Four Sea Limited executives sold stock this month. The stock was at $120 in August. It is near $82 now. They kept selling all the way down.
You read this morning that Yanjun Wang was the fourth Sea Limited insider to sell in October, joining the CFO, the chief product officer of Shopee, and the president of Garena. Tonight, let’s lay out the full sequence.
Three questions I’ll answer
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How many times did Sea Limited insiders sell this month — and at what prices? |
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How far has the stock fallen since the selling started — and did it slow them down? |
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What does it mean when four executives across every division of a company all reduce exposure in the same window? |
One insider selling is a filing. Four across every division is a message. I’ll lay out the timeline. ↓
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The Sea Limited Selling Sequence
Sea Limited (ticker: SE) is a Singapore-based internet company that operates three businesses: Shopee, one of Southeast Asia’s largest e-commerce platforms; Garena, a gaming and digital entertainment division; and Monee, a digital payments and financial services arm. The company competes across a region of 700 million people with thin margins and well-funded rivals. In October, executives from every major division reduced their personal exposure. Here is the sequence, from SEC filings.
THE SELLING TIMELINE — FROM EDGAR, IN ORDER
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AUG 17
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CFO Hou Tianyu — 20,000 shares at $120 — $2.40M
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SEP 17
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CFO Hou Tianyu — 15,000 shares at $102 — $1.52M
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OCT 1–2
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CCO Wang Yanjun — 2,000 shares at $95 — $190K
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OCT 13–16
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CCO Wang Yanjun — 4,000 shares at $95–$96 — $383K
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OCT 19
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CFO Hou Tianyu — 10,000 shares at $89 — $890K
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OCT 19–20
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CCO Wang Yanjun — 2,800 shares at $82–$90 — $228K
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WHAT THE SEQUENCE SAYS
The CFO sold at $120. He sold again at $102. He sold again at $89. The CCO sold at $95, then $96, then $82. The stock has fallen roughly 32% since the CFO’s first August sale. Every transaction was executed under a Rule 10b5-1 plan — a pre-scheduled arrangement that removes the question of whether the executive was acting on inside information. But the plans themselves were adopted in March, meaning these executives decided seven months ago that they wanted to be reducing exposure through the fall. That decision, made before the selloff, is the pattern a single filing cannot show.
NATE’S TAKE
In my experience, one insider selling is a filing. Two is a data point. Four executives across every division of the same company — e-commerce, gaming, payments, and the C-suite — all reducing exposure in the same window, that is a coordinated posture. Every sale was pre-planned. That means this is not a reaction to October’s selloff. These executives looked at their company in March and decided they would be lighter by fall. The stock has confirmed that instinct. When the people who run a business choose to own less of it at prices 32% below where they started selling, I read the timeline, not the headline.
— Nate Fowler
After the Bell · Evening Special Edition
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