Ma David Y 4

4 · Sea Ltd · Filed Apr 22, 2026

AI-generated summary of this filing

Updated Apr 22, 2026

Sea Ltd (SE) Director David Y. Ma Sells 272,390 Shares

What Happened

David Y. Ma, a director of Sea Ltd (SE), disposed of a total of 272,390 Sea shares in multiple open-market transactions on April 20–21, 2026, for aggregate proceeds of approximately $24.22 million. Individual reported trades: 128,226 @ $89.28 ($11,448,017); 40,173 @ $89.93 ($3,612,758); 28,348 @ $87.16 ($2,470,812); 49,672 @ $88.09 ($4,375,606); 24,560 @ $89.13 ($2,189,033); and 1,411 @ $89.74 ($126,623). These were sales (not purchases).

Key Details

Transaction dates: April 20–21, 2026; filing date (Form 4): April 22, 2026 (timely).
Price range across trades: reported weighted-average ranges in the filing span roughly $86.67 to $90.51; the filing offers to provide per-price breakdowns on request.
Total shares sold: 272,390; total proceeds: about $24.22 million.
Shares owned after transaction: not provided in the information supplied.
Notable footnote: the sales were made pursuant to a Rule 10b5-1 trading plan adopted on Dec 12, 2025 by a BVI entity controlled by an immediate family member who shares the same household as the reporting person (10b5-1 indicates prearranged trades).
Transaction code: S = Sale.

Context

Sales executed under a 10b5-1 plan are pre-established and commonly used to schedule insider trades; such plans can limit the inference that trades reflect immediate views on the company.
For retail investors: large insider sales are noteworthy for size but are generally less informative than insider purchases; this filing documents a sizable, prearranged sale rather than an opportunistic market trade.

Form 4

Period: 2026-04-20

Director

Transactions

Sale
Class A ordinary shares
[F1][F2]
2026-04-20$89.28/sh−128,226$11,448,017→ 343,939 total(indirect: By BVI entity)
Sale
Class A ordinary shares
[F1][F3]
2026-04-20$89.93/sh−40,173$3,612,758→ 303,766 total(indirect: By BVI entity)
Sale
Class A ordinary shares
[F1][F4]
2026-04-21$87.16/sh−28,348$2,470,812→ 275,418 total(indirect: By BVI entity)
Sale
Class A ordinary shares
[F1][F5]
2026-04-21$88.09/sh−49,672$4,375,606→ 225,746 total(indirect: By BVI entity)
Sale
Class A ordinary shares
[F1][F6]
2026-04-21$89.13/sh−24,560$2,189,033→ 201,186 total(indirect: By BVI entity)
Sale
Class A ordinary shares
[F1][F7]
2026-04-21$89.74/sh−1,411$126,623→ 199,775 total(indirect: By BVI entity)

Holdings

Footnotes (7)

[F1]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.
[F2]Represents the weighted average price of shares sold at prices that ranged from $88.61 to $89.60. 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.
[F3]Represents the weighted average price of shares sold at prices that ranged from $89.61 to $90.51.
[F4]Represents the weighted average price of shares sold at prices that ranged from $86.67 to $87.66.
[F5]Represents the weighted average price of shares sold at prices that ranged from $87.67 to $88.66.
[F6]Represents the weighted average price of shares sold at prices that ranged from $88.67 to $89.66.
[F7]Represents the weighted average price of shares sold at prices that ranged from $89.68 to $89.83.

Signature

/s/ Mark Tang, attorney-in-fact for David Y Ma|2026-04-22

1 file