Xiang Shaoqing 4

What Happened
Xiang Shaoqing, reported as a 10% owner of Hesai Group (HSAI), was granted 157,000 restricted share units (RSUs) on March 25, 2026. The grant is reported as a derivative award (code A) at $0.00 per unit, so there was no immediate cash exchange. RSUs represent the contingent right to receive Class B ordinary shares upon vesting.

Key Details

• Transaction date: March 25, 2026; Form 4 filed March 27, 2026 (appears timely).
• Instrument: 157,000 restricted share units (derivative award), reported at $0.00 per unit.
• Shares owned after transaction: Not stated in the provided filing excerpt.
• Footnotes:
  • F1 — Each RSU converts to one Class B ordinary share upon vesting.
  • F2 — RSUs granted 3/25/2026 vest in four equal annual installments over 4 years, starting from the first anniversary of May 31, 2026; units have no expiration date.
• Transaction code: A = Award/Grant.

Context
This was an equity award, not an open-market purchase or sale — awards typically reflect compensation or retention incentives and do not represent an immediate change in market exposure. As a 10% owner, Xiang is a significant shareholder; the RSUs will only become tradable if and when they vest and convert to ordinary shares per the stated schedule.