Who executed the Sea Ltd (SE) share sales reported for David Y. Ma?

The sales were executed by a BVI entity described as controlled by an immediate family member sharing Ma’s household. Ma reports the holdings as indirect ownership , with the filing specifying the nature of ownership as “By BVI entity.”

Director-linked BVI entity for Sea Ltd (NYSE: SE) sells 259,166 shares under 10b5-1 plan

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

The Form 4 includes a holding entry showing 10,000 Class A ordinary shares held under direct ownership for David Y. Ma as of April 16, 2026 , separate from the larger indirect holdings through the BVI entity.

Q: How many Sea Ltd (SE) shares were sold in total in this Form 4 filing?

Across all reported open-market sales on April 16–17, 2026 , the transaction summary shows a total of 259,166 Class A ordinary shares sold by the associated BVI entity, resulting in a net-sell direction for Ma’s indirectly held position.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd director David Y. Ma reported a series of open-market sales of Class A ordinary shares executed by a BVI entity associated with him. Over April 16–17, 2026, that entity sold a combined 259,166 shares at prices around $90–$93 per share.

The filing notes these sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted by the BVI entity on December 12, 2025, meaning the trades were scheduled in advance. Ma also reports 10,000 Class A shares held directly in his own name following the reported activity.

Insider Trade Summary 10b5-1

Net Seller: 259,166 shares ($23,712,213)

Net Sell 9 txns

Insider Ma David Y

Role null

Sold 259,166 shs ($23.71M)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	8,020	$90.57	$726K
Sale	Class A ordinary shares	40,080	$91.47	$3.67M
Sale	Class A ordinary shares	76,252	$92.34	$7.04M
Sale	Class A ordinary shares	20,720	$93.04	$1.93M
Sale	Class A ordinary shares	83,101	$90.40	$7.51M
Sale	Class A ordinary shares	23,651	$91.33	$2.16M
Sale	Class A ordinary shares	6,299	$92.30	$581K
Sale	Class A ordinary shares	1,043	$93.05	$97K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 609,217 shares (Indirect, By BVI entity); Class A ordinary shares — 10,000 shares (Direct, null)

Footnotes (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. Represents the weighted average price of shares sold at prices that ranged from $89.90 to $90.89. 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 $90.90 to $91.88. Represents the weighted average price of shares sold at prices that ranged from $91.90 to $92.84. Represents the weighted average price of shares sold at prices that ranged from $92.94 to $93.24. Represents the weighted average price of shares sold at prices that ranged from $89.83 to $90.80. Represents the weighted average price of shares sold at prices that ranged from $90.83 to $91.825 Represents the weighted average price of shares sold at prices that ranged from $91.83 to $92.82. Represents the weighted average price of shares sold at prices that ranged from $92.83 to $93.37.

Key Figures

Shares sold: 259,166 shares Sale price (block 1): $93.04/share Sale price (block 2): $92.34/share +4 more

7 metrics

Shares sold 259,166 shares Total Class A ordinary shares sold April 16–17, 2026

Sale price (block 1) $93.04/share Open-market sale price for 20,720 shares on April 17, 2026

Sale price (block 2) $92.34/share Open-market sale price for 76,252 shares on April 17, 2026

Sale price (block 3) $91.47/share Open-market sale price for 40,080 shares on April 17, 2026

Sale price (block 4) $90.57/share Open-market sale price for 8,020 shares on April 17, 2026

Direct holdings 10,000 shares Class A ordinary shares held directly as of April 16, 2026

Net buy/sell direction net-sell Transaction summary classification for reported period

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"

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 $89.90 to $90.89."

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"

indirect ownership financial

"direct_or_indirect: I, nature_of_ownership: By BVI entity"

Form 4 Insider Transactions: What Each Field Means →

04/20/2026 - 06:04 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^*

Ma David Y

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026

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	04/16/2026		S		83,101⁽¹⁾	D	$90.4⁽²⁾	648,230	I	By BVI entity
Class A ordinary shares	04/16/2026		S		23,651⁽¹⁾	D	$91.33⁽³⁾	624,579	I	By BVI entity
Class A ordinary shares	04/16/2026		S		6,299⁽¹⁾	D	$92.3⁽⁴⁾	618,280	I	By BVI entity
Class A ordinary shares	04/16/2026		S		1,043⁽¹⁾	D	$93.05⁽⁵⁾	617,237	I	By BVI entity
Class A ordinary shares	04/17/2026		S		8,020⁽¹⁾	D	$90.57⁽⁶⁾	609,217	I	By BVI entity
Class A ordinary shares	04/17/2026		S		40,080⁽¹⁾	D	$91.47⁽⁷⁾	569,137	I	By BVI entity
Class A ordinary shares	04/17/2026		S		76,252⁽¹⁾	D	$92.34⁽⁸⁾	492,885	I	By BVI entity
Class A ordinary shares	04/17/2026		S		20,720⁽¹⁾	D	$93.04⁽⁹⁾	472,165	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)
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 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 $89.90 to $90.89. 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 $90.90 to $91.88.

4. Represents the weighted average price of shares sold at prices that ranged from $91.90 to $92.84.

5. Represents the weighted average price of shares sold at prices that ranged from $92.94 to $93.24.

6. Represents the weighted average price of shares sold at prices that ranged from $89.83 to $90.80.

7. Represents the weighted average price of shares sold at prices that ranged from $90.83 to $91.825

8. Represents the weighted average price of shares sold at prices that ranged from $91.83 to $92.82.

9. Represents the weighted average price of shares sold at prices that ranged from $92.83 to $93.37.

	/s/ Mark Tang, attorney-in-fact for David Y Ma	04/20/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Sea Ltd (SE) disclose in this Form 4?

Sea Ltd disclosed that a BVI entity associated with director David Y. Ma sold 259,166 Class A ordinary shares in open-market transactions on April 16–17, 2026, at prices generally in the $90–$93 per share range.

At what prices were the Sea Ltd (SE) shares sold in the reported trades?

The reported open-market sales of Sea Ltd Class A shares occurred at weighted average prices including $93.04, $92.34, $91.47 and $90.57 per share, with detailed footnotes indicating price ranges from about $89.83 to $93.37 across the transactions.

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

Yes. The filing states the shares were sold under a pre-arranged Rule 10b5-1 trading plan adopted by the BVI entity on December 12, 2025. Such plans schedule trades in advance, which can make the timing less discretionary.

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

The Form 4 includes a holding entry showing 10,000 Class A ordinary shares held under direct ownership for David Y. Ma as of April 16, 2026, separate from the larger indirect holdings through the BVI entity.

How many Sea Ltd (SE) shares were sold in total in this Form 4 filing?

Across all reported open-market sales on April 16–17, 2026, the transaction summary shows a total of 259,166 Class A ordinary shares sold by the associated BVI entity, resulting in a net-sell direction for Ma’s indirectly held position.