Li Xiaodong 4

What Happened Li Xiaodong, Sea Ltd's (SE) Chairman and CEO, exercised options to acquire 1,470,000 ordinary shares on March 25, 2026. The exercise price was $15.00 per share, resulting in a cash payment of $22,050,000. The filing also shows the corresponding derivative/option position (1,470,000) was disposed (cancelled) as part of the exercise.

Key Details

• Transaction date: March 25, 2026; filed March 27, 2026 (timely Form 4 filing).
• Acquired: 1,470,000 shares at $15.00 each — total $22,050,000 (Transaction code: X — exercise of derivative).
• Disposed: 1,470,000 derivative securities at $0.00 (represents surrender/cancellation of the exercised options).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: Options were granted April 30, 2019 and are fully exercisable (per F1).
• Remarks: The report excludes Class A ordinary shares over which Li has voting power but no pecuniary interest (via irrevocable proxies).

Context This filing documents an option exercise (insider acquiring shares by paying the exercise price), not an open-market sale. No immediate sale of the newly acquired shares is reported in this filing. For retail investors, option exercises indicate the insider converted contractual rights into company stock; they are a purchase-like event (insider paid cash to acquire shares), but do not by themselves reveal intent beyond the conversion.