Hesai Group (HSAI) CTO discloses large initial share holdings

Rhea-AI Filing Summary

Hesai Group director and Chief Technology Officer Xiang Shaoqing filed an initial ownership report showing indirect holdings through Galbadia Limited. The filing lists 165,031 American depositary shares, each representing one Class B ordinary share, and 8,890,603 Class A ordinary shares. These positions reflect existing ownership rather than new buying or selling activity.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Xiang Shaoqing

Role Chief Technology Officer

Type	Security	Shares	Price	Value
holding	American depositary shares	--	--	--
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: American depositary shares — 165,031 shares (Indirect, by Galbadia Limited); Class A ordinary shares — 8,890,603 shares (Indirect, by Galbadia Limited)

Footnotes (1)

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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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Xiang Shaoqing

(Last) (First) (Middle)

10TH FLOOR, BUILDING A

NO. 658 ZHAOHUA ROAD, CHANGNING DISTRICT

(Street)

SHANGHAI 200050

(City) (State) (Zip)

UNITED STATES

(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
X	Officer (give title below)		Other (specify below)
	Chief Technology Officer

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)	165,031	I	by Galbadia Limited
Class A ordinary shares	8,890,603	I	by Galbadia Limited

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

Explanation of Responses:

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

	/s/ Shaoqing Xiang	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 does Hesai Group (HSAI) disclose in Xiang Shaoqing’s Form 3?

The Form 3 shows Xiang Shaoqing’s existing indirect ownership in Hesai Group. It reports 165,031 American depositary shares and 8,890,603 Class A ordinary shares held through Galbadia Limited, establishing his baseline insider position without indicating any recent trades.

How many Hesai Group ADSs does Xiang Shaoqing indirectly hold?

Xiang Shaoqing is reported as indirectly holding 165,031 American depositary shares of Hesai Group. According to the filing, these ADSs are held through Galbadia Limited and each ADS represents one Class B ordinary share of the company.

How many Class A ordinary shares of Hesai Group does Xiang Shaoqing report?

The filing lists 8,890,603 Class A ordinary shares of Hesai Group indirectly held by Xiang Shaoqing. These shares are owned through Galbadia Limited, reflecting a significant existing ownership stake rather than a new purchase or sale transaction.

Are Xiang Shaoqing’s Hesai Group holdings direct or indirect?

All reported Hesai Group holdings in this Form 3 are indirect. The filing specifies that both the 165,031 American depositary shares and 8,890,603 Class A ordinary shares are held "by Galbadia Limited," indicating ownership through that entity.

What does each Hesai Group American depositary share represent?

Each Hesai Group American depositary share represents one Class B ordinary share. This relationship is stated in the footnotes, clarifying how the ADS position corresponds to the underlying equity and helping investors understand the economic interest tied to the ADS holdings.

Does Hesai Group’s Form 3 for Xiang Shaoqing show any insider buying or selling?

The Form 3 does not show insider buying or selling activity. It is an initial ownership report that records existing indirect holdings in American depositary shares and Class A ordinary shares through Galbadia Limited, without listing any new purchase or sale transactions.