Hesai Group

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Investigation Details

Blue Orca Capital issued a report on March 18, 2025, announcing that it has a short position in Hesai Group. The rationale for Blue Orca’s short position is that Hesai is a “Nasdaq-listed Chinese scam actively lying to investors, the Department of Defense, and a United States federal court.” Blue Orca believes that Hesai is falsely attempting to escape its designation as a “Chinese military company” by claiming that it has no involvement with the Chinese military. Blue Orca claims to have found “clear smoking-gun photographic and video evidence that Chinese military vehicles are outfitted with Hesai LiDAR systems.” Blue Orca also contends that Hesai’s financial disclosures are false and misleading, stating, “It claims revenues that, in our opinion, do not appear to be consistent with the purchasing volumes of its largest customer. It claims industry leading margins which defy the laws of financial physics.”

Following this news, Hesai Group stock dropped 10%.