Hazing is generally viewed as doing something that is humiliating in order to be part of a collective group.
I think both happen. Teasing in a positive way can be a form of bonding. Hazing only forms a bond for the hazers (and not always and not a strong one) at the expense of others.
I am assuming you mean teasing and that can be a learning experience for kids on how to handle it. Hazing never is in my mind.