Hesai Group Responds to Short-Seller Report

Rhea-AI Summary

Hesai Group (NASDAQ: HSAI), a global leader in three-dimensional light detection and ranging (lidar) solutions, has issued an official response to a short-seller report published by Blue Orca Capital on March 19, 2025.

The company strongly refutes the allegations made in the report, stating they are without merit. Hesai emphasized its continued commitment to maintaining stringent standards of business ethics and regulatory compliance.

Positive

• Company maintains strong stance on business ethics and regulatory compliance

Negative

• Company faces short-seller allegations that could impact investor confidence
• No specific counter-evidence provided against short-seller claims

SHANGHAI, March 19, 2025 /PRNewswire/ -- Hesai Group (NASDAQ: HSAI) ("Hesai" or the "Company"), the global leader in three-dimensional light detection and ranging (lidar) solutions, today issued the following statement in response to allegations made in a report by Blue Orca Capital.

The Company is aware of the report published by short-seller Blue Orca Capital. The Company strongly disagrees with the allegations in the report and believes that the report is without merit.

The Company reiterates its continued and unwavering commitment to stringent standards of business ethics and regulatory compliance.

About Hesai

Hesai Technology (Nasdaq: HSAI) is a global leader in lidar solutions. The company's lidar products enable a broad spectrum of applications including passenger and commercial vehicles ("ADAS"), as well as autonomous driving vehicles and robotics and other non-automotive applications such as last-mile delivery robots and AGVs ("Robotics"). Hesai seamlessly integrates its in-house manufacturing process with lidar R&D and design, enabling rapid product iteration while ensuring high performance, high quality and affordability. The company's commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai has established offices in Shanghai, Palo Alto and Stuttgart, with customers spanning more than 40 countries.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

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SOURCE Hesai Technology

FAQ

What allegations did Blue Orca Capital make against Hesai Group (HSAI)?

The specific allegations made by Blue Orca Capital in their short-seller report were not detailed in Hesai's press release.

How did Hesai Group (HSAI) stock respond to the Blue Orca Capital short-seller report?

The press release does not provide information about the stock's reaction to the short-seller report.

What specific evidence did Hesai Group (HSAI) provide to counter Blue Orca's allegations?

Hesai's press release did not provide specific evidence, only stating they strongly disagree with the allegations and consider them without merit.

When was the Blue Orca Capital short-seller report on Hesai Group (HSAI) published?

The press release responding to the short-seller report was issued on March 19, 2025.