Is the 1,600-share Sea Ltd (SE) sale a major change in insider ownership?

The reported 1,600-share sale is relatively small compared with the insider’s disclosed holdings. After the trades, indirect ownership via the BVI entity was 19,600 shares and separate direct holdings totaled 1,212,442 shares, so the transactions represent only a minor portion of the overall stake.

Sea (NYSE: SE) CCO entity sells 1,600 pre-planned shares under Rule 10b5-1

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd chief corporate officer and general counsel Wang Yanjun reported that a BVI entity associated with him sold a total of 1,600 Class A ordinary shares of Sea Ltd (SE) in open-market transactions on May 6–7, 2026. Sale prices ranged from about $86.78 to $91.44, with trades reported at weighted average prices within narrower bands. The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted by the BVI entity on September 4, 2025. After these transactions, indirect holdings through the BVI entity were 19,600 shares, and a separate direct position totaled 1,212,442 shares as of May 6, 2026.

Insights

Small, pre-planned insider sales with large stake retained.

The BVI entity associated with Sea Ltd’s CCO and GC, Wang Yanjun, sold 1,600 Class A ordinary shares over two days at prices around $87–$91. The filing notes these trades occurred under a pre-arranged Rule 10b5-1 trading plan.

Rule 10b5-1 plans are set up in advance and automate trading, so their timing typically carries less informational weight than discretionary trades. After the sales, the insider still has indirect ownership of 19,600 shares via the BVI entity and a separate direct holding of 1,212,442 shares as of May 6, 2026, suggesting these transactions represent a small portion of the overall position.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares ($142,581)

Net Sell 8 txns

Insider Wang Yanjun

Role CCO and GC

Sold 1,600 shs ($143K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	485	$89.43	$43K
Sale	Class A ordinary shares	276	$90.36	$25K
Sale	Class A ordinary shares	39	$91.44	$4K
Sale	Class A ordinary shares	130	$86.78	$11K
Sale	Class A ordinary shares	118	$87.86	$10K
Sale	Class A ordinary shares	427	$88.66	$38K
Sale	Class A ordinary shares	125	$89.56	$11K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 19,915 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 $86.20 to $87.19. 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 $87.20 to $88.19. Represents the weighted average price of shares sold at prices that ranged from $88.22 to $89.19. Represents the weighted average price of shares sold at prices that ranged from $89.21 to $89.86. Represents the weighted average price of shares sold at prices that ranged from $89.04 to $90.035. Represents the weighted average price of shares sold at prices that ranged from $90.04 to $90.90. Represents the weighted average price of shares sold at prices that ranged from $91.12 to $91.75.

Key Figures

Shares sold: 1,600 shares Highest reported sale price: $91.44/share Lowest reported sale price: $86.78/share +4 more

7 metrics

Shares sold 1,600 shares Total Class A ordinary shares sold May 6–7, 2026

Highest reported sale price $91.44/share Open-market sale on May 7, 2026

Lowest reported sale price $86.78/share Open-market sale on May 6, 2026

Indirect holdings after sales 19,600 shares Class A shares held via BVI entity after May 7, 2026

Direct holdings 1,212,442 shares Class A ordinary shares held directly as of May 6, 2026

Rule 10b5-1 plan adoption date September 4, 2025 Date BVI entity adopted trading plan

Net buy/sell direction net-sell of 1,600 shares Aggregate over reported transactions in this Form 4

Key Terms

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

weighted average price financial

"Represents the weighted average price of shares sold at prices that ranged from $86.20 to $87.19"

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

"direct_or_indirect: I, nature_of_ownership: By BVI entity"

BVI entity other

"a BVI entity controlled by the Reporting Person"

Form 4 Insider Transactions: What Each Field Means →

05/08/2026 - 06:02 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)
05/06/2026

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	05/06/2026		S		130⁽¹⁾	D	$86.78⁽²⁾	21,070	I	By BVI entity
Class A ordinary shares	05/06/2026		S		118⁽¹⁾	D	$87.86⁽³⁾	20,952	I	By BVI entity
Class A ordinary shares	05/06/2026		S		427⁽¹⁾	D	$88.66⁽⁴⁾	20,525	I	By BVI entity
Class A ordinary shares	05/06/2026		S		125⁽¹⁾	D	$89.56⁽⁵⁾	20,400	I	By BVI entity
Class A ordinary shares	05/07/2026		S		485⁽¹⁾	D	$89.43⁽⁶⁾	19,915	I	By BVI entity
Class A ordinary shares	05/07/2026		S		276⁽¹⁾	D	$90.36⁽⁷⁾	19,639	I	By BVI entity
Class A ordinary shares	05/07/2026		S		39⁽¹⁾	D	$91.44⁽⁸⁾	19,600	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 $86.20 to $87.19. 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 $87.20 to $88.19.

4. Represents the weighted average price of shares sold at prices that ranged from $88.22 to $89.19.

5. Represents the weighted average price of shares sold at prices that ranged from $89.21 to $89.86.

6. Represents the weighted average price of shares sold at prices that ranged from $89.04 to $90.035.

7. Represents the weighted average price of shares sold at prices that ranged from $90.04 to $90.90.

8. Represents the weighted average price of shares sold at prices that ranged from $91.12 to $91.75.

	/s/ Emily Tan, attorney-in-fact for Yanjun Wang	05/08/2026
	** 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 associated with CCO and GC Wang Yanjun sold 1,600 Class A ordinary shares in open-market trades on May 6–7, 2026, at prices around $86.78 to $91.44 under a pre-arranged Rule 10b5-1 trading plan.

How many Sea Ltd (SE) shares were sold and at what prices?

The associated BVI entity sold 1,600 Class A ordinary shares of Sea Ltd in multiple open-market transactions. Reported per-trade prices included $86.78, $87.86, $88.66, $89.43, $89.56, $90.36 and $91.44, with footnotes showing weighted average prices over defined intraday ranges.

Were the recent Sea Ltd (SE) insider 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 the reporting person on September 4, 2025. Such plans automate trades, so the exact sale timing is typically less indicative of insider sentiment.

How many Sea Ltd (SE) shares does the insider still hold after these sales?

Following the reported transactions, the BVI entity associated with the insider held 19,600 Class A ordinary shares indirectly. Separately, the filing shows a direct holding of 1,212,442 Class A ordinary shares as of May 6, 2026, indicating a substantial remaining ownership position.

What role does Wang Yanjun hold at Sea Ltd (SE) in this Form 4?

In this Form 4, the reporting person Wang Yanjun is identified as an officer of Sea Ltd, serving as chief corporate officer and general counsel. The transactions involve shares held indirectly through a BVI entity controlled by him rather than directly owned personal holdings.