Sea director-linked entity sells 178K shares

Sea Ltd director David Y Ma reported indirect open-market sales of 178,005 Class A ordinary shares.

Rhea-AI Filing Summary

Sea Ltd director David Y Ma reported indirect open-market sales of 178,005 Class A ordinary shares. The trades were executed on April 8–9, 2026 by a BVI entity associated with him at prices around $85–$92 per share.

The footnotes state the shares were sold under a pre-arranged Rule 10b5-1 trading plan adopted by a BVI entity controlled by an immediate family member sharing his household. Following these transactions, the BVI entity held 1,275,387 Class A ordinary shares indirectly, and Ma also held 10,000 shares directly.

Insider Trade Summary 10b5-1

Net Seller: 178,005 shares

Net Sell 9 txns

Insider Ma David Y

Role Director

Sold 178,005 shs ($15.47M)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	14,536	$85.31	$1.24M
Sale	Class A ordinary shares	38,981	$85.66	$3.34M
Sale	Class A ordinary shares	56,880	$86.83	$4.94M
Sale	Class A ordinary shares	48,740	$87.43	$4.26M
Sale	Class A ordinary shares	8,186	$88.36	$723K
Sale	Class A ordinary shares	7,493	$89.33	$669K
Sale	Class A ordinary shares	500	$91.59	$46K
Sale	Class A ordinary shares	2,689	$92.26	$248K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 1,275,387 shares (Indirect, By BVI entity); Class A ordinary shares — 10,000 shares (Direct)

Footnotes (9)

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 $85.15 to $86.145. 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 $86.15 to $87.14.
4. F4. Represents the weighted average price of shares sold at prices that ranged from $87.15 to $88.145.
5. F5. Represents the weighted average price of shares sold at prices that ranged from $88.15 to $88.59.
6. F6. Represents the weighted average price of shares sold at prices that ranged from $89.20 to $89.55.
7. F7. Represents the weighted average price of shares sold at prices that ranged from $91.58 to $91.65.
8. F8. Represents the weighted average price of shares sold at prices that ranged from $92.26 to $92.48.
9. F9. Represents the weighted average price of shares sold at prices that ranged from $85.00 to $85.50.

Key Figures

Shares sold: 178,005 shares Sale price April 9: $85.31 per share Price range (sales): $85.15–$92.48 per share +3 more

6 metrics

Shares sold 178,005 shares Total Class A ordinary shares sold in reported transactions

Sale price April 9 $85.31 per share Open-market sale of 14,536 Class A ordinary shares on April 9, 2026

Price range (sales) $85.15–$92.48 per share Weighted-average price ranges across disclosed sale buckets

Indirect holdings after sales 1,275,387 shares Class A ordinary shares held indirectly via BVI entity after transactions

Direct holdings 10,000 shares Class A ordinary shares held directly by David Y Ma after transactions

Largest single sale block 56,880 shares Open-market sale at $86.83 per share on April 8, 2026

Key Terms

Rule 10b5-1 trading plan, Class A ordinary shares, weighted average price, immediate family member, +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 each non-derivative transaction entry"

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.

weighted average price financial

"Represents the weighted average price of shares sold at prices that ranged from $85.15 to $86.145"

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.

immediate family member financial

"controlled by an immediate family member sharing the same household as the Reporting Person"

BVI entity financial

"a Rule 10b5-1 trading plan adopted by a BVI entity controlled by an immediate family member"

FAQ

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

What did Sea Ltd (SE) director David Y Ma report in this Form 4?

David Y Ma reported indirect open-market sales of 178,005 Class A ordinary shares of Sea Ltd. The trades were executed over April 8–9, 2026 through a BVI entity associated with him, as disclosed in the filing.

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

The filing shows total sales of 178,005 Class A ordinary shares. Reported trade prices ranged roughly from $85.15 to $92.48 per share, with several entries disclosing weighted average sale prices within narrower price bands.

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

The sales were made by a BVI entity associated with David Y Ma. A footnote explains this entity is controlled by an immediate family member sharing his household, and the shares are reported as indirect holdings.

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

Yes. A footnote states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the BVI entity on December 12, 2025. Such pre-arranged plans are designed to schedule trades in advance.

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

After the reported sales, the filing shows 1,275,387 Class A ordinary shares held indirectly through the BVI entity. It also shows a separate direct holding of 10,000 shares of Sea Ltd in his own name.

What type of transactions are shown in David Y Ma’s Sea Ltd (SE) Form 4?

All non-derivative transactions are coded S, described as open-market or private sales of Class A ordinary shares. There are no derivative exercises, gifts, or tax-withholding entries disclosed in this particular Form 4.

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

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Accepted by SEC EDGAR 04/10/2026 - 06:07 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)
04/08/2026

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)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares	04/08/2026		S		38,981(1)	D	$85.66(2)	1,414,411	I	By BVI entity
Class A ordinary shares	04/08/2026		S		56,880(1)	D	$86.83(3)	1,357,531	I	By BVI entity
Class A ordinary shares	04/08/2026		S		48,740(1)	D	$87.43(4)	1,308,791	I	By BVI entity
Class A ordinary shares	04/08/2026		S		8,186(1)	D	$88.36(5)	1,300,605	I	By BVI entity
Class A ordinary shares	04/08/2026		S		7,493(1)	D	$89.33(6)	1,293,112	I	By BVI entity
Class A ordinary shares	04/08/2026		S		500(1)	D	$91.59(7)	1,292,612	I	By BVI entity
Class A ordinary shares	04/08/2026		S		2,689(1)	D	$92.26(8)	1,289,923	I	By BVI entity
Class A ordinary shares	04/09/2026		S		14,536(1)	D	$85.31(9)	1,275,387	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 $85.15 to $86.145. 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 $86.15 to $87.14.

4. Represents the weighted average price of shares sold at prices that ranged from $87.15 to $88.145.

5. Represents the weighted average price of shares sold at prices that ranged from $88.15 to $88.59.

6. Represents the weighted average price of shares sold at prices that ranged from $89.20 to $89.55.

7. Represents the weighted average price of shares sold at prices that ranged from $91.58 to $91.65.

8. Represents the weighted average price of shares sold at prices that ranged from $92.26 to $92.48.

9. Represents the weighted average price of shares sold at prices that ranged from $85.00 to $85.50.

	/s/ Mark Tang, attorney-in-fact for David Y Ma	04/10/2026
	** 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)