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[Form 4] Sea Ltd Insider Trading Activity

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 Class A ordinary shares through a BVI entity associated with his household. Across multiple trades on April 14–15, 2026, that entity sold 340,752 shares of Sea (SE) at prices described as weighted averages within ranges from $85.36 to $91.05 per share. The filing shows 731,331 shares held indirectly after these sales and an additional 10,000 shares held directly, indicating a sizable remaining stake. The footnotes state the sales were made under a Rule 10b5-1 trading plan adopted by the BVI entity in December 2025, suggesting the transactions were pre-planned rather than discretionary market timing.

Positive

  • None.

Negative

  • None.

Insights

Pre-planned indirect sales reduce signaling impact but trim a sizable position.

The filing shows a BVI entity associated with director David Y. Ma sold 340,752 Class A shares of Sea Ltd in open-market transactions over two days, with prices based on weighted averages between $85.36 and $91.05.

All sales are reported as indirect ownership and footnotes state they were executed under a Rule 10b5-1 trading plan adopted by the BVI entity in December 2025. Such plans are typically set in advance, so the timing of these sales carries less informational weight than discretionary trades.

After the transactions, the filing shows 731,331 shares still held indirectly and 10,000 shares held directly. This indicates the associated holder continues to maintain a substantial equity position, even after a meaningful reduction, and there are no remaining derivative positions disclosed in this filing.

Insider Ma David Y
Role Director
Sold 340,752 shs ($30.12M)
Type Security Shares Price Value
Sale Class A ordinary shares 3,192 $86.05 $275K
Sale Class A ordinary shares 19,731 $87.73 $1.73M
Sale Class A ordinary shares 30,722 $88.10 $2.71M
Sale Class A ordinary shares 55,185 $89.52 $4.94M
Sale Class A ordinary shares 53,174 $90.44 $4.81M
Sale Class A ordinary shares 2,029 $90.97 $185K
Sale Class A ordinary shares 57,200 $85.74 $4.90M
Sale Class A ordinary shares 24,965 $86.81 $2.17M
Sale Class A ordinary shares 20,257 $88.05 $1.78M
Sale Class A ordinary shares 48,923 $88.79 $4.34M
Sale Class A ordinary shares 25,374 $89.65 $2.27M
holding Class A ordinary shares -- -- --
Holdings After Transaction: Class A ordinary shares — 892,172 shares (Indirect, By BVI entity); Class A ordinary shares — 10,000 shares (Direct)
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 $85.36 to $86.28. 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 $86.36 to $87.36. Represents the weighted average price of shares sold at prices that ranged from $87.52 to $88.32. Represents the weighted average price of shares sold at prices that ranged from $88.36 to $89.35. Represents the weighted average price of shares sold at prices that ranged from $89.37 to $90.14. Represents the weighted average price of shares sold at prices that ranged from $85.91 to $86.71. Represents the weighted average price of shares sold at prices that ranged from $86.92 to $87.90. Represents the weighted average price of shares sold at prices that ranged from $87.91 to $88.89. Represents the weighted average price of shares sold at prices that ranged from $89.07 to $89.90. Represents the weighted average price of shares sold at prices that ranged from $89.91 to $90.90. Represents the weighted average price of shares sold at prices that ranged from $90.95 to $91.05.
Shares sold 340,752 shares Total Class A ordinary shares sold April 14–15, 2026
Price range (footnotes) $85.36–$91.05 per share Weighted-average sale price ranges disclosed for the trades
Indirect holdings after sales 731,331 shares Class A ordinary shares held indirectly through BVI entity after transactions
Direct holdings 10,000 shares Class A ordinary shares held directly after April 14, 2026 entry
Transactions classified as sales 11 transactions Non-derivative open-market sale entries in transaction summary
Net share direction net-sell of 340,752 shares Transaction summary netBuySellDirection and netBuySellShares
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 $85.36 to $86.28."
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""
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.
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)
04/14/2026		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 shares04/14/2026S57,200(1)D$85.74(2)1,014,883IBy BVI entity
Class A ordinary shares04/14/2026S24,965(1)D$86.81(3)989,918IBy BVI entity
Class A ordinary shares04/14/2026S20,257(1)D$88.05(4)969,661IBy BVI entity
Class A ordinary shares04/14/2026S48,923(1)D$88.79(5)920,738IBy BVI entity
Class A ordinary shares04/14/2026S25,374(1)D$89.65(6)895,364IBy BVI entity
Class A ordinary shares04/15/2026S3,192(1)D$86.05(7)892,172IBy BVI entity
Class A ordinary shares04/15/2026S19,731(1)D$87.73(8)872,441IBy BVI entity
Class A ordinary shares04/15/2026S30,722(1)D$88.1(9)841,719IBy BVI entity
Class A ordinary shares04/15/2026S55,185(1)D$89.52(10)786,534IBy BVI entity
Class A ordinary shares04/15/2026S53,174(1)D$90.44(11)733,360IBy BVI entity
Class A ordinary shares04/15/2026S2,029(1)D$90.97(12)731,331IBy 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 $85.36 to $86.28. 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 $86.36 to $87.36.
4. Represents the weighted average price of shares sold at prices that ranged from $87.52 to $88.32.
5. Represents the weighted average price of shares sold at prices that ranged from $88.36 to $89.35.
6. Represents the weighted average price of shares sold at prices that ranged from $89.37 to $90.14.
7. Represents the weighted average price of shares sold at prices that ranged from $85.91 to $86.71.
8. Represents the weighted average price of shares sold at prices that ranged from $86.92 to $87.90.
9. Represents the weighted average price of shares sold at prices that ranged from $87.91 to $88.89.
10. Represents the weighted average price of shares sold at prices that ranged from $89.07 to $89.90.
11. Represents the weighted average price of shares sold at prices that ranged from $89.91 to $90.90.
12. Represents the weighted average price of shares sold at prices that ranged from $90.95 to $91.05.
/s/ Mark Tang, attorney-in-fact for David Y Ma04/16/2026
** 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