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  4. [Form 4] Sea Ltd Insider Trading Activity

Sea insider Zhao Feng sells 2,000 shares at $120

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Sea Ltd (SE) reported that Zhao Feng, President of Garena, had a small indirect sale of Class A ordinary shares. On 2026-08-28, a BVI entity controlled by him sold 2,000 shares at a weighted average price of about $120.07 per share under a Rule 10b5-1 trading plan adopted on December 26, 2025. After this sale, the BVI entity held 133,580 shares indirectly, while Zhao Feng also reported a separate direct holding of 1,690,128 Class A ordinary shares.

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Insights

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Insider Zhao Feng
Role President of Garena
Sold 2,000 shs ($240K)
Type Security Shares Price Value
Sale Class A ordinary shares F1, F2 2,000 $120.07 $240K
holding Class A ordinary shares -- -- --
Holdings After Transaction: Class A ordinary shares — 133,580 shares (Indirect, By BVI entity); Class A ordinary shares — 1,690,128 shares (Direct)
Footnotes (2)
  1. F1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by the Reporting Person on December 26, 2025.
  2. F2. Represents the weighted average price of shares sold at prices that ranged from $120.00 to $120.16. 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.
Shares sold 2,000 Class A ordinary shares Indirect sale by BVI entity controlled by Zhao Feng on 2026-08-28
Weighted average sale price $120.07 per share Sales executed in a price range from $120.00 to $120.16
Indirect shares following transaction 133,580 Class A ordinary shares Held by BVI entity controlled by Zhao Feng after the sale
Direct shares reported 1,690,128 Class A ordinary shares Direct holding line total shares following transaction date
Net shares sold 2,000 shares Net sell shares from transaction summary for this Form 4
Rule 10b5-1 plan adoption date December 26, 2025 Adoption date of trading plan used for the reported sale
Rule 10b5-1 trading plan regulatory
"The shares were sold pursuant to a Rule 10b5-1 trading plan adopted..."
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..."
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.
indirect ownership financial
"Indirect ownership is shown as "I" with nature of ownership "By BVI entity""
Class A ordinary shares financial
"security_title: Class A ordinary shares in the transaction detail"
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 or private transaction financial
"transaction_code_description: Sale in open market or private transaction"

FAQ

What insider transaction did Zhao Feng report in Sea Ltd (SE) on this Form 4?
Zhao Feng reported that a BVI entity he controls sold 2,000 Class A ordinary shares of Sea Ltd on 2026-08-28. The sale was reported as an indirect disposition of shares held by that entity.

At what price were the Sea Ltd (SE) shares sold in Zhao Feng’s Form 4?
The 2,000 Sea Ltd Class A ordinary shares were sold at a weighted average price of $120.07 per share, with individual sale prices ranging from $120.00 to $120.16, as disclosed in the footnote.

Was Zhao Feng’s sale of Sea Ltd (SE) shares under a Rule 10b5-1 plan?
Yes. The filing states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by Zhao Feng on December 26, 2025, and the Form 4’s 10b5-1 checkbox is affirmed.

How many Sea Ltd (SE) shares does the BVI entity controlled by Zhao Feng hold after the sale?
After the reported sale, the BVI entity controlled by Zhao Feng held 133,580 Class A ordinary shares of Sea Ltd indirectly, as shown in the post-transaction holdings column for the indirect ownership entry.

What are Zhao Feng’s reported direct holdings of Sea Ltd (SE) after this Form 4 transaction?
Zhao Feng reported direct ownership of 1,690,128 Class A ordinary shares of Sea Ltd, shown in a separate direct holding line with that amount as the total shares following the reported date.

How many Sea Ltd (SE) shares in total were sold in this Form 4 transaction by Zhao Feng’s controlled entity?
The Form 4 discloses a single sale totaling 2,000 Class A ordinary shares by a BVI entity controlled by Zhao Feng. The transaction summary also reports 2,000 shares as net sell shares.

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SEC Form 4
FORM 4UNITED 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*
Zhao Feng
(Last)(First)(Middle)
C/O 1 FUSIONOPOLIS PLACE,
#17-10, GALAXIS
(Street)
SINGAPORE138522
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
President of Garena
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/28/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Class A ordinary shares08/28/2026S2,000(1)D$120.07(2)133,580IBy BVI entity
Class A ordinary shares1,690,128D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 the Reporting Person on December 26, 2025.
2. Represents the weighted average price of shares sold at prices that ranged from $120.00 to $120.16. 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.
/s/ Emily Tan, attorney-in-fact for Feng Zhao08/31/2026
** Signature of Reporting PersonDate
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