Were Ye Gang’s Sea Ltd (SE) share sales made under a Rule 10b5-1 plan?

Yes. The footnotes state the shares were sold under a Rule 10b5-1 trading plan adopted by a BVI entity controlled by Ye Gang on September 4, 2025. Such plans pre-schedule trades, making the timing more routine and less discretionary.

What are Ye Gang’s direct Sea Ltd (SE) share holdings according to this Form 4?

A separate direct ownership line in the filing lists 22,396,405 Class A ordinary shares as of April 28, 2026. This direct position is distinct from the BVI entity’s indirect holdings and indicates a much larger overall exposure than the shares sold.

[Form 4] Sea Ltd Insider Trading Activity

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd COO Ye Gang, through a BVI entity he controls, executed open-market sales totaling 20,000 Class A ordinary shares on April 28–29, 2026, at prices in the low-to-mid $80s, under a pre-arranged Rule 10b5-1 trading plan adopted on September 4, 2025.

Following these trades, the BVI entity’s indirect holding stood at 227,720 Class A shares, while a separate direct holding entry shows 22,396,405 Class A shares as of April 28, highlighting that the reported sales represent a small portion of the overall position.

Insights

COO’s 20,000-share sale is small, pre-planned, and looks routine.

Sea Ltd’s COO, Ye Gang, oversaw open-market sales of 20,000 Class A shares via a BVI entity on April 28–29, 2026. The trades occurred at prices in the low-to-mid $80s per share.

A key detail is that these sales were made under a Rule 10b5-1 trading plan adopted on September 4, 2025, meaning the timing was pre-scheduled. After the transactions, indirect holdings were 227,720 shares, alongside a separate direct holding of 22,396,405 shares, so the sale represents a very small fraction of the visible position.

With no derivative exercises and only modest net selling, this filing mainly updates ownership records rather than signaling a major strategic shift. Future company filings may further update these holdings as the trading plan continues to execute.

Insider Trade Summary 10b5-1

Net Seller: 20,000 shares ($1,688,210)

Net Sell 9 txns

Insider Ye Gang

Role COO

Sold 20,000 shs ($1.69M)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	2,280	$82.47	$188K
Sale	Class A ordinary shares	6,584	$83.30	$548K
Sale	Class A ordinary shares	442	$84.48	$37K
Sale	Class A ordinary shares	570	$85.47	$49K
Sale	Class A ordinary shares	124	$86.00	$11K
Sale	Class A ordinary shares	5,064	$85.03	$431K
Sale	Class A ordinary shares	4,436	$85.91	$381K
Sale	Class A ordinary shares	500	$86.64	$43K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 227,720 shares (Indirect, By BVI entity); Class A ordinary shares — 22,396,405 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 $84.46 to $85.45.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 $85.47 to $86.45. Represents the weighted average price of shares sold at prices that ranged from $86.47 to $86.70. Represents the weighted average price of shares sold at prices that ranged from $81.93 to $82.92. Represents the weighted average price of shares sold at prices that ranged from $82.95 to $83.928. Represents the weighted average price of shares sold at prices that ranged from $83.93 to $84.62. Represents the weighted average price of shares sold at prices that ranged from $85.03 to $85.89.

Key Figures

Shares sold: 20,000 shares Sale price range: $81.93–$86.70 per share Indirect holdings after sales: 227,720 shares +3 more

6 metrics

Shares sold 20,000 shares Net open-market sales on April 28–29, 2026

Sale price range $81.93–$86.70 per share Weighted-average price ranges from multiple sale tranches

Indirect holdings after sales 227,720 shares Class A ordinary shares held by BVI entity after trades

Direct holdings 22,396,405 shares Direct Class A ordinary shares as of April 28, 2026

Rule 10b5-1 plan adoption date September 4, 2025 Date BVI entity’s pre-arranged trading plan was adopted

Sale transactions count 8 transactions Number of open-market sale entries in the Form 4

Key Terms

Rule 10b5-1 trading plan, weighted average price, Class A ordinary shares, open-market sale, +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.

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.

BVI entity other

"a BVI entity controlled by the Reporting Person"

Form 4 Insider Transactions: What Each Field Means →

04/30/2026 - 06:01 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^*

Ye Gang

(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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	COO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

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	04/28/2026		S		5,064⁽¹⁾	D	$85.03⁽²⁾	234,936	I	By BVI entity
Class A ordinary shares	04/28/2026		S		4,436⁽¹⁾	D	$85.91⁽³⁾	230,500	I	By BVI entity
Class A ordinary shares	04/28/2026		S		500⁽¹⁾	D	$86.64⁽⁴⁾	230,000	I	By BVI entity
Class A ordinary shares	04/29/2026		S		2,280⁽¹⁾	D	$82.47⁽⁵⁾	227,720	I	By BVI entity
Class A ordinary shares	04/29/2026		S		6,584⁽¹⁾	D	$83.3⁽⁶⁾	221,136	I	By BVI entity
Class A ordinary shares	04/29/2026		S		442⁽¹⁾	D	$84.48⁽⁷⁾	220,694	I	By BVI entity
Class A ordinary shares	04/29/2026		S		570⁽¹⁾	D	$85.47⁽⁸⁾	220,124	I	By BVI entity
Class A ordinary shares	04/29/2026		S		124⁽¹⁾	D	$86	220,000	I	By BVI entity
Class A ordinary shares								22,396,405	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 $84.46 to $85.45.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 $85.47 to $86.45.

4. Represents the weighted average price of shares sold at prices that ranged from $86.47 to $86.70.

5. Represents the weighted average price of shares sold at prices that ranged from $81.93 to $82.92.

6. Represents the weighted average price of shares sold at prices that ranged from $82.95 to $83.928.

7. Represents the weighted average price of shares sold at prices that ranged from $83.93 to $84.62.

8. Represents the weighted average price of shares sold at prices that ranged from $85.03 to $85.89.

	/s/ Mark Tang, attorney-in-fact for Gang Ye	04/30/2026
	** 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 did Sea Ltd (SE) COO Ye Gang report in this Form 4?

He reported open-market sales of 20,000 Sea Ltd Class A ordinary shares through a BVI entity he controls. The trades occurred on April 28–29, 2026, and were executed under a pre-arranged Rule 10b5-1 trading plan adopted in September 2025.

How many Sea Ltd (SE) shares did the COO sell and at what prices?

The filing shows sales totaling 20,000 Class A ordinary shares. Individual trades were priced around the low-to-mid $80s per share, with weighted average prices tied to ranges such as $81.93–$82.92 and $86.47–$86.70, as detailed in the footnotes.

How many Sea Ltd (SE) shares does the BVI entity hold after these transactions?

After the reported sales, the BVI entity’s indirect holding is 227,720 Class A ordinary shares. This figure reflects the position following the April 28–29, 2026 trades and shows that the 20,000 shares sold are a relatively small part of that stake.

Does this Sea Ltd (SE) Form 4 involve any option exercises or derivatives?

No. The derivative summary shows no derivative transactions, and all reported trades involve non-derivative Class A ordinary shares. There are no option exercises, conversions, or other derivative events disclosed in this particular Form 4 filing.