Maase Inc. stake in AIFU (AIFU) falls to 1.33% after major share issue

Rhea-AI Filing Summary

Maase Inc. filed Amendment No. 6 to its Schedule 13D on AIFU Inc. to report that its ownership was diluted by a large share issuance by the company. AIFU issued 102,578,839 Class A ordinary shares to YS Management Company Limited and Ethereal Group Ltd in connection with acquiring Nova Lumina Limited. Maase Inc. continues to beneficially own 1,642,774 ordinary shares, consisting of 367,774 Class A shares and 1,275,000 Class B shares. Because the total shares outstanding increased to 123,514,110 ordinary shares as of January 9, 2026, Maase’s ownership fell from about 7.85% to 1.33%, and its voting power decreased from about 16.75% to about 14.77%. As a result, Maase Inc. is no longer a beneficial owner of more than five percent of this class.

Insights

Equity ownership and governance analyst

Major AIFU share issuance sharply dilutes Maase Inc.’s stake and voting power.

AIFU Inc. completed an issuance of 102,578,839 Class A ordinary shares on January 9, 2026 to YS Management Company Limited and Ethereal Group Ltd as consideration for acquiring Nova Lumina Limited. This significantly increased total outstanding ordinary shares to 123,514,110, combining both Class A and Class B.

Maase Inc. did not buy or sell shares in this period and still beneficially owns 1,642,774 ordinary shares (367,774 Class A and 1,275,000 Class B). However, its percentage ownership dropped from about 7.85% to 1.33%, and its voting power declined from about 16.75% to about 14.77%, reflecting the super-voting nature of Class B shares (100 votes each versus 1 vote for Class A).

Crossing below the 5% threshold means Maase Inc. no longer qualifies as a greater-than-five-percent beneficial owner as of January 9, 2026. Subsequent disclosures about AIFU’s capital structure and control dynamics will come from future company or shareholder filings rather than from Maase’s status as a large holder.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

AIFU INC.

(Name of Issuer)

Class A ordinary share, par value $0.4 per share

(Title of Class of Securities)

G3314G110

(CUSIP Number)

MAASE INC.
c/o Min Zhou, Zhixin ManufacturingValley, Yangzhou Road, Economic Development Zone
Shandong, F4, 266000
86-532-66030885

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/09/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G3314G110

1

Name of reporting person

Maase Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,642,774.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,642,774.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,642,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.33 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 367,774 Class A ordinary shares and 1,275,000 Class B ordinary shares Note to Row 13: The percentage calculation is based on 123,514,110 ordinary shares, including 116,014,110 Class A ordinary shares and 7,500,000 Class B ordinary shares, of the Issuer outstanding as of January 9, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary share, par value $0.4 per share
(b)	Name of Issuer: AIFU INC.
(c)	Address of Issuer's Principal Executive Offices: 1-10, Jinzhong Guobin Hui, Xili St., Shenzhen, CHINA , 518055.
Item 1 Comment: This Amendment No. 6 to Schedule 13D (this "Amendment No. 6") amends and supplements the prior statement on Schedule 13D as filed on January 5, 2024 (the "Original 13D"), Amendment No. 1 to Schedule 13D as filed on May 8, 2024, Amendment No. 2 to Schedule 13D as filed on January 6, 2025, Amendment No. 3 to Schedule 13D as filed on May 8, 2025, Amendment No. 4 to Schedule 13D as filed on September 24, 2025, and Amendment No. 5 to Schedule 13D as filed on December 23, 2025 (the Original 13D as amended and supplemented, this "Schedule 13D"), and relates to the beneficial ownership of Class A ordinary shares, par value $0.4 per share (the "Class A Ordinary Shares") of AIFU Inc., a Cayman Islands exempted company (the "Issuer") whose principal executive office is located at Room 001, Build 10, Jinzhong Guobin Hui, 2nd Road, Qinyuan, Lihu Community, Xili Street, Nanshan District, Shenzhen, People's Republic of China.
Item 2.	Identity and Background
(a)	Item 2 (b) is hereby amended and supplemented as follows:
(b)	The principal business and office address of the Reporting Person is Building 48, Zhixin Manufacturing Valley, Yangzhou Road, Economic Development Zone, Shandong Province, People's Republic of China.
Item 3.	Source and Amount of Funds or Other Consideration
	The information set forth in Item 5 is hereby incorporated by reference into this Item 3. Item 3 is hereby amended and supplemented in its entirety as follows: Not applicable. The transaction described in Item 5 involved an issuance of shares by the Issuer to certain third parties. The Reporting Person was not a party to this transaction and did not provide any funds or other consideration.
Item 4.	Purpose of Transaction
	The information set forth in Item 5 is hereby incorporated by reference into this Item 4. Item 4 is hereby amended and supplemented to add the following: This Amendment No. 6 is filed to report that the Reporting Person's aggregate percentage beneficial ownership and voting power in the Issuer was diluted as a result of the Issuer's issuance of shares as described in Item 5 below.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follow: The responses of the Reporting Person to Rows (7) through (13), including the footnotes thereto, of the cover pages of this Schedule 13D/A are hereby incorporated by reference in this Item 5. Pursuant to the Issuer's Form 6-K, on January 9, 2026, the Issuer completed the issuance of 102,578,839 Class A ordinary shares to YS Management Company Limited and Ethereal Group Ltd, in relations to its previously announced acquisition of 100% of the equity interest in Nova Lumina Limited (the "Share Issuance"). As reported in Schedule 13D (Amendment No. 4 and No. 5), the Reporting Person beneficially owns 1,642,774 Ordinary Shares, including 367,774 Class A ordinary shares and 1,275,000 Class B ordinary shares of the Issuer. The Reporting Person did not acquire or dispose of any shares subsequent to the filing of Amendment 3 to this Schedule 13D on May 8, 2025. However, as a direct result of the increase in the total number of the Issuer's outstanding shares due to the Share Issuance, the Reporting Person's aggregate beneficial ownership was diluted from approximately 7.85%, as reported in Schedule 13D (Amendment No. 5), to approximately 1.33%, as reported herein, and their aggregate voting power was diluted from approximately 16.75% to approximately 14.77%. The percentage of beneficial ownership of each Reporting Persons is based on 123,514,110 ordinary shares, including 116,014,110 Class A ordinary shares and 7,500,000 Class B ordinary shares, of the Issuer outstanding as of January 9, 2026. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage ownership. Percentage of aggregate voting power is calculated by dividing the voting power beneficially owned by each Reporting Person by the voting power of all of our Class A ordinary shares and Class B ordinary shares as a single class. Each Class A ordinary share is entitled to one (1) vote while each Class B ordinary share is entitled to one hundred (100) votes on any and all matters submitted for a vote. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.
(e)	Item 5(e) is hereby amended and restated as follow: As of January 9, 2026, as the result of the dilution from the Share Issuance, the Reporting Person ceased to be the beneficial owner of more than five percent of the class of securities.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1: List of directors and executive officers of Maase Inc. (filed herewith)

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Maase Inc.

Signature:	/s/ Min Zhou
Name/Title:	Min Zhou /Vice-Chairperson of the Board, Chief Executive Officer
Date:	01/13/2026

FAQ

What change in ownership does this AIFU (AIFU) Schedule 13D/A report?

The filing reports that Maase Inc. was diluted from approximately 7.85% beneficial ownership of AIFU to approximately 1.33%, without buying or selling any shares.

How many AIFU shares does Maase Inc. currently beneficially own?

Maase Inc. beneficially owns 1,642,774 ordinary shares of AIFU, including 367,774 Class A ordinary shares and 1,275,000 Class B ordinary shares.

What transaction caused Maase Inc.’s stake in AIFU to be diluted?

AIFU completed the issuance of 102,578,839 Class A ordinary shares to YS Management Company Limited and Ethereal Group Ltd in connection with acquiring Nova Lumina Limited, increasing total shares outstanding.

What is the new total number of AIFU shares outstanding used in the ownership calculation?

The percentages are based on 123,514,110 ordinary shares outstanding as of January 9, 2026, including 116,014,110 Class A and 7,500,000 Class B ordinary shares.

How did Maase Inc.’s voting power in AIFU change?

Maase Inc.’s aggregate voting power was diluted from approximately 16.75% to approximately 14.77%, reflecting the increase in AIFU’s total voting shares.

Is Maase Inc. still a more-than-five-percent beneficial owner of AIFU shares?

No. As of January 9, 2026, Maase Inc. ceased to be the beneficial owner of more than 5% of the relevant class of AIFU securities.

Did Maase Inc. contribute funds to the AIFU share issuance linked to Nova Lumina?

No. The filing states that the transaction involved an issuance of shares by AIFU to certain third parties and that Maase Inc. was not a party and did not provide funds or other consideration.