Were Wang Yanjun’s Sea Ltd (SE) share sales pre-planned under Rule 10b5-1?

Yes. A footnote explains the shares were sold under a Rule 10b5-1 trading plan adopted on September 4, 2025 by a BVI entity controlled by Wang. Such plans pre-schedule trades, making their timing more routine rather than discretionary.

Sea Ltd CCO sells 1,600 shares in planned trade

Sea Ltd chief compliance officer and general counsel Wang Yanjun, through a BVI entity he controls, reported open-market sales of 1,600 Class A ordinary shares on May 12–13, 2026.

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Rhea-AI Filing Summary

Sea Ltd chief compliance officer and general counsel Wang Yanjun, through a BVI entity he controls, reported open-market sales of 1,600 Class A ordinary shares on May 12–13, 2026. The trades were executed under a Rule 10b5-1 trading plan at weighted-average prices in ranges from about $91.44 to $99.10 per share, according to footnotes. After these transactions, the filing shows 1,212,442 Class A shares held directly and 16,400 shares held indirectly through the BVI entity.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares

Net Sell 14 txns

Insider Wang Yanjun

Role CCO and GC

Sold 1,600 shs ($152K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	425	$93.74	$40K
Sale	Class A ordinary shares	231	$94.99	$22K
Sale	Class A ordinary shares	87	$95.91	$8K
Sale	Class A ordinary shares	24	$96.87	$2K
Sale	Class A ordinary shares	15	$97.88	$1K
Sale	Class A ordinary shares	15	$98.83	$1K
Sale	Class A ordinary shares	3	$99.45	$298.35
Sale	Class A ordinary shares	9	$92.02	$828.18
Sale	Class A ordinary shares	18	$92.94	$2K
Sale	Class A ordinary shares	210	$94.04	$20K
Sale	Class A ordinary shares	159	$94.76	$15K
Sale	Class A ordinary shares	66	$95.99	$6K
Sale	Class A ordinary shares	338	$96.98	$33K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 16,400 shares (Indirect, By BVI entity); Class A ordinary shares — 1,212,442 shares (Direct)

Footnotes (13)

F1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by the Reporting Person on September 4, 2025.
F2. Represents the weighted average price of shares sold at prices that ranged from $91.44 to $92.43. 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.
F3. Represents the weighted average price of shares sold at prices that ranged from $92.67 to $93.39.
F4. Represents the weighted average price of shares sold at prices that ranged from $93.46 to $94.43.
F5. Represents the weighted average price of shares sold at prices that ranged from $94.44 to $95.42.
F6. Represents the weighted average price of shares sold at prices that ranged from $95.44 to $96.43.
F7. Represents the weighted average price of shares sold at prices that ranged from $96.50 to $97.12.
F8. Represents the weighted average price of shares sold at prices that ranged from $93.44 to $94.42.
F9. Represents the weighted average price of shares sold at prices that ranged from $94.44 to $95.43.
F10. Represents the weighted average price of shares sold at prices that ranged from $95.45 to $96.41.
F11. Represents the weighted average price of shares sold at prices that ranged from $96.58 to $97.37.
F12. Represents the weighted average price of shares sold at prices that ranged from $97.48 to $98.12.
F13. Represents the weighted average price of shares sold at prices that ranged from $98.48 to $99.10.

Key Figures

Shares sold: 1,600 shares Price range: $91.44–$99.10 per share Direct holdings after trade: 1,212,442 shares +3 more

6 metrics

Shares sold 1,600 shares Net open-market sales in this Form 4

Price range $91.44–$99.10 per share Weighted-average sale price ranges from footnotes

Direct holdings after trade 1,212,442 shares Class A ordinary shares held directly as of May 12, 2026

Indirect holdings after trade 16,400 shares Class A ordinary shares held indirectly via BVI entity after sales

Sell transactions 13 transactions Open-market sales reported across May 12–13, 2026

Net buy/sell direction net-sell of 1,600 shares Transaction summary classification

Key Terms

Rule 10b5-1 trading plan, weighted average price, Class A ordinary shares, open-market sale, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"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.

weighted average price financial

"Represents the weighted average price of shares sold at prices that ranged from $91.44 to $92.43."

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.

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

indirect ownership financial

"direct_or_indirect: I, nature_of_ownership: By BVI entity"

FAQ

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

What insider transaction did Sea Ltd (SE) report for Wang Yanjun?

Sea Ltd reported that CCO and GC Wang Yanjun, via a controlled BVI entity, sold 1,600 Class A ordinary shares. The Form 4 shows these as open-market sales spread across May 12–13, 2026, executed under a Rule 10b5-1 trading plan.

How many Sea Ltd (SE) shares did Wang Yanjun sell and at what prices?

The filing shows net sales of 1,600 Class A ordinary shares in multiple small trades. Footnotes state weighted-average sale prices within ranges from $91.44 to $99.10 per share, reflecting several price brackets across the two trading days.

How many Sea Ltd (SE) shares does Wang Yanjun hold after these transactions?

After the reported sales, the Form 4 shows 1,212,442 Class A ordinary shares held directly. It also lists 16,400 Class A ordinary shares held indirectly through a BVI entity, indicating Wang retains a substantial overall ownership position.

Are the Sea Ltd (SE) insider sales attributed directly to Wang Yanjun or an entity?

The sales are reported as indirect, with ownership noted as “By BVI entity.” A footnote clarifies that the BVI entity is controlled by Wang, so the trades are attributed to that entity while still being reported under his insider filing.

What does the net-sell direction mean in Wang Yanjun’s Sea Ltd (SE) Form 4?

The transaction summary shows a net-sell direction of 1,600 shares, meaning total reported sales exceeded any acquisitions by that amount. All coded transactions were open-market sales, with no option exercises, gifts, or tax-withholding entries disclosed.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/14/2026 - 06:02 AM EDT

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^*

Wang Yanjun

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/12/2026

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	05/12/2026		S		9⁽¹⁾	D	$92.02⁽²⁾	17,991	I	By BVI entity
Class A ordinary shares	05/12/2026		S		18⁽¹⁾	D	$92.94⁽³⁾	17,973	I	By BVI entity
Class A ordinary shares	05/12/2026		S		210⁽¹⁾	D	$94.04⁽⁴⁾	17,763	I	By BVI entity
Class A ordinary shares	05/12/2026		S		159⁽¹⁾	D	$94.76⁽⁵⁾	17,604	I	By BVI entity
Class A ordinary shares	05/12/2026		S		66⁽¹⁾	D	$95.99⁽⁶⁾	17,538	I	By BVI entity
Class A ordinary shares	05/12/2026		S		338⁽¹⁾	D	$96.98⁽⁷⁾	17,200	I	By BVI entity
Class A ordinary shares	05/13/2026		S		425⁽¹⁾	D	$93.74⁽⁸⁾	16,775	I	By BVI entity
Class A ordinary shares	05/13/2026		S		231⁽¹⁾	D	$94.99⁽⁹⁾	16,544	I	By BVI entity
Class A ordinary shares	05/13/2026		S		87⁽¹⁾	D	$95.91⁽¹⁰⁾	16,457	I	By BVI entity
Class A ordinary shares	05/13/2026		S		24⁽¹⁾	D	$96.87⁽¹¹⁾	16,433	I	By BVI entity
Class A ordinary shares	05/13/2026		S		15⁽¹⁾	D	$97.88⁽¹²⁾	16,418	I	By BVI entity
Class A ordinary shares	05/13/2026		S		15⁽¹⁾	D	$98.83⁽¹³⁾	16,403	I	By BVI entity
Class A ordinary shares	05/13/2026		S		3⁽¹⁾	D	$99.45	16,400	I	By BVI entity
Class A ordinary shares								1,212,442	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 the Reporting Person on September 4, 2025.

2. Represents the weighted average price of shares sold at prices that ranged from $91.44 to $92.43. 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 $92.67 to $93.39.

4. Represents the weighted average price of shares sold at prices that ranged from $93.46 to $94.43.

5. Represents the weighted average price of shares sold at prices that ranged from $94.44 to $95.42.

6. Represents the weighted average price of shares sold at prices that ranged from $95.44 to $96.43.

7. Represents the weighted average price of shares sold at prices that ranged from $96.50 to $97.12.

8. Represents the weighted average price of shares sold at prices that ranged from $93.44 to $94.42.

9. Represents the weighted average price of shares sold at prices that ranged from $94.44 to $95.43.

10. Represents the weighted average price of shares sold at prices that ranged from $95.45 to $96.41.

11. Represents the weighted average price of shares sold at prices that ranged from $96.58 to $97.37.

12. Represents the weighted average price of shares sold at prices that ranged from $97.48 to $98.12.

13. Represents the weighted average price of shares sold at prices that ranged from $98.48 to $99.10.

	/s/ Emily Tan, attorney-in-fact for Yanjun Wang	05/14/2026
	** 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