Sea Ltd: Feng Zhao entity sells 40,000 shares

The sales were made under a Rule 10b5-1 trading plan adopted June 29, 2026, by a BVI entity controlled by Sea Ltd's President of Garena.

Rhea-AI Filing Summary

Sea Ltd (symbol: SE) is the issuer of record for a Form 4 filing submitted to the SEC. Sea Ltd reported that a BVI entity controlled by Feng Zhao, its President of Garena, sold 40,000 Class A ordinary shares on October 1, 2026, across three transactions. The weighted-average prices were $94.43, $95.20 and $96.04 per share; the sales were made under a Rule 10b5-1 trading plan adopted June 29, 2026. Feng Zhao also reported direct holdings of 1,690,128 Class A ordinary shares as of October 1, 2026.

Insider Trade Summary 10b5-1

Net Seller: 40,000 shares

Net Sell 4 txns

Insider Zhao Feng

Role President of Garena

Sold 40,000 shs ($3.80M)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares F1, F2	17,391	$94.43	$1.64M
Sale	Class A ordinary shares F1, F3	15,146	$95.20	$1.44M
Sale	Class A ordinary shares F1, F4	7,463	$96.04	$717K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 93,580 shares (Indirect, By BVI entity); Class A ordinary shares — 1,690,128 shares (Direct)

Footnotes (4)

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 June 29, 2026.
2. F2. Represents the weighted average price of shares sold at prices that ranged from $93.76 to $94.75. 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 $94.76 to $95.75.
4. F4. Represents the weighted average price of shares sold at prices that ranged from $95.76 to $96.58.

Key Figures

Shares sold: 40,000 shares First reported sale: 17,391 shares at a weighted-average price of $94.43 per share Second reported sale: 15,146 shares at a weighted-average price of $95.20 per share +2 more

5 metrics

Shares sold 40,000 shares Three transactions by a BVI entity controlled by Feng Zhao on October 1, 2026

First reported sale 17,391 shares at a weighted-average price of $94.43 per share October 1, 2026; sale prices ranged from $93.76 to $94.75

Second reported sale 15,146 shares at a weighted-average price of $95.20 per share October 1, 2026; sale prices ranged from $94.76 to $95.75

Third reported sale 7,463 shares at a weighted-average price of $96.04 per share October 1, 2026; sale prices ranged from $95.76 to $96.58

Direct Class A ordinary shares held 1,690,128 shares Reported as of October 1, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average price, BVI entity

3 terms

Rule 10b5-1 trading plan regulatory

"sold pursuant to a Rule 10b5-1 trading plan"

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"

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 technical

"adopted by a BVI entity controlled by the Reporting Person"

FAQ

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

How many SE shares did Feng Zhao's controlled entity sell?

A BVI entity controlled by Feng Zhao sold 40,000 Class A ordinary shares in three transactions on October 1, 2026, under a Rule 10b5-1 trading plan adopted June 29, 2026. Feng Zhao is identified as Sea Ltd's President of Garena.

What prices did the entity receive for the SE shares?

The reported weighted-average prices were $94.43 per share for 17,391 shares, $95.20 for 15,146 shares, and $96.04 for 7,463 shares. The respective price ranges were $93.76 to $94.75, $94.76 to $95.75, and $95.76 to $96.58, on October 1, 2026.

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

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Available on EDGAR 10/05/2026 - 06:29 AM Accepted by SEC EDGAR 10/05/2026 - 06:28 AM Learn about SEC filing dates

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).

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)

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)
	President of Garena

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2026

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)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares	10/01/2026		S		17,391(1)	D	$94.43(2)	116,189	I	By BVI entity
Class A ordinary shares	10/01/2026		S		15,146(1)	D	$95.2(3)	101,043	I	By BVI entity
Class A ordinary shares	10/01/2026		S		7,463(1)	D	$96.04(4)	93,580	I	By BVI entity
Class A ordinary shares								1,690,128	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount 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 June 29, 2026.

2. Represents the weighted average price of shares sold at prices that ranged from $93.76 to $94.75. 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 $94.76 to $95.75.

4. Represents the weighted average price of shares sold at prices that ranged from $95.76 to $96.58.

	/s/ Emily Tan, attorney-in-fact for Feng Zhao	10/05/2026
	** 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)