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  4. [Form 4] Sea Ltd Insider Trading Activity

Family-controlled entity of Sea (NYSE: SE) director sells 203K shares under plan

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Sea Ltd director-related entity reports open-market share sales. A BVI entity associated with director David Y. Ma sold a total of 203,304 Class A ordinary shares of Sea Ltd in open-market transactions on April 10 and April 13, 2026, at prices in the mid‑$80s per share under a pre-arranged Rule 10b5-1 trading plan adopted on December 12, 2025. Following these sales, the filing shows 1,072,083 Class A ordinary shares held indirectly through the BVI entity and 10,000 shares held directly.

Positive

  • None.

Negative

  • None.
Insider Ma David Y
Role Director
Sold 203,304 shs ($17.47M)
Type Security Shares Price Value
Sale Class A ordinary shares 27,107 $85.31 $2.31M
Sale Class A ordinary shares 48,785 $86.46 $4.22M
Sale Class A ordinary shares 4,714 $87.17 $411K
Sale Class A ordinary shares 75,570 $85.62 $6.47M
Sale Class A ordinary shares 47,128 $86.19 $4.06M
holding Class A ordinary shares -- -- --
Holdings After Transaction: Class A ordinary shares — 1,125,582 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 $85.00 to $85.995. 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 $86.00 to $86.83. Represents the weighted average price of shares sold at prices that ranged from $85.00 to $85.98. Represents the weighted average price of shares sold at prices that ranged from $86.00 to $86.99. Represents the weighted average price of shares sold at prices that ranged from $87.02 to $87.34.
Total shares sold 203,304 shares Open-market sales on April 10 and 13, 2026
Shares sold at $85.31 27,107 shares Class A ordinary shares, April 13, 2026
Shares sold at $86.46 48,785 shares Class A ordinary shares, April 13, 2026
Largest single-day sale 75,570 shares at $85.62 Indirectly held Class A ordinary shares, April 10, 2026
Indirect shares after trades 1,072,083 shares Class A ordinary shares held via BVI entity after April 13, 2026
Directly held shares 10,000 shares Class A ordinary shares shown as direct holding as of April 10, 2026
Rule 10b5-1 plan adoption date December 12, 2025 Trading plan for BVI entity’s sales
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 $85.00 to $85.995."
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)
04/10/2026		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 shares04/10/2026S75,570(1)D$85.62(2)1,199,817IBy BVI entity
Class A ordinary shares04/10/2026S47,128(1)D$86.19(3)1,152,689IBy BVI entity
Class A ordinary shares04/13/2026S27,107(1)D$85.31(4)1,125,582IBy BVI entity
Class A ordinary shares04/13/2026S48,785(1)D$86.46(5)1,076,797IBy BVI entity
Class A ordinary shares04/13/2026S4,714(1)D$87.17(6)1,072,083IBy 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 $85.00 to $85.995. 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 $86.00 to $86.83.
4. Represents the weighted average price of shares sold at prices that ranged from $85.00 to $85.98.
5. Represents the weighted average price of shares sold at prices that ranged from $86.00 to $86.99.
6. Represents the weighted average price of shares sold at prices that ranged from $87.02 to $87.34.
/s/ Mark Tang, attorney-in-fact for David Y Ma04/14/2026
** 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

FAQ

What insider activity did Sea Ltd (SE) disclose in this Form 4?

Sea Ltd disclosed that a BVI entity associated with director David Y. Ma sold 203,304 Class A ordinary shares in open-market transactions on April 10 and April 13, 2026, at prices in the mid‑$80s per share under a Rule 10b5-1 plan.

How many Sea Ltd (SE) shares were sold and at what prices?

The associated BVI entity sold 203,304 Class A ordinary shares of Sea Ltd at weighted average prices around $85.31, $85.62, $86.19, $86.46, and $87.17 per share, with detailed price ranges described in the filing’s footnotes.

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

Yes. The filing states the shares were sold under a Rule 10b5-1 trading plan adopted on December 12, 2025 by a BVI entity controlled by an immediate family member who shares a household with director David Y. Ma.

How many Sea Ltd (SE) shares does the reporting structure hold after these transactions?

After the reported sales, the Form 4 shows 1,072,083 Class A ordinary shares held indirectly through the BVI entity and an additional 10,000 shares held directly, indicating the associated holdings remain significant following the transactions.

Who is attributed with the Sea Ltd (SE) share sales in this filing?

The sales are attributed to a BVI entity controlled by an immediate family member sharing the household with director David Y. Ma. The filing records the transactions as indirect ownership rather than direct personal trades by Ma.

What types of transactions were reported for Sea Ltd (SE) in this Form 4?

The Form 4 reports five open-market sale transactions in Sea Ltd Class A ordinary shares by an indirectly owned BVI entity, plus one entry showing 10,000 shares as a direct holding, with no option exercises, gifts, or tax-withholding events.