Form 4: Sea COO Gang Ye sells 10,000 shares via 10b5-1

Sea Limited’s COO and director, Gang Ye, sold 10,000 Class A shares at $81 under a pre-set Rule 10b5-1 plan and continues to hold 22,394,539 direct and 430,000 indirect shares.

Summary

• On 03/26/2026, Gang Ye executed a sale of 10,000 Class A ordinary shares (transaction code S) at $81 per share.
• The trade was carried out under a Rule 10b5-1 trading plan adopted on 09/04/2025 by a BVI entity controlled by the reporting person.
• Post-transaction beneficial ownership stands at 22,394,539 shares held directly and 430,000 shares held indirectly via a BVI entity.
• The Form 4 was signed by attorney-in-fact Mark Tang on 03/30/2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as neutral: a small, pre-planned insider sale with substantial remaining ownership does not materially change the investment thesis.

Positives

• Sale size is de minimis relative to total reported holdings (10,000 vs. 22,394,539 direct and 430,000 indirect shares).
• Transaction executed under a pre-established Rule 10b5-1 plan, reducing concerns about opportunistic timing.
• Substantial continuing insider ownership suggests ongoing alignment with shareholders.

Negatives

• Insider sale by a key executive and director can be perceived negatively by the market despite its small size.

Future Outlook

No forward-looking guidance provided; this disclosure reports an insider trade executed under a Rule 10b5-1 plan.

Management Comments

• Shares were sold pursuant to a Rule 10b5-1 trading plan adopted on 09/04/2025 by a BVI entity controlled by the reporting person.
• The transaction is designated as made under Rule 10b5-1(c) affirmative defense conditions.

Industry Context

StockSavvy.ai notes that scheduled insider sales under Rule 10b5-1 plans are common among large-cap technology and internet companies to facilitate diversification and liquidity without implying a view on near-term performance; the small trade size versus retained holdings is typical of routine programmatic selling.

Comparison to Industry Standards

• Size and structure of the sale (small, scheduled under Rule 10b5-1) align with common practices seen at large-cap peers such as Meta Platforms, Alphabet, and Amazon, where executives frequently use pre-arranged plans for periodic sales.
• The retention of a large direct holding post-transaction is consistent with governance expectations for founder/executives at global tech peers who maintain significant ownership stakes while executing planned diversification.

Stakeholder Impact

• Shareholders: Minimal impact; small insider sale executed under a pre-set plan with significant insider ownership remaining.
• Issuer operations, employees, customers, suppliers, and creditors: No operational or financial effects indicated.

Next Steps

• Any subsequent transactions under the pre-established trading plan, if executed, will be reported in future Section 16 filings.

Key Dates

Recommendation

Maintain a hold based solely on this disclosure: the sale is minor, executed under a Rule 10b5-1 plan, and the executive retains a substantial stake, offering no new information on fundamentals or strategy to alter the investment view.

Keywords

Sea Limited, SE, Form 4, insider transaction, 10b5-1 trading plan, Gang Ye, Class A ordinary shares, beneficial ownership, BVI entity, director, COO