Sea Ltd: Feng Zhao's entity sells 30,000 shares

The BVI entity's trading plan was adopted on June 29, 2026, and the reported sale price averaged $80.22 per share.

Available on EDGAR 11/06/2026 - 06:05 AM EST Accepted by SEC EDGAR 11/06/2026 - 06:00 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Sea Ltd (SE) President of Garena Feng Zhao reported that a BVI entity he controls sold 30,000 Class A ordinary shares on November 4, 2026, at a weighted average price of $80.22 per share; sale prices ranged from $80.00 to $80.40. The entity’s indirect holdings following the sale were 63,580 shares. Zhao also reported direct holdings of 1,690,128 shares. The sale was made under a Rule 10b5-1 trading plan adopted by the entity on June 29, 2026.

Insider Trade Summary 10b5-1

Net Seller: 30,000 shares

Net Sell 1 txn

Insider Zhao Feng

Role President of Garena

Sold 30,000 shs ($2.41M)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares F1, F2	30,000	$80.22	$2.41M
Holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 63,580 shares (Indirect, By BVI entity); Class A ordinary shares — 1,690,128 shares (Direct)

Footnotes (2)

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 $80.00 to $80.40. 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.

Key Figures

Shares sold: 30,000 Class A ordinary shares Weighted average sale price: $80.22 per share Sale price range: $80.00 to $80.40 per share +2 more

5 metrics

Shares sold 30,000 Class A ordinary shares November 4, 2026

Weighted average sale price $80.22 per share November 4, 2026

Sale price range $80.00 to $80.40 per share Prices for the shares sold

Indirect shares following transaction 63,580 shares BVI entity controlled by Feng Zhao

Direct shares held 1,690,128 shares Feng Zhao

Key Terms

Rule 10b5-1 trading plan, weighted average price, Class A ordinary shares

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.

Class A ordinary shares technical

"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.

FAQ

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

How many SE shares did the BVI entity sell, and at what price?

A BVI entity controlled by Feng Zhao sold 30,000 Class A ordinary shares on November 4, 2026, at a weighted average of $80.22 per share. The reported sale prices ranged from $80.00 to $80.40.

Was the SE share sale made under a Rule 10b5-1 plan?

Yes. The shares were sold under a Rule 10b5-1 trading plan adopted by the BVI entity controlled by Feng Zhao on June 29, 2026.

What SE share holdings were reported after the sale?

The BVI entity's indirect holdings following the sale were 63,580 shares; Feng Zhao reported 1,690,128 shares held directly.

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

Form 4 Insider Transactions: What Each Field Means →

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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)
11/04/2026

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	11/04/2026		S		30,000(1)	D	$80.22(2)	63,580	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 $80.00 to $80.40. 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.

	/s/ Emily Tan, attorney-in-fact for Feng Zhao	11/06/2026
	** 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)