares at $124.05 per share Indirect sale of Class A ordinary shares on August 14, 2026
Sale on 2026-08-13 (tranche 1) 463 shares at $122.55 per share Weighted average price with range $121.90–$122.84
Sale on 2026-08-13 (tranche 2) 465 shares at $123.37 per share Weighted average price with range $122.91–$123.895
Highest reported sale price $127.45 per share Weighted average price for a 35-share sale on August 13, 2026
Direct holdings after transactions 1,690,128 shares Directly held Class A ordinary shares as of August 13, 2026
Trading plan adoption date December 26, 2025 Adoption date of Rule 10b5-1 trading plan used for these sales
Rule 10b5-1 trading plan regulatory
"The shares were sold pursuant to a Rule 10b5-1 trading plan adopted"
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.
BVI entity financial
"a BVI entity controlled by the Reporting Person on December 26, 2025"
weighted average price financial
"Represents the weighted average price of shares sold at prices that ranged"
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.
Class A ordinary shares financial
"security_title": "Class A ordinary shares""
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.
indirect ownership financial
""direct_or_indirect": "I","nature_of_ownership": "By BVI entity""

FAQ

What did Zhao Feng report in this Form 4 for Sea Ltd (SE)?
Zhao Feng reported indirect sales of 4,000 Class A ordinary shares of Sea Ltd in open-market transactions on August 13–14, 2026, executed by a BVI entity he controls under a pre-established Rule 10b5-1 trading plan.

How many Sea Ltd (SE) shares did Zhao Feng sell and at what prices?
The filing shows total sales of 4,000 Class A ordinary shares. Transactions on August 13–14, 2026 occurred at weighted average prices within ranges from $121.90 up to $127.45, with specific ranges detailed for each sale tranche.

Were Zhao Feng’s Sea Ltd (SE) share sales made under a Rule 10b5-1 plan?
Yes. The Form 4 states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted on December 26, 2025 by a BVI entity controlled by Zhao Feng, indicating the trades followed a pre-arranged schedule.

Does Zhao Feng still hold Sea Ltd (SE) shares after these transactions?
Yes. The filing reports that Zhao Feng directly holds 1,690,128 Class A ordinary shares of Sea Ltd as of August 13, 2026. This direct position is separate from the indirectly held shares sold by the BVI entity.

Were the Sea Ltd (SE) shares sold directly by Zhao Feng or through another entity?
All reported sales were indirect, with ownership noted as "By BVI entity." The Form 4 explains that a BVI entity controlled by the reporting person executed the trades under the Rule 10b5-1 plan.

How many separate sale transactions are reported in this Sea Ltd (SE) Form 4?
The Form 4 lists seven separate non-derivative sale transactions of Class A ordinary shares, plus one line showing a direct holding position of 1,690,128 shares after the reported activity on August 13, 2026.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Zhao Feng
(Last)(First)(Middle)
C/O 1 FUSIONOPOLIS PLACE,
#17-10, GALAXIS
(Street)
SINGAPORE138522
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
President of Garena
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/13/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Class A ordinary shares08/13/2026S463(1)D$122.55(2)145,537IBy BVI entity
Class A ordinary shares08/13/2026S465(1)D$123.37(3)145,072IBy BVI entity
Class A ordinary shares08/13/2026S635(1)D$124.32(4)144,437IBy BVI entity
Class A ordinary shares08/13/2026S210(1)D$125.29(5)144,227IBy BVI entity
Class A ordinary shares08/13/2026S192(1)D$126.38(6)144,035IBy BVI entity
Class A ordinary shares08/13/2026S35(1)D$127.45144,000IBy BVI entity
Class A ordinary shares08/14/2026S2,000(1)D$124.05(7)142,000IBy BVI entity
Class A ordinary shares1,690,128D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 the Reporting Person on December 26, 2025.
2. Represents the weighted average price of shares sold at prices that ranged from $121.90 to $122.84. 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 $122.91 to $123.895.
4. Represents the weighted average price of shares sold at prices that ranged from $123.90 to $124.89.
5. Represents the weighted average price of shares sold at prices that ranged from $124.92 to $125.84.
6. Represents the weighted average price of shares sold at prices that ranged from $125.93 to $126.88.
7. Represents the weighted average price of shares sold at prices that ranged from $123.66 to $124.45.
/s/ Emily Tan, attorney-in-fact for Feng Zhao08/17/2026
** Signature of Reporting PersonDate
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