Hesai Group (HSAI) director Zhang Yi discloses ADS and RSU holdings

Rhea-AI Filing Summary

Hesai Group director Zhang Yi has reported his initial equity holdings. The filing shows direct holdings of 16,479 American depositary shares, with each ADS representing one Class B ordinary share. He also holds restricted share units representing 5,953 Class B ordinary shares.

The restricted share units were granted under Hesai Group’s share incentive plan and will vest on February 7, 2027, providing a contingent right to receive Class B ordinary shares upon vesting. This Form 3 is an initial statement of beneficial ownership rather than a new market transaction.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Zhang Yi

(Last) (First) (Middle)

ROOM 1922, 19/F LEE GARDEN

ONE 33 HYSAN AVENUE, CAUSEWAY BAY

(Street)

HONG KONG 000000

(City) (State) (Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Hesai Group [ HSAI ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American depositary shares(1)	16,479	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted share units	(2)	(2)	Class B ordinary shares	5,953	(2)	D

Explanation of Responses:

1. Each American depositary share represents one Class B ordinary share.

2. Represents restricted share units granted to the reporting person pursuant to the issuer's share incentive plan, which will vest on February 7, 2027 and do not have expiration dates. These restricted share units evidence the contingent right to receive Class B ordinary shares upon vesting.

	/s/ Yi Zhang	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What insider ownership did Zhang Yi report in Hesai Group (HSAI)?

Zhang Yi reported direct ownership of 16,479 American depositary shares of Hesai Group and restricted share units representing 5,953 Class B ordinary shares. This disclosure reflects his initial beneficial ownership as a director, rather than a new purchase or sale in the market.

What do Zhang Yi’s restricted share units in Hesai Group (HSAI) represent?

The restricted share units reported by Zhang Yi represent a contingent right to receive 5,953 Class B ordinary shares of Hesai Group. They were granted under the company’s share incentive plan and convert into shares only when vesting conditions are satisfied by the specified vesting date.

When will Zhang Yi’s restricted share units in Hesai Group (HSAI) vest?

Zhang Yi’s restricted share units in Hesai Group will vest on February 7, 2027. Upon vesting, these units entitle him to receive 5,953 Class B ordinary shares, increasing his delivered share ownership without requiring a cash exercise price from the reporting person.

How many American depositary shares of Hesai Group (HSAI) does Zhang Yi hold?

Zhang Yi directly holds 16,479 American depositary shares of Hesai Group. According to the disclosure, each ADS represents one Class B ordinary share, so this ADS position corresponds economically to 16,479 Class B ordinary shares, separate from his unvested restricted share units.

What is the relationship between Hesai Group ADSs and Class B ordinary shares?

Each American depositary share of Hesai Group represents one Class B ordinary share. This 1:1 ratio means an investor’s ADS holdings correspond directly to an equal number of underlying Class B ordinary shares, simplifying comparisons between ADS positions and ordinary share counts in disclosures.

Does Zhang Yi’s Form 3 for Hesai Group (HSAI) show any stock purchases or sales?

The Form 3 for Zhang Yi does not show stock purchases or sales. It is an initial statement of beneficial ownership, listing existing holdings of 16,479 ADS and restricted share units for 5,953 Class B ordinary shares, rather than recording open-market trading activity.