Maase Inc. (MAAS) to sell Puyi Group for RMB 70,000,000 cash and fund exit

Rhea-AI Filing Summary

Maase Inc. reported that it has restructured the planned sale of its subsidiary Puyi Group Limited to Echoes Group Ltd. The original share purchase agreement between Puyi Group and Echoes Group was terminated by mutual consent, and a new agreement was signed on September 26, 2025, making Maase Inc. the direct seller.

Under the new agreement, Maase Inc. will transfer 100% of the equity interests in Puyi Group Limited, along with all equity interests in subsidiaries directly or contractually controlled by Puyi Group, for a cash consideration of RMB 70,000,000. The deal has been approved by the board and is expected to close by the end of September 2025, subject to customary conditions. Once completed, Maase Inc. will cease all fund product distribution operations.

Insights

Equity & Corporate Transactions Analyst

Maase Inc. is selling Puyi Group for cash and exiting fund distribution.

Maase Inc. replaced an earlier subsidiary-level sale structure with a new agreement dated September 26, 2025, under which it directly sells 100% of Puyi Group Limited and its controlled subsidiaries to Echoes Group Ltd. The transaction is fully cash-based with consideration of RMB 70,000,000 and is described as not being a related-party transaction.

The board of directors has approved the deal, and completion is expected by the end of September 2025, subject to customary closing conditions in the new agreement. A notable consequence disclosed is that, after closing, Maase Inc. will cease all fund product distribution operations, indicating an exit from this business line. The overall impact will depend on how important this segment was to the company’s revenues and strategy, which is not detailed here.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of September 2025

Commission File Number 001-38813

Maase Inc.

12F, Block B, Longhu Xicheng Tianjie
No. 399 Huazhaobi Xishun Street, Jinniu District, Chengdu
Sichuan Province, People’s Republic of China
Tel: +86-028-86762596

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒             Form 40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Share transfer of Puyi Group Limited

As previously disclosed in the Company’s Form 6-K filed on September 18, 2025, Puyi Group Limited (“Puyi Group” or the “Original Seller”), a subsidiary of Maase Inc. (the “Company”), entered into a Shares Sales and Purchases Agreement (the “Original Agreement”) with Echoes Group Ltd (“Echoes Group” or the “Buyer”) on September 12, 2025. Both entities are business companies incorporated under the laws of the British Virgin Islands.

In light of the Company’s operational adjustments, the Buyer and the Original Seller have mutually agreed to terminate the Original Agreement through amicable negotiations. Accordingly, the parties entered into a termination agreement (the “Termination Agreement”), effective as of the agreed termination date, under which the transaction contemplated by the Original Agreement has been terminated.

On September 26, 2025, the Company (as the “New Seller”) entered into a new Shares Sales and Purchases Agreement (the “New Agreement”) with the Buyer. Pursuant to the New Agreement, the Company will transfer 100% of the equity interests in its wholly-owned subsidiary, Puyi Group Limited, together with all equity interests in subsidiaries directly or contractually controlled by Puyi Group. The transaction is cash-based, with a total consideration of RMB 70,000,000, and does not constitute a related-party transaction.

The transaction has been approved by the Company’s board of directors and is expected to be completed by the end of September 2025, subject to the satisfaction of customary closing conditions set forth in the New Agreement. Upon completion of the transaction, the Company will cease all fund product distribution operations.

The foregoing descriptions of the New Agreement and the Termination Agreement are not complete and are qualified in their entirety by reference to the full texts of the agreements, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 6-K and incorporated herein by reference.

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EXHIBIT INDEX

Exhibit Number		Description
10.1		Shares Sales and Purchases Agreement dated September 26 2025, by and between Echoes Group Ltd and Maase Inc.
10.2		Termination Agreement dated September 26 2025, by and between Echoes Group Ltd and Puyi Group Limited

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Maase Inc.
Date: September 30, 2025
	By:	/s/ Min Zhou
		Name:	Min Zhou
		Title:	Vice-Chairperson of the Board, Chief Executive Officer

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FAQ

What transaction did Maase Inc. (MAAS) disclose involving Puyi Group Limited?

Maase Inc. disclosed a new Shares Sales and Purchases Agreement under which it will transfer 100% of the equity interests in Puyi Group Limited and its controlled subsidiaries to Echoes Group Ltd.

How much is Echoes Group paying Maase Inc. for Puyi Group Limited?

The transaction is cash-based with a total consideration of RMB 70,000,000, as stated in the new share purchase agreement between Maase Inc. and Echoes Group.

Is the sale of Puyi Group Limited a related-party transaction for Maase Inc. (MAAS)?

No. The filing specifies that the cash-based transaction with Echoes Group Ltd, for RMB 70,000,000, does not constitute a related-party transaction.

What happens to Maase Inc.’s fund product distribution business after this deal?

The filing states that upon completion of the transaction, Maase Inc. will cease all fund product distribution operations, reflecting an exit from that line of business.

When is the sale of Puyi Group Limited to Echoes Group expected to close?

The transaction, which has been approved by the board of directors, is expected to be completed by the end of September 2025, subject to satisfaction of customary closing conditions.

Why was the original agreement involving Puyi Group Limited terminated?

The earlier agreement between Puyi Group Limited and Echoes Group Ltd was terminated by mutual agreement in light of Maase Inc.’s operational adjustments, and a new agreement naming Maase Inc. as seller was executed instead.