Ma David Y 4

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.