Sea Ltd ($SE) President of Garena Sells $3.8M in Shares Under 10b5-1 Plan

Executive Summary

On October 1, 2026, Zhao Feng, President of Garena at Sea Ltd ($SE), disposed of 40,000 Class A ordinary shares held indirectly through a British Virgin Islands (BVI) entity. The total transaction value was approximately $3,800,879, executed at a volume-weighted average price of $95.02 across three distinct tranches.

Transaction Details

The sale was executed in three tranches on October 1, 2026:

• Tranche 1: 17,391 shares sold at a weighted average price of $94.43 (range: $93.76–$94.75)
• Tranche 2: 15,146 shares sold at a weighted average price of $95.20 (range: $94.76–$95.75)
• Tranche 3: 7,463 shares sold at a weighted average price of $96.04 (range: $95.76–$96.58)

10b5-1 Trading Plan

The sales were conducted pursuant to a pre-established Rule 10b5-1 trading plan adopted by a BVI entity controlled by Mr. Zhao on June 29, 2026. Because the trades were executed under a pre-scheduled trading plan established roughly three months prior, they represent planned liquidity rather than discretionary market timing.

Ownership Impact

Following these dispositions:

• Indirect Shares (BVI Entity): Decreased from 133,580 to 93,580 shares.
• Direct Shares: Unchanged at 1,690,128 shares.
• Total Ownership: Post-transaction holdings stand at 1,783,708 shares, meaning the 40,000 shares sold represent roughly 2.2% of Mr. Zhao's overall equity stake in Sea Ltd.