Zhao Feng, president of Garena, sold 4,000 Class A ordinary shares of Sea Limited (NYSE:SE) in a series of transactions on August 11 and August 12, according to an SEC Form 4 filing.
Transaction summary
Transaction value based on SEC Form 4 weighted average sale price ($128.46); post-transaction value based on the August 12 market close ($128.11).
Key questions
What was the structural nature of this transaction?
The sale was executed under a Rule 10b5-1 trading plan, which was adopted on December 26, 2025, by a BVI entity controlled by Zhao Feng. These plans allow corporate insiders to establish a predetermined schedule for selling stock to avoid concerns regarding the use of non-public information.
How significant is this sale relative to the insider’s total stake?
The disposal of 4,000 shares represents a minimal reduction in the insider’s total equity interest. Zhao Feng continues to hold a significant interest in the company with 1.7 million directly held Class A shares remaining.
What is the current scale of the company’s operations and valuation?
The Singapore-based company maintains a market capitalization of roughly $70 billion. The firm, which operates in digital entertainment and e-commerce across Southeast Asia and Latin America, reported trailing twelve-month revenue of $25.2 billion and net income of $1.6 billion.
Company Overview
Company Snapshot
Sea Limited operates a diversified digital ecosystem spanning digital entertainment through its Garena platform, e-commerce operations, and digital financial services across Southeast Asia, Latin America, and other international markets.
The company generates revenue through multiple business segments including online gaming and eSports, marketplace and logistics services, and fintech solutions, creating a vertically integrated platform business model.
Sea Limited serves millions of consumers and merchants across emerging markets, targeting digitally native users seeking entertainment,…
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