Hesai Group (HSAI) CEO Li Yifan granted 157,000 restricted share units

Rhea-AI Filing Summary

Li Yifan reported acquisition or exercise transactions in this Form 4 filing.

Hesai Group Chief Executive Officer Li Yifan reported receiving a grant of 157,000 restricted share units. Each unit represents the right to receive one Class B ordinary share when it vests, so this award equates to 157,000 Class B ordinary shares if fully vested.

The grant was made on March 25, 2026 and vests in four equal annual installments over a four-year period, starting on the first anniversary of May 31, 2026, as long as Li Yifan continues in service through each vesting date. Following this grant, he holds 157,000 restricted share units 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^*

Li Yifan

(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 Executive 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/ Yifan Li	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 Li Yifan?

Hesai Group reported that CEO Li Yifan received a grant of 157,000 restricted share units. These units were awarded as equity compensation and each unit represents the right to receive one Class B ordinary share upon vesting, increasing his potential future share ownership.

How many restricted share units did Li Yifan receive in this Form 4 for HSAI?

Li Yifan received 157,000 restricted share units. According to the filing, each restricted share unit corresponds to one Class B ordinary share upon vesting, so the award represents a potential 157,000 Class B ordinary shares if all vesting conditions are satisfied over time.

What is the vesting schedule for Li Yifan’s 157,000 Hesai Group RSUs?

The 157,000 restricted share units granted to Li Yifan vest in four equal annual installments over four years. Vesting begins on the first anniversary of May 31, 2026, and continues annually, subject to his continued service through each applicable vesting date as described.

What does each restricted share unit in Hesai Group’s grant to Li Yifan represent?

Each restricted share unit represents a contingent right to receive one Class B ordinary share of Hesai Group upon vesting. This means that, as the units vest over time, Li Yifan can receive up to 157,000 Class B ordinary shares tied to this equity award.

Does Li Yifan’s Hesai Group RSU award have an expiration date?

The filing states that the restricted share units granted to Li Yifan do not have expiration dates. Instead, the key condition is vesting over four years, starting from the first anniversary of May 31, 2026, contingent on his continued service with the company.

How many restricted share units does Li Yifan hold after this Hesai Group transaction?

After this transaction, Li Yifan holds 157,000 restricted share units directly. This figure reflects the full amount of the new grant reported in the Form 4 and indicates his outstanding RSU position from this award as of the transaction date.