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

Yes. A footnote states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by Wang on September 4, 2025. Such pre-planned programs are established in advance to systematically execute trades over time.

Sea Ltd (NYSE: SE) CCO’s BVI entity sells 1,600 shares under 10b5-1 plan

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd’s chief corporate officer and general counsel, Wang Yanjun, reported indirect open‑market sales of Class A ordinary shares through a BVI entity he controls. The BVI entity sold a total of 1,600 shares on two days at prices in the mid‑$80s under a pre‑arranged Rule 10b5‑1 trading plan adopted on September 4, 2025. Following these trades, Wang’s indirect holdings via the BVI entity were 23,600 shares, and a separate entry shows 1,222,842 Class A ordinary shares held directly.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares ($137,196)

Net Sell 7 txns

Insider Wang Yanjun

Role CCO and GC

Sold 1,600 shs ($137K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	150	$84.41	$13K
Sale	Class A ordinary shares	207	$85.27	$18K
Sale	Class A ordinary shares	380	$86.33	$33K
Sale	Class A ordinary shares	63	$87.03	$5K
Sale	Class A ordinary shares	482	$85.51	$41K
Sale	Class A ordinary shares	318	$86.10	$27K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 24,250 shares (Indirect, By BVI entity); Class A ordinary shares — 1,222,842 shares (Direct)

Footnotes (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. Represents the weighted average price of shares sold at prices that ranged from $84.78 to $85.77. 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 $85.78 to $86.73. Represents the weighted average price of shares sold at prices that ranged from $83.80 to $84.78. Represents the weighted average price of shares sold at prices that ranged from $84.85 to $85.79. Represents the weighted average price of shares sold at prices that ranged from $85.83 to $86.78. Represents the weighted average price of shares sold at prices that ranged from $86.80 to $87.33.

Key Figures

Shares sold: 1,600 shares Sample sale price: $84.41 per share Highest reported transaction price: $87.03 per share +4 more

7 metrics

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

Sample sale price $84.41 per share Open-market sale of 150 shares on April 13, 2026

Highest reported transaction price $87.03 per share Open-market sale of 63 shares on April 13, 2026

Indirect holdings after sales 23,600 shares Class A ordinary shares held via BVI entity following last sale

Direct holdings entry 1,222,842 shares Class A ordinary shares shown as directly held on April 10, 2026

Net buy/sell direction net-sell 1,600 shares Summary of non-derivative activity in this filing

Rule 10b5-1 plan adoption date September 4, 2025 Date BVI entity’s pre-planned trading program was adopted

Key Terms

Rule 10b5-1 trading plan, Class A ordinary shares, weighted average price, BVI entity, +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.

Class A ordinary shares financial

"security_title: "Class A ordinary shares" for each reported transaction"

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 $84.78 to $85.77"

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.

BVI entity financial

"The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by the Reporting Person"

open-market sale financial

"transaction_action: "open-market sale" for each S-coded transaction"

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.

Form 4 Insider Transactions: What Each Field Means →

04/14/2026 - 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^*

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)
04/10/2026

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	04/10/2026		S		482⁽¹⁾	D	$85.51⁽²⁾	24,718	I	By BVI entity
Class A ordinary shares	04/10/2026		S		318⁽¹⁾	D	$86.1⁽³⁾	24,400	I	By BVI entity
Class A ordinary shares	04/13/2026		S		150⁽¹⁾	D	$84.41⁽⁴⁾	24,250	I	By BVI entity
Class A ordinary shares	04/13/2026		S		207⁽¹⁾	D	$85.27⁽⁵⁾	24,043	I	By BVI entity
Class A ordinary shares	04/13/2026		S		380⁽¹⁾	D	$86.33⁽⁶⁾	23,663	I	By BVI entity
Class A ordinary shares	04/13/2026		S		63⁽¹⁾	D	$87.03⁽⁷⁾	23,600	I	By BVI entity
Class A ordinary shares								1,222,842	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 $84.78 to $85.77. 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 $85.78 to $86.73.

4. Represents the weighted average price of shares sold at prices that ranged from $83.80 to $84.78.

5. Represents the weighted average price of shares sold at prices that ranged from $84.85 to $85.79.

6. Represents the weighted average price of shares sold at prices that ranged from $85.83 to $86.78.

7. Represents the weighted average price of shares sold at prices that ranged from $86.80 to $87.33.

	/s/ Emily Tan, attorney-in-fact for Yanjun Wang	04/14/2026
	** 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

FAQ

What did Sea Ltd (SE) executive Wang Yanjun report in this Form 4?

Wang Yanjun reported indirect open-market sales of 1,600 Sea Ltd Class A ordinary shares through a BVI entity he controls. These transactions were executed under a Rule 10b5-1 trading plan and reflect routine portfolio activity rather than a new compensation grant or option exercise.

How many Sea Ltd (SE) shares did the BVI entity sell and at what prices?

The BVI entity associated with Wang Yanjun sold 1,600 Class A ordinary shares in multiple trades. Reported transaction prices ranged around the mid-$80s per share, with weighted average ranges disclosed between $83.80 and $87.33 across the different sale buckets.

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

After the reported sales, the BVI entity held 23,600 Class A ordinary shares indirectly for Wang. A separate holding line shows 1,222,842 Class A ordinary shares held directly, indicating a substantial remaining position alongside the smaller indirect stake.

What type of Sea Ltd (SE) security was involved in these insider transactions?

All reported transactions involved Sea Ltd Class A ordinary shares, treated as non-derivative securities in the filing. No option exercises, warrants, or other derivative security movements were disclosed, and the derivative position summary section shows no remaining derivative instruments.

What do the weighted average price footnotes mean in the Sea Ltd (SE) Form 4?

The footnotes explain that reported prices are weighted averages for multiple trades executed within specified price ranges, such as $84.78 to $85.77. The insider undertakes to provide full details of each individual trade price within those ranges upon request to regulators or shareholders.