[SCHEDULE 13G/A] Hesai Group SEC Filing

Rhea-AI Filing Summary

Hesai Group Schedule 13G/A summary: Xiaomi Corporation and related entities filed Amendment No. 1 to their Schedule 13G reporting beneficial ownership of Hesai Group Class B ordinary shares. Collectively, Xiaomi Corporation beneficially owns 5,032,680 Class B ordinary shares, representing 3.22% of the class and approximately 1.26% of total voting power. Holdings are split as 2,149,230 shares held by Shanghai Ziyue Enterprise Management Consulting Partnership and 2,883,450 shares held by Fast Pace Limited, a BVI subsidiary wholly owned by Xiaomi.

The amendment states the Reporting Persons have ceased to be beneficial owners of more than five percent of the issuer and that this filing is the final amendment constituting an exit filing. All reported shares are held with sole voting and dispositive power by the listed reporting entities. Percentages are calculated based on the issuer's combined outstanding Class A and Class B shares as of September 16, 2025.

Positive

• Clear disclosure of exact share counts and percentages (5,032,680 shares; 3.22% of class).
• Exit filing confirms compliance by reporting persons ceasing to own >5% of the issuer.

Negative

• Reduced influence: Reporting Persons now hold below 5% and report only 1.26% of total voting power, lowering their relative shareholder influence.

Insights

Financial Analyst

TL;DR: Xiaomi and affiliates report a 3.22% Class B stake in Hesai and file an exit amendment after falling below 5% ownership.

The Schedule 13G/A discloses precise share counts and percentages, clarifying that Xiaomi's beneficial ownership is 5,032,680 Class B shares (3.22%). The split between a PRC partnership (2,149,230 shares) and a BVI subsidiary (2,883,450 shares) is explicit, and all holdings are reported as sole voting and dispositive power. The filing's purpose—confirming cessation of ownership above the 5% threshold—limits near-term market implications but matters for governance and disclosure tracking.

Corporate Governance Expert

TL;DR: This is a compliance-focused exit filing; ownership and voting power details show reduced disclosure threshold status.

The amendment serves as a formal exit filing indicating the Reporting Persons no longer meet the >5% beneficial ownership threshold. Detailed allocation of sole voting and dispositive power to specific entities reduces ambiguity about who controls the reported shares. From a governance perspective, the reduction below 5% decreases potential influence over shareholder votes, and the filing ensures public record alignment with beneficial ownership rules.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Hesai Group

(Name of Issuer)

Class B ordinary shares, par value of $0.0001 per share

(Title of Class of Securities)

428050108

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 428050108

1

Names of Reporting Persons

Xiaomi Corporation

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,032,680.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,032,680.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,032,680.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.22 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Row 5: Represents (i) 2,149,230 Class B ordinary shares held by Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership), a PRC limited partnership. The general partner of Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) is Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd., a PRC limited liability company controlled by Xiaomi Corporation; and (ii) 2,883,450 Class B ordinary shares held by Fast Pace Limited, a British Virgin Islands company wholly owned by Xiaomi Corporation. Row 11: The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by all of the Issuer's issued and outstanding Class A ordinary shares and Class B ordinary shares as a single class as of September 16, 2025.

SCHEDULE 13G

CUSIP No. 428050108

1

Names of Reporting Persons

Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership)

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,149,230.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,149,230.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,149,230.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.38 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Row 5: Represents 2,149,230 Class B ordinary shares held by Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership), a PRC limited partnership. The general partner of Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) is Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd., a PRC limited liability company controlled by Xiaomi Corporation. Row 11: The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by all of the Issuer's issued and outstanding Class A ordinary shares and Class B ordinary shares as a single class as of September 16, 2025.

SCHEDULE 13G

CUSIP No. 428050108

1

Names of Reporting Persons

Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,149,230.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,149,230.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,149,230.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.38 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Row 5: Represents 2,149,230 Class B ordinary shares held by Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership), a PRC limited partnership. The general partner of Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) is Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd., a PRC limited liability company controlled by Xiaomi Corporation. Row 11: The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by all of the Issuer's issued and outstanding Class A ordinary shares and Class B ordinary shares as a single class as of September 16, 2025.

SCHEDULE 13G

CUSIP No. 428050108

1

Names of Reporting Persons

Fast Pace Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,883,450.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,883,450.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,883,450.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.85 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Row 5: Represents 2,883,450 Class B ordinary shares held by Fast Pace Limited, a British Virgin Islands company wholly owned by Xiaomi Corporation. Row 11: The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by all of the Issuer's issued and outstanding Class A ordinary shares and Class B ordinary shares as a single class as of September 16, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hesai Group
(b)	Address of issuer's principal executive offices: 9th Floor, Building L2-B 1588, Zhuguang Road, Qingpu District, Shanghai 201702, People's Republic of China
Item 2.
(a)	Name of person filing: (i) Xiaomi Corporation; (ii) Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) (iii) Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd. (iv) Fast Pace Limited (collectively, the "Reporting Persons") Explanatory Note This Amendment No. 1 (this "Amendment") amends, in its entirety, the statement on Schedule 13G originally filed on February 9, 2024 by the Reporting Persons. This Amendment is being filed to disclose that the Reporting Persons have ceased to be the beneficial owners of more than five percent of the outstanding shares of the Issuer. This Amendment is the final amendment to the Schedule 13G and constitutes an exit filing for each Reporting Person.
(b)	Address or principal business office or, if none, residence: (i) Xiaomi Corporation c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House Grand Cayman, KY1-1104, Cayman Islands (ii) Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) Floor 5, Building 7, No. 3601 Dongfang Road, Pudong New Area Shanghai, People's Republic of China (iii) Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd. No.8, 1st floor, 66 Jiufeng 1st Road, Donghu New Technology Development Zone Wuhan, People's Republic of China (iv) Fast Pace Limited c/o Start Chambers, Wickham's Cay II, P. O. Box 2221, Road Town Tortola, British Virgin Island
(c)	Citizenship: (i) Xiaomi Corporation - Cayman Islands (ii) Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) - People's Republic of China (iii) Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd. - People's Republic of China (iv) Fast Pace Limited - British Virgin Islands
(d)	Title of class of securities: Class B ordinary shares, par value of $0.0001 per share
(e)	CUSIP No.: 428050108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Reporting Person Amount Percent Percent of Sole power to Shared power Sole power to Shared power beneficially of aggregate vote or direct to vote or to dispose or to to dispose or owned class(1) voting power(2) the vote direct the vote direct the disposition of to direct the disposition of Xiaomi Corporation 5,032,680 (3) 3.2% 1.3% 5,032,680 (3) 0 5,032,680 (3) 0 Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) 2,149,230 (4) 1.4% 0.5% 2,149,230 (4) 0 2,149,230 (4) 0 Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd. 2,149,230 (4) 1.4% 0.5% 2,149,230 (4) 0 2,149,230 (4) 0 Fast Pace Limited 2,883,450 (5) 1.9% 0.7% 2,883,450 (5) 0 2,883,450 (5) 0 (1) The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by all of the Issuer's issued and outstanding Class A ordinary shares and Class B ordinary shares as a single class as of September 16, 2025. (2) The percentage of voting power is calculated by dividing the voting power beneficially owned by the reporting person by the voting power beneficially owned by all of the Issuer's holders of Class A ordinary shares and Class B ordinary shares as a single class as of September 16, 2025. Each Class B ordinary share is entitled to one vote per share and each Class A ordinary share is entitled to ten votes per share on all matters submitted to the shareholders for a vote. (3) Represents (i) 2,149,230 Class B ordinary shares held by Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership), a PRC limited partnership. The general partner of Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) is Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd., a PRC limited liability company controlled by Xiaomi Corporation; and (ii) 2,883,450 Class B ordinary shares held by Fast Pace Limited, a British Virgin Islands company wholly owned by Xiaomi Corporation. (4) Represents 2,149,230 Class B ordinary shares held by Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership), a PRC limited partnership. The general partner of Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) is Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd., a PRC limited liability company controlled by Xiaomi Corporation. (5) Represents 2,883,450 Class B ordinary shares held by Fast Pace Limited, a British Virgin Islands company wholly owned by Xiaomi Corporation.
(b)	Percent of class: Xiaomi Corporation: 3.22%, representing 1.26% of the total outstanding voting power; Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership):1.38%, representing 0.54% of the total outstanding voting power; Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd.:1.38%, representing 0.54% of the total outstanding voting power; Fast Pace Limited:1.85%, representing 0.72% of the total outstanding voting power
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Xiaomi Corporation: 5,032,680 Class B ordinary shares Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership):2,149,230 Class B ordinary shares Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd.:2,149,230 Class B ordinary shares Fast Pace Limited:2,883,450 Class B ordinary shares
	(ii) Shared power to vote or to direct the vote: Xiaomi Corporation: 0 Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership): 0 Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd.: 0 Fast Pace Limited: 0
	(iii) Sole power to dispose or to direct the disposition of: Xiaomi Corporation: 5,032,680 Class B ordinary shares Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership):2,149,230 Class B ordinary shares Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd.:2,149,230 Class B ordinary shares Fast Pace Limited:2,883,450 Class B ordinary shares
	(iv) Shared power to dispose or to direct the disposition of: Xiaomi Corporation: 0 Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership): 0 Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd.: 0 Fast Pace Limited: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Xiaomi Corporation

Signature:	By: /s/ Jun Lei
Name/Title:	Jun Lei, Director
Date:	10/02/2025

Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership)

Signature:	/s/ Alain Lam
Name/Title:	By: Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd., its General Partner, Alain Lam, Authorized Signatory
Date:	10/02/2025

Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Ltd.

Signature:	By: /s/ Alain Lam
Name/Title:	Alain Lam, Legal Representative
Date:	10/02/2025

Fast Pace Limited

Signature:	By: /s/ Alain Lam
Name/Title:	Alain Lam, Director
Date:	10/02/2025

Exhibit Information

Exhibit No. Description 99.1 Joint Filing Agreement (incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed on February 9, 2024, by the reporting persons with the Securities and Exchange Commission)

FAQ

How many Hesai (HSAI) Class B shares does Xiaomi beneficially own?

Xiaomi Corporation beneficially owns 5,032,680 Class B ordinary shares of Hesai.

What percentage of Hesai's class does Xiaomi own according to the filing?

The filing reports Xiaomi's ownership as 3.22% of the Class A and Class B shares combined.

Which entities hold the Xiaomi-related Hesai shares?

Holdings are held by Shanghai Ziyue Enterprise Management Consulting Partnership (2,149,230 shares) and Fast Pace Limited (2,883,450 shares).

Does the filing state any change in beneficial ownership status?

Yes. The Amendment states the Reporting Persons have ceased to be beneficial owners of more than five percent and this is a final exit filing.

What voting power do these holdings represent?

Collectively, the reported holdings represent approximately 1.26% of total outstanding voting power.