FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260916E00289 
1. Date of relevant event: 11/09/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 14/09/2026
(dd/mm/yyyy)
3. Stock code: 02525
4. Name of listed corporation: HESAI GROUP - W 
5. Class of shares: Ordinary Shares 
6. Number of issued shares in class: 1,041,146,800
7. Name of substantial shareholder: Morgan Stanley 
8. Registered office: 1585 Broadway, New York 10036, New York, USA
9. Principal place of business in Hong Kong: No place of business in Hong Kong 
15. Exchange on which listed: New York Stock Exchange
16. Name of listed parent and exchange on which parent is listed: Not applicable 
17. Details of relevant event:
  Brief description of relevant event Capacity in which shares were/are held Number of shares bought/sold or involved Currency of transaction On Exchange Off Exchange
Before relevant event After relevant event Highest price (per share) Average price (per share) Average consideration (per share) Nature of consideration
Long position
Short position 
1502You ceased to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares decreased because:
you returned the shares borrowed under a securities borrowing and lending agreement
 
2201Interest of corporation controlled by you
 
 		 1,707,395           
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position88,509,2598.50
Short position63,670,5076.11
Lending Pool00.00
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position84,874,6838.15
Short position61,963,1125.95
Lending Pool00.00
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2201Interest of corporation controlled by you
Long position84,874,683
Short position61,963,112

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position39,240,712
Short position42,262,744
4102Listed derivatives - Cash settled
Long position0
Short position24,024
4105Unlisted derivatives - Physically settled
Long position1,007,695
Short position3,073,248
4106Unlisted derivatives - Cash settled
Long position11,508,918
Short position12,013,254
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
Morgan Stanley Capital Management, LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley100.00N
Long position65,704,497
Short position44,128,531
Morgan Stanley & Co. LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position55,027,324
Short position44,062,114
Morgan Stanley International Holdings Inc.1585 Broadway, New York, New York, 10036, New York. Place of incorporation: USAMorgan Stanley100.00N
Long position19,170,186
Short position17,834,581
Morgan Stanley International Limited25 Cabot Square, Canary Wharf, London, E14 4QA, Place of incorporation: UNITED KINGDOMMorgan Stanley International Holdings Inc.100.00N
Long position19,170,186
Short position15,418,760
Morgan Stanley Investments (UK)20 Bank Street, Canary Wharf, London, E14 4AD, Place of incorporation: UNITED KINGDOMMorgan Stanley International Limited100.00N
Long position19,170,186
Short position15,418,760
Morgan Stanley & Co. International plcLegal & Compliance Department, 25 Cabot Square, Canary Wharf, London, E14 4QA, Place of incorporation: UNITED KINGDOMMorgan Stanley Investments (UK)100.00Y
Long position19,170,186
Short position15,418,760
Morgan Stanley Domestic Holdings, LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00N
Long position5,719,162
Short position60,745
Morgan Stanley Capital Services LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Domestic Holdings, LLC100.00Y
Long position5,719,162
Short position60,745
Parametric Portfolio Associates LLC800 Fifth Avenue, Suite 2800, Seattle, 98104, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position2,521,256
Short position0
Morgan Stanley Investment Management Inc.1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position2,309,856
Short position0
Morgan Stanley Smith Barney LLC1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position89,904
Short position0
Prime Dealer Services Corp.1585 Broadway, New York, 10036, Place of incorporation: USAMorgan Stanley & Co. LLC100.00Y
Long position24,264
Short position0
Morgan Stanley Alternative Investments LLCOne Tower Bridge, 100 Front Street, Suite 400, West Conshohocken, 19428, Place of incorporation: USAMorgan Stanley Investment Management Inc.100.00N
Long position12,642
Short position5,672
Morgan Stanley AIP GP LPOne Tower Bridge, 100 Front Street, Suite 400, West Conshohocken, 19428, Place of incorporation: USAMorgan Stanley Investment Management Inc.0.00Y
Long position12,642
Short position5,672
Morgan Stanley AIP GP LPOne Tower Bridge, 100 Front Street, Suite 400, West Conshohocken, 19428, Place of incorporation: USAMorgan Stanley Alternative Investments LLC100.00Y
Long position12,642
Short position5,672
Morgan Stanley Bank, N.A.201 South Main Street, 5th Floor, Salt Lake City, 84111, Place of incorporation: USAMorgan Stanley Capital Management, LLC100.00Y
Long position89
Short position0
Morgan Stanley (Hong Kong) Holdings LimitedLevel 46, International Commerce Centre, 1 Austin Road West, Kowloon, Place of incorporation: HONG KONGMorgan Stanley International Holdings Inc.100.00N
Long position0
Short position6,720
Morgan Stanley Hong Kong 1238 LimitedLevel 46, International Commerce Centre, 1 Austin Road West, Kowloon, Place of incorporation: HONG KONGMorgan Stanley (Hong Kong) Holdings Limited100.00N
Long position0
Short position6,720
Morgan Stanley Asia Securities Products LLCP.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Grand Cayman. Place of incorporation: CAYMAN ISLANDSMorgan Stanley Hong Kong 1238 Limited100.00N
Long position0
Short position6,720
Morgan Stanley Asia Products LimitedMaples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Place of incorporation: CAYMAN ISLANDSMorgan Stanley Asia Securities Products LLC100.00Y
Long position0
Short position6,720
Morgan Stanley Jubilee Investments Limited20 Bank Street, Canary Wharf, London, E14 4AD, Place of incorporation: UNITED KINGDOMMorgan Stanley International Holdings Inc.100.00N
Long position0
Short position2,409,101
Archimedes Investments Cooperatieve U.A.Herikerbergweg 238, Luna ArenA, Amsterdam, 1101CM, Place of incorporation: NETHERLANDSMorgan Stanley International Holdings Inc.99.90N
Long position0
Short position2,409,101
Archimedes Investments Cooperatieve U.A.Herikerbergweg 238, Luna ArenA, Amsterdam, 1101CM, Place of incorporation: NETHERLANDSMorgan Stanley Jubilee Investments Limited0.10N
Long position0
Short position2,409,101
Morgan Stanley B.V.Luna Arena, Herikerbergweg 238, Amsterdam, 1101 CM, Place of incorporation: NETHERLANDSMorgan Stanley International Holdings Inc.0.00Y
Long position0
Short position2,409,101
Morgan Stanley B.V.Luna Arena, Herikerbergweg 238, Amsterdam, 1101 CM, Place of incorporation: NETHERLANDSMorgan Stanley Jubilee Investments Limited0.00Y
Long position0
Short position2,409,101
Morgan Stanley B.V.Luna Arena, Herikerbergweg 238, Amsterdam, 1101 CM, Place of incorporation: NETHERLANDSArchimedes Investments Cooperatieve U.A.99.99Y
Long position0
Short position2,409,101

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
  
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber of shares
 
Total number of shares in which a substantial shareholder is interested under sections 317 and 3180
26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information:
28. Log/Serial Number of the previous form:
29. Number of concert party document(s) under section 317 attached/uploaded:
Date of filing this Form 2: 16/09/2026
(dd/mm/yyyy)