---
endpoint: analytics
pattern: Internet
status: done
latency_ms: 158997
conversation_id: 99c8e797-fd08-45f4-97f9-dda995d4561c
citations: 3
created: 2026-05-31 18:11:32Z
---

# Who are the key shareholders of Sea Limited?

# Sea Limited (NYSE: SE) — Key Shareholders

Sea Limited has a **dual-class voting structure with concentrated founder control**. Below is the picture combining the most recent SEC 20-F (FY2025, filed 2026) and CLSA's May 2025 coverage note.

## Headline ownership snapshot

| Holder | Economic stake (CLSA, May 2025) | Voting power (20-F, as of 31 Mar 2026) |
|---|---|---|
| **Forrest Xiaodong Li** (Founder, Chairman & CEO) — alongside management | **~53.0%** [1] | **~57.6%** [4] |
| **Tencent Holdings Limited** | **~10.0%** [1] | ~8.3% (Class A only; voting proxy assigned to Sea's board) [5] |
| **Public free float** (incl. ADS holders) | **~37.0%** [1] | Remainder via Class A (1 vote/share) [4] |
| Shares in issue | 658.7m [1] | — |

## 1. Forrest Li — controlling founder

- Sea operates a **dual-class share structure**: Class A (1 vote/share) and Class B (15 votes/share, raised from 3 votes via a Feb 2022 amendment) [4].
- Forrest Xiaodong Li, Sea's **founder, Chairman and Chief Executive Officer, is the sole beneficial owner of all of Sea's Class B ordinary shares** [4].
- As a result, **as of 31 March 2026, Mr. Li beneficially owned approximately 57.6% of the total voting power** of Sea's outstanding ordinary shares — giving him substantial influence over mergers, board elections, and other corporate actions [4]. Upon his death, his Class B shares automatically convert into Class A.
- CLSA classifies "Founder & management" collectively at ~53.0% of economic ownership in its May 2025 coverage note [1], consistent with prior CLSA quarterly notes (Apr 2025 and Nov 2024) [2][3].

## 2. Tencent Holdings Limited — long-term strategic shareholder

- Tencent has been a **principal shareholder** of Sea since pre-IPO; the relationship was reaffirmed in Sea's own 6-K filings, where Tencent is repeatedly described as "one of our principal shareholders" [6].
- CLSA estimates Tencent's economic stake at **~10.0%** of Sea's outstanding shares [1][2].
- Critically, **in September 2022, Tencent granted an irrevocable voting proxy with respect to all its Class A ordinary shares to Sea's board of directors**, and that proxy now carries approximately **8.3% of voting power** [5]. In practice, Tencent retains economic ownership but has surrendered direct voting control to Sea's board.
- The Tencent relationship is also commercial: Sea publishes Tencent-owned/developed mobile and PC games (e.g., Call of Duty: Mobile, Delta Force collaboration) under a right of first refusal renewed in 2025 across Indonesia, Taiwan, Thailand, the Philippines, Malaysia and Singapore.

## 3. Public free float / institutional holders

- CLSA estimates the **free float at ~37.0%**, with foreign shareholding also at 37.0% [1][2].
- This portion is held by **public ADS holders** on the NYSE — a wide base of US/global institutional investors and retail. (Sea's ADS class is what trades on NYSE; one ADS = one Class A ordinary share.)
- CLSA's 3M average daily turnover on the ADS was **US$671.5m** [1], reflecting deep institutional liquidity.

## Implications

- **Control is locked with the founder**: Mr. Li's ~57.6% voting power means minority shareholders have limited say in governance matters. CLSA explicitly flags this as "a negative for minority shareholders" alongside Sea's VIE structure.
- **Tencent's economic exposure remains, but its voting voice is muted**: The 2022 board proxy effectively eliminates Tencent's direct influence on shareholder votes despite its ~10% economic stake — a structure designed to address foreign-ownership sensitivities in some of Sea's markets.
- **No detailed institutional 13F-style breakdown is published in CLSA's report** beyond founder/management and Tencent; the remaining ~37% is treated as float.

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**Sources**
[1] Sea Limited – O-PF (Firing on all cylinders) — CLSA, 14 May 2025 — 607959388LinqAlpha.PDF
[2] Sea Limited – O-PF (Keep a weather eye open) — CLSA, 23 April 2025 — 607956682LinqAlpha.PDF
[3] Sea Limited – O-PF (Shopee in black) — CLSA, 13 November 2024 — 607959388LinqAlpha.PDF (referenced shareholder table)
[4] Sea Limited — Form 20-F, FY2025 (filed 2026) — Risk Factors / Founder voting control
[5] Sea Limited — Form 20-F, FY2025 (filed 2026) — Dual-class structure & Tencent voting proxy disclosure
[6] Sea Limited — 6-K (Convertible Notes Offering Press Release), 13 June 2018 — Tencent named as principal shareholder

## Citations

- [4] **FY 2025 Sea Limited** · external
- [5] **FY 2025 Sea Limited** · external
- [6] **2018 6-K Sea Limited** · external — <https://www.sec.gov/Archives/edgar/data/1703399/000119312518192918/d580354d6k.htm>

