Were the Sea Ltd (SE) share sales by Wang Yanjun pre-planned under a Rule 10b5-1 plan?

Yes. The filing states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted on September 4, 2025 by a BVI entity controlled by Wang Yanjun. Such plans pre-arrange trading parameters, making the timing more mechanical and less discretionary.

Sea Ltd (NYSE: SE) CCO’s BVI entity sells 1,600 shares in planned trades

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd chief corporate officer and general counsel Wang Yanjun reported open-market sales of a total of 1,600 Class A ordinary shares executed through a BVI entity he controls. The trades occurred on April 20–21, 2026 at weighted average prices ranging from $87.67 to $89.98 under a pre-arranged Rule 10b5-1 trading plan. Following these indirect sales, the BVI entity held 18,800 Class A ordinary shares, while a separate entry shows direct ownership of 1,222,842 Class A ordinary shares as of April 20, 2026.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares ($142,364)

Net Sell 6 txns

Insider Wang Yanjun

Role CCO and GC

Sold 1,600 shs ($142K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	291	$87.67	$26K
Sale	Class A ordinary shares	368	$88.58	$33K
Sale	Class A ordinary shares	141	$89.37	$13K
Sale	Class A ordinary shares	561	$89.39	$50K
Sale	Class A ordinary shares	239	$89.98	$22K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 19,309 shares (Indirect, By BVI entity); Class A ordinary shares — 1,222,842 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 $88.69 to $89.68. 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 $89.69 to $90.68. Represents the weighted average price of shares sold at prices that ranged from $87.08 to $88.07. Represents the weighted average price of shares sold at prices that ranged from $88.08 to $89.07. Represents the weighted average price of shares sold at prices that ranged from $89.08 to $89.80.

Key Figures

Net shares sold: 1,600 shares Sale price example: $89.37 per share Lowest reported average sale price: $87.67 per share +3 more

6 metrics

Net shares sold 1,600 shares Open-market sales on April 20–21, 2026 by BVI entity

Sale price example $89.37 per share 141-share sale of Class A ordinary shares

Lowest reported average sale price $87.67 per share 291-share open-market sale on April 21, 2026

Highest reported average sale price $89.98 per share 239-share open-market sale on April 20, 2026

Indirect holdings after trades 18,800 shares Class A ordinary shares held by BVI entity after sales

Direct holdings as of April 20, 2026 1,222,842 shares Class A ordinary shares held directly by Wang Yanjun

Key Terms

Rule 10b5-1 trading plan, Class A ordinary shares, weighted average price, BVI entity, +1 more

5 terms

Rule 10b5-1 trading plan financial

"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 for all reported transactions"

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..."

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 financial

"a BVI entity controlled by the Reporting Person on September 4, 2025"

open-market sale financial

"transaction_action: open-market sale for each non-derivative transaction"

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.

Form 4 Insider Transactions: What Each Field Means →

04/22/2026 - 06:03 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)
04/20/2026

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	04/20/2026		S		561⁽¹⁾	D	$89.39⁽²⁾	19,839	I	By BVI entity
Class A ordinary shares	04/20/2026		S		239⁽¹⁾	D	$89.98⁽³⁾	19,600	I	By BVI entity
Class A ordinary shares	04/21/2026		S		291⁽¹⁾	D	$87.67⁽⁴⁾	19,309	I	By BVI entity
Class A ordinary shares	04/21/2026		S		368⁽¹⁾	D	$88.58⁽⁵⁾	18,941	I	By BVI entity
Class A ordinary shares	04/21/2026		S		141⁽¹⁾	D	$89.37⁽⁶⁾	18,800	I	By BVI entity
Class A ordinary shares								1,222,842	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 $88.69 to $89.68. 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 $89.69 to $90.68.

4. Represents the weighted average price of shares sold at prices that ranged from $87.08 to $88.07.

5. Represents the weighted average price of shares sold at prices that ranged from $88.08 to $89.07.

6. Represents the weighted average price of shares sold at prices that ranged from $89.08 to $89.80.

	/s/ Emily Tan, attorney-in-fact for Yanjun Wang	04/22/2026
	** 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

How many Sea Ltd (SE) shares did Wang Yanjun sell in this Form 4?

Wang Yanjun reported selling 1,600 Class A ordinary shares of Sea Ltd through a BVI entity. The sales were split across five open-market transactions on April 20–21, 2026, at prices in the high-$80 range, according to the Form 4 filing details.

At what prices were Sea Ltd (SE) shares sold in Wang Yanjun’s recent transactions?

The reported Sea Ltd sales occurred at weighted average prices between $87.67 and $89.98 per share. Footnotes state these averages reflect individual trades within narrower price ranges, and full breakdowns are available on request from the issuer, the SEC staff, or shareholders.

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

After the reported sales, the BVI entity associated with Wang Yanjun held 18,800 Class A ordinary shares. This figure reflects the indirect position following the 1,600-share net reduction from the series of open-market transactions disclosed in the Form 4 filing data.

What is Wang Yanjun’s direct Sea Ltd (SE) shareholding shown in this Form 4?

The filing includes a holding entry showing Wang Yanjun directly owning 1,222,842 Class A ordinary shares as of April 20, 2026. This direct position is separate from the 18,800 shares held indirectly through the BVI entity that executed the disclosed open-market sales.

What role does Wang Yanjun hold at Sea Ltd (SE) in this insider filing?

In this Form 4, Wang Yanjun is identified as an officer of Sea Ltd, serving as chief corporate officer and general counsel. His transactions involve Class A ordinary shares, with indirect ownership through a BVI entity and a substantial separate direct shareholding recorded in the filing.