RMB70M divestment shifts Maase (NASDAQ: MAAS) away from fund distribution

Rhea-AI Filing Summary

Maase Inc. reported that its subsidiary Puyi Group Limited agreed to sell 100% of the equity in Puyi Holdings (Hong Kong) Limited and all subsidiaries it directly or contractually controls to Echoes Group Ltd. The all-cash deal is valued at RMB70,000,000 and is not a related party transaction.

The transaction has been approved by Maase’s board of directors and is expected to close by the end of September 2025. After completion, Maase will cease all fund product distribution operations, signaling a significant shift away from this business line.

Insights

Cross-border M&A and strategy analyst

Maase exits fund distribution via a RMB70M sale of its Puyi HK platform.

Maase Inc. is divesting its fund distribution platform by selling 100% of Puyi Holdings (Hong Kong) Limited and its controlled subsidiaries to Echoes Group Ltd for RMB70,000,000 in cash. The deal has received board approval and is not categorized as a related party transaction.

This move removes an entire operating line, as Maase will cease all fund product distribution operations once the transaction closes, expected by the end of September 2025. The filing does not detail how important this segment is financially, so the impact on revenue and earnings remains unclear from the excerpt.

Key implications will depend on how Maase reallocates the RMB70,000,000 in proceeds and what businesses replace fund distribution. Future periodic reports after September 2025 should clarify the company’s updated revenue mix and strategy following completion of the sale.

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 Holdings (Hong Kong) Limited

On September 12, 2025, Puyi Group Limited (“Puyi Group” or the “Seller”), a subsidiary of Maase Inc. (“the Company”), a business company incorporated under the laws of the British Virgin Islands, has entered into a Shares Sales and Purchases Agreement (the “Agreement”) with Echoes Group Ltd (“Echoes Group” or the “Buyer”), a third-party business company incorporated under the laws of the British Virgin Islands.

Pursuant to the terms of the Agreement, Puyi Group shall transfer 100% of the equity interests in its wholly-owned subsidiary, Puyi Holdings (Hong Kong) Limited (“Puyi HK”), a business company incorporated under the laws of Hong Kong, as well as all equity interests in subsidiaries directly or contractually controlled by Puyi HK. This transaction is a cash transaction with a total consideration of RMB70,000,000 and does not constitute a related party transaction.

This transaction has been approved by the Company’s board of directors and is expected to be completed by the end of September 2025. Upon completion of the transaction, the Company will cease all fund product distribution operations.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 6-K and is incorporated by reference herein.

1

EXHIBIT INDEX

Exhibit Number		Description
10.1		Shares Sales and Purchases Agreement dated September 12, 2025, by and between Echoes Group Ltd and Puyi Group Limited

2

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 18, 2025
	By:	/s/ Zhou Min
		Name:	Zhou Min
		Title:	Vice-Chairperson of the Board, Chief Executive Officer

3

FAQ

What transaction did Maase Inc. (MAAS) disclose in its September 2025 Form 6-K?

Maase Inc. disclosed that subsidiary Puyi Group Limited agreed to sell 100% of Puyi Holdings (Hong Kong) Limited and its controlled subsidiaries to Echoes Group Ltd for RMB70,000,000 in cash, marking a full exit of that corporate structure.

How much is Maase Inc. receiving for the sale of Puyi Holdings (Hong Kong) Limited?

Maase Inc., through Puyi Group, is receiving a cash consideration of RMB70,000,000 for transferring 100% of the equity in Puyi Holdings (Hong Kong) Limited and all subsidiaries it directly or contractually controls to Echoes Group Ltd.

Is the Maase Inc. sale of Puyi Holdings (Hong Kong) Limited a related party transaction?

No, the sale of Puyi Holdings (Hong Kong) Limited is explicitly described as a transaction that does not constitute a related party transaction. The buyer, Echoes Group Ltd, is identified as a third-party business company incorporated in the British Virgin Islands.

When is the Maase Inc. sale of Puyi Holdings (Hong Kong) Limited expected to be completed?

The transaction is expected to be completed by the end of September 2025. The agreement has already been approved by Maase Inc.’s board of directors, and closing will follow execution of the agreed terms between Puyi Group and Echoes Group Ltd.

How will the sale of Puyi Holdings (Hong Kong) Limited affect Maase Inc.’s operations?

Upon completion of the sale, Maase Inc. will cease all fund product distribution operations. This means the company is fully exiting that business line, and future revenue and strategy will rely on other activities not described in this excerpt.