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

Yes. The filing states the shares were sold under a Rule 10b5-1 trading plan. A BVI entity controlled by Wang Yanjun adopted this plan on September 4, 2025, meaning the sales were scheduled in advance rather than timed discretionarily around short-term market conditions.

Sea Ltd (NYSE: SE) CCO-linked BVI entity sells 1,600 shares under 10b5-1 plan

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Sea Ltd’s chief corporate officer and general counsel, Wang Yanjun, reported that a BVI entity he controls sold 1,600 Class A ordinary shares in open-market transactions on March 20 and 23, 2026 under a pre-arranged Rule 10b5-1 trading plan.

Sale prices were reported around the high‑$70s to low‑$80s per share, based on weighted-average ranges in the filing. After these trades, the BVI entity held 34,800 shares, and Wang also reported 1,220,976 shares held directly, indicating these are relatively small, routine sales versus his overall position.

Insights

Small, pre-planned insider sales via an affiliated entity look routine.

Sea Ltd executive Wang Yanjun reported net open-market sales of 1,600 Class A shares through a BVI entity he controls. The trades occurred on March 20 and 23, 2026 under a Rule 10b5-1 trading plan, indicating they were pre-scheduled.

The filing shows a remaining indirect holding of 34,800 shares at the BVI entity level and a separate direct holding of 1,220,976 shares. That context suggests the transactions represent a small fraction of Wang’s disclosed stake, so they appear as routine liquidity rather than a thesis-changing move.

Because the trades were executed pursuant to a 10b5-1 plan adopted on September 4, 2025, the timing carries limited informational value. Subsequent filings may update any additional sales under this plan and the evolution of the indirect and direct holdings.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares ($127,801)

Net Sell 8 txns

Insider Wang Yanjun

Role CCO and GC

Sold 1,600 shs ($128K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	48	$78.61	$4K
Sale	Class A ordinary shares	420	$80.07	$34K
Sale	Class A ordinary shares	326	$80.38	$26K
Sale	Class A ordinary shares	6	$81.26	$487.56
Sale	Class A ordinary shares	380	$78.95	$30K
Sale	Class A ordinary shares	354	$80.14	$28K
Sale	Class A ordinary shares	66	$80.85	$5K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 35,552 shares (Indirect, By BVI entity); Class A ordinary shares — 1,220,976 shares (Direct)

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 $78.65 to $79.63. 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 $79.66 to $80.64. Represents the weighted average price of shares sold at prices that ranged from $80.70 to $81.03. Represents the weighted average price of shares sold at prices that ranged from $78.21 to $79.03. Represents the weighted average price of shares sold at prices that ranged from $79.59 to $80.20. Represents the weighted average price of shares sold at prices that ranged from $80.21 to $81.05. Represents the weighted average price of shares sold at prices that ranged from $81.23 to $81.28.

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Form 4 Insider Transactions: What Each Field Means →

03/24/2026 - 06:02 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)
03/20/2026

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	03/20/2026		S		380⁽¹⁾	D	$78.95⁽²⁾	36,020	I	By BVI entity
Class A ordinary shares	03/20/2026		S		354⁽¹⁾	D	$80.14⁽³⁾	35,666	I	By BVI entity
Class A ordinary shares	03/20/2026		S		66⁽¹⁾	D	$80.85⁽⁴⁾	35,600	I	By BVI entity
Class A ordinary shares	03/23/2026		S		48⁽¹⁾	D	$78.61⁽⁵⁾	35,552	I	By BVI entity
Class A ordinary shares	03/23/2026		S		420⁽¹⁾	D	$80.07⁽⁶⁾	35,132	I	By BVI entity
Class A ordinary shares	03/23/2026		S		326⁽¹⁾	D	$80.38⁽⁷⁾	34,806	I	By BVI entity
Class A ordinary shares	03/23/2026		S		6⁽¹⁾	D	$81.26⁽⁸⁾	34,800	I	By BVI entity
Class A ordinary shares								1,220,976	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 $78.65 to $79.63. 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 $79.66 to $80.64.

4. Represents the weighted average price of shares sold at prices that ranged from $80.70 to $81.03.

5. Represents the weighted average price of shares sold at prices that ranged from $78.21 to $79.03.

6. Represents the weighted average price of shares sold at prices that ranged from $79.59 to $80.20.

7. Represents the weighted average price of shares sold at prices that ranged from $80.21 to $81.05.

8. Represents the weighted average price of shares sold at prices that ranged from $81.23 to $81.28.

	/s/ Emily Tan, attorney-in-fact for Yanjun Wang	03/24/2026
	** 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 were sold in Wang Yanjun’s latest Form 4?

Wang Yanjun’s associated BVI entity sold 1,600 Sea Ltd Class A shares. The Form 4 aggregates seven open-market sale transactions across March 20 and 23, 2026, resulting in total reported net sales of 1,600 shares according to the filing’s transaction summary section.

At what prices were the Sea Ltd (SE) shares sold in this Form 4?

The sales occurred at weighted-average prices within disclosed ranges from $78.21 to $81.28. Footnotes explain that each reported price represents a weighted average, with individual trades executed within narrower price bands on the sale dates, and detailed breakdowns available upon request.

How many Sea Ltd (SE) shares does the BVI entity linked to Wang Yanjun hold after these sales?

After the reported transactions, the BVI entity holds 34,800 Class A shares. Each sale entry lists updated indirect holdings, with the final transaction showing 34,800 shares remaining, providing clarity on the size of the entity’s continuing position after the 1,600 shares were sold.

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

The filing reports a direct holding of 1,220,976 Class A shares. This appears in a separate holding line marked as direct ownership, without a buy or sell transaction code, giving investors context for the scale of his personal stake alongside the smaller indirect sales.

Does this Sea Ltd (SE) Form 4 suggest a major change in insider ownership?

The Form 4 reflects a relatively small reduction compared with Wang’s total reported holdings. Net sales of 1,600 shares are modest next to 1,220,976 shares held directly and 34,800 shares held indirectly, suggesting routine portfolio activity rather than a large strategic shift.