Hesai Group (HSAI) CTO awarded 157,000 RSUs tied to Class B shares

Rhea-AI Filing Summary

Xiang Shaoqing reported acquisition or exercise transactions in this Form 4 filing.

Hesai Group director and Chief Technology Officer Xiang Shaoqing received a grant of 157,000 restricted share units. Each unit represents the right to receive one Class B ordinary share when it vests. The award was granted on March 25, 2026 as equity-based compensation.

The 157,000 restricted share units vest in four equal annual installments over a four-year period, beginning on the first anniversary of May 31, 2026, so long as Xiang continues in service through each vesting date. Following this grant, the Form 4 shows 157,000 restricted share units held directly.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)

CHINA

(Country)

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

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

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

2a. Foreign Trading Symbol
[[HKEX: 2525]]

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted share units	(1)	03/25/2026		A		157,000		(2)	(2)	Class B ordinary shares	157,000	$0	157,000	D

Explanation of Responses:

1. Each restricted share unit represents the contingent right to receive one (1) Class B ordinary share upon vesting.

2. These restricted share units were granted on March 25, 2026, and vest per annum in four equal installments over a 4-year period, starting from the first anniversary of May 31, 2026, subject to the reporting person's continued service through the applicable vesting date. The restricted share units do not have expiration dates.

	/s/ Shaoqing Xiang	03/27/2026
	** 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 4 (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 4: SEC 1474 (03-26)

FAQ

What insider transaction did Hesai Group (HSAI) report for Xiang Shaoqing?

Hesai Group reported that director and Chief Technology Officer Xiang Shaoqing received a grant of 157,000 restricted share units. These equity awards are a form of share-based compensation rather than an open-market stock purchase or sale, and are tied to future vesting conditions.

How many restricted share units were granted to Hesai Group CTO Xiang Shaoqing?

Xiang Shaoqing was granted 157,000 restricted share units. Each unit gives him the contingent right to receive one Class B ordinary share upon vesting, meaning the award represents potential future ownership of 157,000 Class B ordinary shares if all vesting conditions are satisfied.

When do the 157,000 Hesai Group restricted share units for Xiang Shaoqing vest?

The 157,000 restricted share units vest in four equal annual installments over a four-year period. Vesting begins on the first anniversary of May 31, 2026, and continues annually, provided Xiang Shaoqing remains in service through each scheduled vesting date.

What type of security did Hesai Group (HSAI) grant to Xiang Shaoqing in this Form 4?

Hesai Group granted restricted share units that are linked to Class B ordinary shares. Each restricted share unit represents a contingent right to receive one Class B ordinary share in the future, subject to vesting, rather than an immediate issuance of tradable shares at grant.

Does the Hesai Group Form 4 show an open-market buy or sell by Xiang Shaoqing?

No, the Form 4 shows a grant of restricted share units classified as a grant, award, or other acquisition. The transaction is compensation-related and was reported with code A, indicating it is not an open-market stock purchase or sale by Xiang Shaoqing.

How many restricted share units does Xiang Shaoqing hold after this Hesai Group grant?

After this transaction, the Form 4 reports that Xiang Shaoqing directly holds 157,000 restricted share units. These units are scheduled to vest in four equal annual tranches, beginning on the first anniversary of May 31, 2026, assuming continued service with Hesai Group.