冬海高管套现约1800万美元，算力账单留给股东
冬海集团（Sea）宣布成为东南亚首家采用英伟达Vera Rubin平台的企业；就在同一周，四名公司高管依据预设交易计划卖出股票，Shopee首席产品官名下的减持实体已全部清空。
Vincent Jiang · 2 min read
减持实体持股清零
Chen Jingye是Shopee首席产品官，他控制的英属维尔京群岛（BVI）实体于9月17日和18日以每股99.58美元至103.17美元卖出6万股冬海集团股票，随后于9月21日和22日以每股100.77美元至103.82美元卖出最后的6万股12。仅后一批便套现6,167,153美元3。至此，该实体的冬海持股已经清零，Chen Jingye本人名下仍直接持有9,126,574股2。
同期，还有三名高管在相同的交易日卖出股票：首席运营官Ye Gang卖出4万股，套现约408万美元；首席财务官Hou Tianyu卖出1.5万股，套现约152万美元45。首席合规官兼总法律顾问Wang Yanjun另卖出约21.4万欧元的股票，令此轮减持达到四名高管、合计约1800万美元的规模6。
Shopee产品负责人领衔：高管一周合计套现1790万美元
Data
| Value | |
|---|---|
| Chen Jingye，Shopee首席产品官 | $12.26M |
| Ye Gang，首席运营官 | $4.08M |
| Hou Tianyu，首席财务官 | $1.52M |
算力账单同周而至
这批Form 4文件于9月21日至23日间陆续提交至SEC的EDGAR系统1245。9月23日，冬海集团宣布成为东南亚首家采用英伟达Vera Rubin平台的企业，用于“大规模开发与部署AI模型和智能体”79。就在前一天，英伟达刚在新加坡举办了“AI Day”展示活动8。这项承诺没有给出任何金额7。
承诺背后的实质是真实的，而且这是一个关于算力的故事。Shopee自研的2450亿参数模型Compass现已承载平台大部分AI流量；据英伟达数据，月度API调用的token量在八个月内从30亿增长到3400亿10。
卖出者仍持有大量股份
申报文件中没有任何内容表明，这轮减持是对算力账单的表态。三项预设交易计划分别设立于3月19日、5月21日和6月10日，均早于相关公告数月452。Ye Gang至今仍直接持有20,396,405股，Hou Tianyu直接持有2,383,015股45。二季度营收同比增长48.1%至78亿美元，增速为八个季度以来最快11。
高管减持之际，营收增速创两年新高
Data
| 营收增速 | |
|---|---|
| 24Q3 | 30.8% |
| 24Q4 | 36.9% |
| 25Q1 | 29.6% |
| 25Q2 | 38.2% |
| 25Q3 | 38.3% |
| 25Q4 | 38.4% |
| 26Q1 | 46.6% |
| 26Q2 | 48.1% |
市场并没有为这样的增长买单。9月25日，SE收报99.55美元，当日下跌1.17%，市值609.7亿美元；过去十二个月，该股累计下跌超过40%，而华尔街对其维持“强力买入”的共识评级，平均目标价接近157美元126。
三季度见分晓
周五收盘价比高管申报区间中的最低成交价还低3美分121。下一个Shopee商品交易总额（GMV）数据将揭晓，究竟是卖出者还是看多者走得更早。10b5-1规则让这轮减持只是例行公事，时间点却让它变得格外高调。
How this brief was made
01Gathered & sourced328 channels · 1,405 articles▾
Agents swept 328 channels and ingested 1,405 articles, then de-duplicated and ranked them for signal.
02Verified & cross-validated12 claims · 18 data feeds▾
Every one of 12 load-bearing claims was checked against primary sources, with 18 live data feeds reconciling the figures and charts.
- 1StockTitan, SEC Form 4 coverage: Sea Ltd CPO Chen Jingye sells 60K shares, 21 September 2026
- 2StockTitan, SEC Form 4 coverage: Sea Ltd CPO-linked entity sells 60K SE shares, 23 September 2026
- 3MT Newswires via Yahoo Finance, Sea Insider Sold Shares Worth $6,167,153, According to a Recent SEC Filing, 23 September 2026
- 4StockTitan, SEC Form 4 coverage: Sea Ltd COO Ye Gang sells 40,000 shares in preset plan, 21 September 2026
- 5StockTitan, SEC Form 4 coverage: Sea Ltd CFO offloads 15,000 shares via preset plan, 21 September 2026
- 6InsiderTrades, Sea Ltd: Chen Jingye sells EUR 1.77m as Shopee slows, 24 September 2026
- 7Sea Limited newsroom, Sea is the First Enterprise in Southeast Asia to Adopt NVIDIA Vera Rubin Platform, 23 September 2026
- 8NVIDIA Newsroom, At AI Day Singapore, NVIDIA and Partners Showcase AI Advancements Across Southeast Asia (blog listing), 22 September 2026
- 9The Cryptonomist, Sea Limited joins NVIDIA's AI Southeast Asia drive with new Vera Rubin platform, 24 September 2026
- 10Frontier Enterprise, Shopee builds own LLM with NVIDIA AI Factory, September 2026
- 11Sharadar quarterly fundamentals from Sea's SEC filings, retrieved 27 September 2026
- 12Sea Limited Investor Relations, stock quote and market data as of the 25 September 2026 close
03Reviewed & edited1 human editor▾
One editor read the draft against the evidence, tuned the framing, and signed off before it shipped.
Become a contributor
Reporting on the business of AI and want it read? We take pitches from outside contributors who bring primary sources and a number worth arguing about.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
