Were Wang Yanjun’s Sea Ltd (SE) share sales made 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 Wang Yanjun. Such plans pre-schedule trades, indicating the timing was planned rather than a discretionary response to short-term market movements.

Planned insider sales at Sea (NYSE: SE) total 1,600 Class A shares

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd’s Chief Corporate Officer and General Counsel, Wang Yanjun, reported small insider sales executed through an affiliated BVI entity. The BVI entity sold a total of 1,600 Class A ordinary shares in open-market transactions on May 8 and May 11, 2026, at prices generally ranging from about $82 to $88 per share under a pre-arranged Rule 10b5-1 trading plan.

Following these trades, Wang reported direct ownership of 1,212,442 Class A ordinary shares and indirect ownership of 18,000 shares through the BVI entity. The filing characterizes the sales as routine, pre-planned transactions rather than discretionary market timing.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares ($136,425)

Net Sell 7 txns

Insider Wang Yanjun

Role CCO and GC

Sold 1,600 shs ($136K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	174	$82.51	$14K
Sale	Class A ordinary shares	198	$83.55	$17K
Sale	Class A ordinary shares	428	$84.33	$36K
Sale	Class A ordinary shares	171	$85.56	$15K
Sale	Class A ordinary shares	222	$86.71	$19K
Sale	Class A ordinary shares	407	$87.35	$36K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 18,626 shares (Indirect, By BVI entity); Class A ordinary shares — 1,212,442 shares (Direct, null)

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 $85.13 to $86.11. 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 $86.13 to $87.12. Represents the weighted average price of shares sold at prices that ranged from $87.13 to $87.74. Represents the weighted average price of shares sold at prices that ranged from $81.96 to $82.95. Represents the weighted average price of shares sold at prices that ranged from $82.98 to $83.95. Represents the weighted average price of shares sold at prices that ranged from $83.98 to $84.81.

Key Figures

Shares sold: 1,600 shares Example sale price: $87.35 per share Example sale price: $84.33 per share +4 more

7 metrics

Shares sold 1,600 shares Total Class A ordinary shares sold in open-market trades

Example sale price $87.35 per share One tranche sold on May 8, 2026

Example sale price $84.33 per share One tranche sold on May 11, 2026

Price range (footnote) $81.96–$87.74 Weighted-average price ranges for multiple sale tranches

Direct holdings after trades 1,212,442 shares Direct Class A ordinary shares held after transactions

Indirect holdings after trades 18,000 shares Class A ordinary shares held via BVI entity after transactions

Number of sale transactions 6 transactions Non-derivative open-market sales recorded in Form 4

Key Terms

Rule 10b5-1 trading plan, Class A ordinary shares, open-market sale, 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"

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.

BVI entity financial

"a BVI entity controlled by the Reporting Person"

weighted average price financial

"Represents the weighted average price of shares sold at prices that ranged from"

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.

Form 4 Insider Transactions: What Each Field Means →

05/12/2026 - 06:03 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)
05/08/2026

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	05/08/2026		S		171⁽¹⁾	D	$85.56⁽²⁾	19,429	I	By BVI entity
Class A ordinary shares	05/08/2026		S		222⁽¹⁾	D	$86.71⁽³⁾	19,207	I	By BVI entity
Class A ordinary shares	05/08/2026		S		407⁽¹⁾	D	$87.35⁽⁴⁾	18,800	I	By BVI entity
Class A ordinary shares	05/11/2026		S		174⁽¹⁾	D	$82.51⁽⁵⁾	18,626	I	By BVI entity
Class A ordinary shares	05/11/2026		S		198⁽¹⁾	D	$83.55⁽⁶⁾	18,428	I	By BVI entity
Class A ordinary shares	05/11/2026		S		428⁽¹⁾	D	$84.33⁽⁷⁾	18,000	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 $85.13 to $86.11. 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 $86.13 to $87.12.

4. Represents the weighted average price of shares sold at prices that ranged from $87.13 to $87.74.

5. Represents the weighted average price of shares sold at prices that ranged from $81.96 to $82.95.

6. Represents the weighted average price of shares sold at prices that ranged from $82.98 to $83.95.

7. Represents the weighted average price of shares sold at prices that ranged from $83.98 to $84.81.

	/s/ Emily Tan, attorney-in-fact for Yanjun Wang	05/12/2026
	** 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 transaction did Sea Ltd (SE) report for Wang Yanjun?

Sea Ltd reported that a BVI entity controlled by Chief Corporate Officer and General Counsel Wang Yanjun sold 1,600 Class A ordinary shares. The sales were executed in open-market trades across two days under a pre-arranged Rule 10b5-1 trading plan.

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

The BVI entity associated with Wang Yanjun sold 1,600 Class A ordinary shares of Sea Ltd. These open-market sales occurred in multiple tranches at weighted-average prices generally ranging from about $82 to $88 per share, as detailed by price ranges in the filing’s footnotes.

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

After the reported transactions, Wang Yanjun holds 1,212,442 Class A ordinary shares directly. He also has indirect ownership of 18,000 Class A ordinary shares through the BVI entity, according to the post-transaction holdings disclosed in the Form 4 filing.

What portion of Wang Yanjun’s Sea Ltd (SE) position was involved in these sales?

The reported sales totaled 1,600 Class A ordinary shares, compared with post-transaction direct holdings of 1,212,442 shares and 18,000 indirect shares. This indicates only a small fraction of his disclosed overall position was sold in these pre-planned open-market trades.

What role does the BVI entity play in Sea Ltd (SE) insider holdings?

The filing shows that certain Sea Ltd shares associated with Wang Yanjun are held indirectly through a BVI entity. This entity executed the 1,600-share Rule 10b5-1 sales and retained 18,000 Class A ordinary shares afterward, while Wang also reports a large separate direct shareholding.