Li Yifan 4

What Happened
Li Yifan, CEO of Hesai Group (HSAI), was granted 157,000 restricted share units (RSUs) on March 25, 2026. The grant is reported as an award/derivative acquisition (code A) with an acquisition price of $0. Each RSU represents the contingent right to one Class B ordinary share upon vesting.

Key Details

• Transaction date: 2026-03-25 (Filed: 2026-03-27). Filing appears timely; no late filing indicated in the Form 4.
• Grant: 157,000 RSUs; reported acquisition price: $0 (derivative award).
• Vesting: RSUs were granted March 25, 2026 and vest in four equal annual installments over four years, beginning on the first anniversary of May 31, 2026 (i.e., first vesting on May 31, 2027). The RSUs have no expiration date (per footnotes).
• Shares owned after transaction: not specified in the filing.
• No 10b5-1 plan, tax withholding, or immediate sale noted in the Form 4.

Context
RSUs are contingent awards that convert into actual shares only as they vest and typically require continued service; they do not represent an immediate purchase or sale of stock. For retail investors, executive RSU grants are a common form of compensation and reflect long-term incentive alignment, but they do not, by themselves, indicate insider buying or selling pressure. The ultimate value to the insider depends on Hesai’s share price at each vesting date.