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Sea Ltd (SE) Garena president’s BVI entity sells 4,000 shares in plan

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

Rhea-AI Filing Summary

Sea Ltd executive Zhao Feng, President of Garena, reported multiple sales of 4,000 Class A ordinary shares of Sea on August 11–12, 2026. The shares were sold indirectly by a BVI entity he controls under a Rule 10b5-1 trading plan adopted on December 26, 2025 at weighted-average prices around $127–$131 per share. He also reports 1,690,128 Class A shares held directly after these transactions.

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Insider Zhao Feng
Role President of Garena
Sold 4,000 shs ($514K)
Type Security Shares Price Value
Sale Class A ordinary shares F1, F3 248 $127.04 $32K
Sale Class A ordinary shares F1, F4 687 $127.80 $88K
Sale Class A ordinary shares F1, F5 331 $128.93 $43K
Sale Class A ordinary shares F1, F6 611 $129.68 $79K
Sale Class A ordinary shares F1, F7 118 $130.79 $15K
Sale Class A ordinary shares F1 5 $131.67 $658.35
Sale Class A ordinary shares F1, F2 2,000 $128.26 $257K
holding Class A ordinary shares -- -- --
Holdings After Transaction: Class A ordinary shares — 146,000 shares (Indirect, By BVI entity); Class A ordinary shares — 1,690,128 shares (Direct)
Footnotes (7)
  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 $127.99 to $128.34. 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. F3. Represents the weighted average price of shares sold at prices that ranged from $126.41 to $127.39.
  4. F4. Represents the weighted average price of shares sold at prices that ranged from $127.42 to $128.37.
  5. F5. Represents the weighted average price of shares sold at prices that ranged from $128.43 to $129.38.
  6. F6. Represents the weighted average price of shares sold at prices that ranged from $129.41 to $130.33.
  7. F7. Represents the weighted average price of shares sold at prices that ranged from $130.46 to $131.00.
Shares sold 4,000 Class A ordinary shares Total non-derivative shares sold on August 11–12, 2026
Sale price range $126.41–$131.67 per share Weighted-average sale prices and footnote ranges across reported trades
Direct holdings after transaction 1,690,128 Class A ordinary shares Direct ownership position as of August 11, 2026
Rule 10b5-1 plan adoption date December 26, 2025 Adoption date of trading plan used by controlled BVI entity
Largest single block sold 2,000 shares at $128.26 per share Sale on August 11, 2026 with weighted-average price and noted range
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.
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.
indirect ownership financial
"direct_or_indirect: I, nature_of_ownership: By BVI entity"
BVI entity regulatory
"adopted by a BVI entity controlled by the Reporting Person"

FAQ

What insider transaction did Sea Ltd (SE) report for Zhao Feng?
Sea Ltd reported that Zhao Feng, President of Garena, indirectly sold 4,000 Class A ordinary shares on August 11–12, 2026. The sales were executed by a BVI entity he controls and disclosed as part of his Form 4 filing.

At what prices were Zhao Feng’s Sea Ltd (SE) shares sold?
The 4,000 Class A shares were sold at weighted-average prices with individual trades reported around $127.04–$131.67 per share. Footnotes note price ranges from $126.41 to $131.00 for different trade blocks.

Were Zhao Feng’s Sea Ltd (SE) share sales under a Rule 10b5-1 plan?
Yes. The filing states the shares were sold under a Rule 10b5-1 trading plan adopted by a BVI entity controlled by Zhao Feng on December 26, 2025, indicating the transactions were pre-arranged rather than discretionary.

How many Sea Ltd (SE) shares does Zhao Feng hold after these transactions?
Following the reported transactions, Zhao Feng is shown as directly holding 1,690,128 Class A ordinary shares. The Form 4 also reports separate indirect holdings sold by a controlled BVI entity, reflecting different ownership types.

What ownership structure is used for Zhao Feng’s Sea Ltd (SE) share sales?
The reported sales involve indirect ownership, with shares held and sold “By BVI entity” controlled by Zhao Feng. A separate holding line shows his direct ownership of 1,690,128 Class A ordinary shares after the transactions.

How many separate sale transactions did Zhao Feng report for Sea Ltd (SE)?
The Form 4 lists seven separate sale transactions of Class A ordinary shares over August 11–12, 2026, totaling 4,000 shares. Each line reflects a specific share amount and weighted-average sale price for that trade range.

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Form 4 Insider Transactions: What Each Field Means →
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)
08/11/2026		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 shares08/11/2026S2,000(1)D$128.26(2)148,000IBy BVI entity
Class A ordinary shares08/12/2026S248(1)D$127.04(3)147,752IBy BVI entity
Class A ordinary shares08/12/2026S687(1)D$127.8(4)147,065IBy BVI entity
Class A ordinary shares08/12/2026S331(1)D$128.93(5)146,734IBy BVI entity
Class A ordinary shares08/12/2026S611(1)D$129.68(6)146,123IBy BVI entity
Class A ordinary shares08/12/2026S118(1)D$130.79(7)146,005IBy BVI entity
Class A ordinary shares08/12/2026S5(1)D$131.67146,000IBy 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 $127.99 to $128.34. 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 $126.41 to $127.39.
4. Represents the weighted average price of shares sold at prices that ranged from $127.42 to $128.37.
5. Represents the weighted average price of shares sold at prices that ranged from $128.43 to $129.38.
6. Represents the weighted average price of shares sold at prices that ranged from $129.41 to $130.33.
7. Represents the weighted average price of shares sold at prices that ranged from $130.46 to $131.00.
/s/ Emily Tan, attorney-in-fact for Feng Zhao08/13/2026
** 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