Hello Luko,
I am not a seahorse expert - so you may want to wait for a second opinion.
Yes, that is a male seahorse - but I believe he defecating, not giving birth - from the position on his body.
The anus is typically at the base of keel and the brood pouch aperture is further down, on the brood pouch, not above it. This picture is of a different species - but I've labelled this picture to show the features.

Also all the seahorse babies I have seen are not brightly coloured - for camouflage.
I hope this helps, even though I am sure it is not the answer you wanted.
Alex