Sea Ltd Affiliate Files Form 144 to Sell $14.6M in ADSs Under Rule 10b5-1 Plan

Executive Summary

On October 1, 2026, Sea of Stars Ltd, an affiliate of Sea Ltd ($SE), filed Form 144 notifying the SEC of a proposed sale of 150,000 American Depositary Shares (ADS) with an estimated aggregate market value of $14,604,000 (implying an approximate price of $97.36 per share). The proposed sale is being conducted through J.P. Morgan Securities LLC pursuant to a Rule 10b5-1 trading plan adopted on June 29, 2026.

Transaction Details

• Security: American Depositary Shares (ADS)
• Shares Proposed for Sale: 150,000
• Aggregate Market Value: $14,604,000
• Shares Outstanding: 565,506,375 ADSs
• Percentage of Outstanding: ~0.027%
• Acquisition Origin: Acquired on March 27, 2025, via exercise of share options under the Issuer's ESOP as compensation for services.
• Past 3 Months Sales: Sea of Stars Ltd sold a cumulative 16,420 ADSs across multiple transactions in August 2026 for gross proceeds of approximately $1.97 million.

Market and Trading Context

Given that the sale represents a tiny fraction (0.027%) of Sea Ltd's outstanding share count and is governed by a pre-established Rule 10b5-1 trading plan adopted three months prior, market impact is anticipated to be negligible. The trading significance is rated Medium primarily due to the absolute dollar amount ($14.6 million).