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  4. [Form 4] Sea Ltd Insider Trading Activity

Family-controlled entity of Sea (NYSE: SE) sells 272,390 Class A shares

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

Rhea-AI Filing Summary

Sea Ltd director David Y. Ma reported indirect open-market sales of Sea Class A ordinary shares by a BVI entity controlled by an immediate family member sharing his household. The entity sold a total of 272,390 shares on April 20–21, 2026 at prices around the high-$80s per share under a pre-arranged Rule 10b5-1 trading plan.

After the reported sales, one indirect position shown holds 199,775 Class A ordinary shares, while a separate direct position shows 10,000 shares held. All reported transactions involve non-derivative shares, and no option exercises or derivative conversions appear in this filing.

Positive

  • None.

Negative

  • None.
Insider Ma David Y
Role null
Sold 272,390 shs ($24.22M)
Type Security Shares Price Value
Sale Class A ordinary shares 28,348 $87.16 $2.47M
Sale Class A ordinary shares 49,672 $88.09 $4.38M
Sale Class A ordinary shares 24,560 $89.13 $2.19M
Sale Class A ordinary shares 1,411 $89.74 $127K
Sale Class A ordinary shares 128,226 $89.28 $11.45M
Sale Class A ordinary shares 40,173 $89.93 $3.61M
holding Class A ordinary shares -- -- --
Holdings After Transaction: Class A ordinary shares — 275,418 shares (Indirect, By BVI entity); Class A ordinary shares — 10,000 shares (Direct, null)
Footnotes (1)
  1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by a BVI entity controlled by an immediate family member sharing the same household as the Reporting Person on December 12, 2025. Represents the weighted average price of shares sold at prices that ranged from $88.61 to $89.60. 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 $89.61 to $90.51. Represents the weighted average price of shares sold at prices that ranged from $86.67 to $87.66. Represents the weighted average price of shares sold at prices that ranged from $87.67 to $88.66. Represents the weighted average price of shares sold at prices that ranged from $88.67 to $89.66. Represents the weighted average price of shares sold at prices that ranged from $89.68 to $89.83.
Total shares sold 272,390 shares Net open-market sales on April 20–21, 2026
Sale price example $89.93 per share Weighted average sale price for 40,173 shares on April 20, 2026
Sale price example $88.09 per share Weighted average sale price for 49,672 shares on April 21, 2026
Indirect holdings after sales 199,775 shares Class A ordinary shares held indirectly through BVI entity after reported transactions
Direct holdings snapshot 10,000 shares Class A ordinary shares held directly as of April 20, 2026 entry
Number of sale transactions 6 sales Non-derivative open-market sale entries across April 20–21, 2026
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.
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.
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.
indirect ownership financial
"ownership_type: indirect, nature_of_ownership: By BVI entity"
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*
Ma David Y
(Last)(First)(Middle)
C/O 1 FUSIONOPOLIS PLACE,
#17-10, GALAXIS
(Street)
SINGAPORESINGAPORE138522
(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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/20/2026		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 shares04/20/2026S128,226(1)D$89.28(2)343,939IBy BVI entity
Class A ordinary shares04/20/2026S40,173(1)D$89.93(3)303,766IBy BVI entity
Class A ordinary shares04/21/2026S28,348(1)D$87.16(4)275,418IBy BVI entity
Class A ordinary shares04/21/2026S49,672(1)D$88.09(5)225,746IBy BVI entity
Class A ordinary shares04/21/2026S24,560(1)D$89.13(6)201,186IBy BVI entity
Class A ordinary shares04/21/2026S1,411(1)D$89.74(7)199,775IBy BVI entity
Class A ordinary shares10,000D
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 an immediate family member sharing the same household as the Reporting Person on December 12, 2025.
2. Represents the weighted average price of shares sold at prices that ranged from $88.61 to $89.60. 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 $89.61 to $90.51.
4. Represents the weighted average price of shares sold at prices that ranged from $86.67 to $87.66.
5. Represents the weighted average price of shares sold at prices that ranged from $87.67 to $88.66.
6. Represents the weighted average price of shares sold at prices that ranged from $88.67 to $89.66.
7. Represents the weighted average price of shares sold at prices that ranged from $89.68 to $89.83.
/s/ Mark Tang, attorney-in-fact for David Y Ma04/22/2026
** 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

FAQ

What insider transactions did Sea (SE) report for David Y. Ma?

Sea reported that a BVI entity associated with director David Y. Ma sold 272,390 Class A ordinary shares. The sales occurred over two days in open-market transactions, reflecting indirect ownership rather than trades executed directly in Ma’s personal account.

Over what dates were the Sea (SE) shares sold and at what prices?

The reported sales took place on April 20 and April 21, 2026. Individual trades were executed at prices in the high-$80s per share, with weighted average prices disclosed between about $86.67 and $90.51 across the different sale tranches.

How many Sea (SE) shares does the reporting structure hold after these sales?

Following the reported transactions, one indirect holding through the BVI entity shows 199,775 Class A ordinary shares. A separate entry indicates 10,000 Class A ordinary shares held directly, providing a snapshot of positions visible in this specific disclosure.

Were the Sea (SE) insider sales made under a Rule 10b5-1 trading plan?

Yes. The filing states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the BVI entity on December 12, 2025. Such plans pre-schedule trades, indicating the timing was established in advance rather than chosen opportunistically.

Were any derivatives or stock options involved in this Sea (SE) Form 4?

No. All reported transactions involve non-derivative Class A ordinary shares, coded as open-market sales. The derivative summary is empty, indicating no stock options, warrants, or other derivative securities were exercised or converted in these transactions.