Shopee CPO Jingye Chen Executes Options & Sells $6.24M in Sea Ltd Shares Under 10b5-1 Plan

Insider Filing Analysis: Sea Ltd ($SE)

Executive Summary

On September 17, 2026, Chen Jingye, Chief Product Officer of Shopee (a core subsidiary of Sea Ltd), filed a Form 4 disclosing open-market sales of 60,000 Class A ordinary shares totaling $6,238,788.97 across September 15 and 16, 2026. The sales were executed indirectly through a BVI entity pursuant to a pre-established Rule 10b5-1 trading plan adopted on June 10, 2026.

Concurrently, on September 16, 2026, Mr. Chen exercised stock options to acquire 150,000 Class A ordinary shares at an exercise price of $15.00 per share.

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Transaction Details Breakdown

1. Open Market Sales (Indirect via BVI entity):

• September 15, 2026:
  • 11,700 shares @ $103.30 ($1,208,610.00)
  • 14,600 shares @ $103.81 ($1,515,626.00)
  • 1,800 shares @ $105.08 ($189,144.00)
  • 1,900 shares @ $106.04 ($201,476.00)
• September 16, 2026:
  • 6,863 shares @ $103.26 ($708,673.38)
  • 15,437 shares @ $104.07 ($1,606,528.59)
  • 7,700 shares @ $105.03 ($808,731.00)
• Total Shares Sold: 60,000 shares
• Total Sales Value: $6,238,788.97

2. Option Exercise (Direct):

• Exercised: 150,000 share options (grant date Feb 28, 2018; expiration Feb 28, 2028) at $15.00/share.
• Direct Shares Acquired: 150,000 Class A ordinary shares.

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Ownership Status Post-Transaction

• Direct Ownership: 9,126,574 Class A ordinary shares
• Indirect Ownership (BVI Entity): 120,000 Class A ordinary shares
• Derivative Holdings Remaining: 1,000,000 options exercisable at $15.00 expiring February 28, 2028

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Market & Trading Implications

• Trading Significance: Low.
• The transactions represent routine diversification and option execution under a 10b5-1 trading plan.
• The net share position of the insider actually increased by 90,000 shares overall (+150,000 exercised vs. -60,000 sold).
• Chen Jingye retains a substantial direct holding of over 9.1 million shares, indicating strong continued alignment with long-term shareholder value.