Sea CEO exercises options for 1.47M shares

Sea Ltd Chairman and CEO Li Xiaodong exercised share options to acquire 1,470,000 Class A ordinary shares at $15.00 per share.

Rhea-AI Filing Summary

Sea Ltd Chairman and CEO Li Xiaodong exercised share options to acquire 1,470,000 Class A ordinary shares at $15.00 per share. These options were granted on April 30, 2019 and are fully exercisable.

Following the exercise, his direct holdings in Class A ordinary shares increased to 1,472,103 shares. He also reports 893,593 shares held indirectly through a BVI entity, reflecting both personal and entity-associated ownership positions disclosed in this filing.

Insider Trade Summary

1,470,000 shares exercised/converted

Exercise 3 txns

Insider Li Xiaodong

Role Chairman and CEO

Type	Security	Shares	Price	Value
In-the-Money Exercise	Share options (right to buy)	1,470,000	$0.00	$0.00
In-the-Money Exercise	Class A ordinary shares	1,470,000	$15.00	$22.05M
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Share options (right to buy) — 4,000,000 contracts (Direct); Class A ordinary shares — 1,472,103 shares (Direct); Class A ordinary shares — 893,593 shares (Indirect, By BVI entity)

Footnotes (1)

1. F1. The share options were granted on April 30, 2019 and are fully exercisable.

FAQ

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

What did Sea Ltd (SE) CEO Li Xiaodong report in this Form 4?

Li Xiaodong reported exercising options to acquire 1,470,000 Class A ordinary shares at $15.00 per share. The filing updates his direct and indirect ownership positions in Sea Ltd’s equity.

How many Sea Ltd shares does Li Xiaodong now hold directly?

After the reported option exercise, Li Xiaodong holds 1,472,103 Class A ordinary shares directly. This figure reflects his updated direct ownership position following the conversion of previously granted share options.

What derivative transaction did Sea Ltd’s CEO execute in this filing?

He executed an in-the-money derivative exercise, converting share options into 1,470,000 Class A ordinary shares at an exercise price of $15.00 per share, as disclosed by the transaction code X.

Does Li Xiaodong have any indirect ownership in Sea Ltd shares?

Yes. The filing shows 893,593 Class A ordinary shares held indirectly through a BVI entity. This supplements his direct holdings and reflects shares associated with an affiliated offshore entity.

Are there remaining Sea Ltd options after this reported exercise?

The filing’s derivative section shows an option exercise of 1,470,000 shares and an empty remaining derivative summary. This indicates no additional option positions are visible in this particular report.

When were the exercised Sea Ltd options originally granted to Li Xiaodong?

A footnote states the share options were granted on April 30, 2019 and are fully exercisable. The March 25, 2026 transaction reflects the timing chosen for exercising those already vested options.

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

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Accepted by SEC EDGAR 03/27/2026 - 06:09 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).

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^*

Li Xiaodong

(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
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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	03/25/2026		X		1,470,000	A	$15	1,472,103	D
Class A ordinary shares								893,593	I	By BVI entity

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
Share options (right to buy)	$15	03/25/2026		X			1,470,000	(1)	04/30/2029	Class A ordinary shares	1,470,000	$0	4,000,000	D

Explanation of Responses:

1. The share options were granted on April 30, 2019 and are fully exercisable.

Remarks:

This Report includes only the securities that the Reporting Person may be deemed to beneficially own in accordance with Rule 16a-1. This report does not include Class A ordinary shares over which the Reporting Person has no pecuniary interest but has voting power due to irrevocable voting proxies from the respective owners of such shares (including certain directors and employees of the Issuer, certain affiliates of employees of the Issuer, and Garena ESOP Program (PTC) Limited).

	/s/ Mark Tang, attorney-in-fact for Xiaodong Li	03/27/2026
	** 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)