Sun Kai 4

What Happened
Sun Kai, listed as a 10% owner of Hesai Group (HSAI), was granted 157,000 restricted share units (RSUs) on March 25, 2026. The RSUs were reported as acquired at $0.00 (derivative award), meaning no cash was paid at grant. Each RSU represents the contingent right to receive one Class B ordinary share upon vesting, so the award could convert into up to 157,000 shares over time.

Key Details

• Transaction type: Award/Grant (Form 4 code A), derivative (restricted share units).
• Transaction date: March 25, 2026; filing date: March 27, 2026 (filed within the normal 2‑business‑day window).
• Amount: 157,000 RSUs granted at $0.00 (no purchase price).
• Vesting: Per footnote, RSUs vest in four equal annual installments over 4 years, beginning on the first anniversary of May 31, 2026; RSUs do not expire and vesting is subject to continued service.
• Shares owned after transaction: Not specified in this Form 4 filing.
• Footnotes: F1 — each RSU equals right to one Class B ordinary share at vesting; F2 — grant date and vesting schedule as described above.

Context
This was a compensation award (not an open‑market purchase or sale). Awards like RSUs are commonly used for long‑term incentive compensation and do not necessarily indicate an insider buying or selling based on near‑term views of the stock. As a 10% owner, Sun Kai is a significant shareholder; this filing documents a derivative grant rather than an immediate change in marketable shares.