Maase Inc. (MAAS) plans stock deal for Sandi Water unit

Rhea-AI Filing Summary

Maase Inc. reports it is in advanced negotiations to acquire Shandong Sandi Water Purification Technology Co., Ltd., a leading provider of drinking water pipe system solutions in China. The target’s valuation is expected to be approximately RMB700 million.

Maase plans to pay the purchase consideration in newly issued Class A ordinary shares with a par value of US$0.09 each, at a purchase price of US$1.8 per share. The companies are finalizing definitive agreements, and, subject to customary closing conditions, Maase expects to complete the acquisition within twelve months. Extensive forward-looking statement language highlights that the transaction may not close and that business results could differ materially from current expectations.

Insights

Equity capital markets and M&A analyst

Maase plans an all-share acquisition of a RMB700m water pipe business, with closing still contingent.

Maase Inc. is negotiating to acquire Shandong Sandi Water Purification Technology, described as a leading drinking-water pipe system provider in China. The preliminary valuation is about RMB700 million, with consideration paid entirely in newly issued Class A ordinary shares priced at US$1.8 per share.

Structuring the deal as stock means Maase preserves cash while potentially diluting existing shareholders, though the filing does not quantify the share count. Strategic fit appears focused on drinking water infrastructure and solutions within China, but there is no detail on target revenues, margins, or integration plans in the excerpt.

The transaction remains uncertain: the parties are still finalizing definitive agreements, and closing is expressly subject to “customary closing conditions,” with an expected completion within twelve months. The extensive forward-looking statements section stresses risks that agreements may not be executed, conditions may not be satisfied, and actual business performance of the acquired assets may diverge from expectations.

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 February 2026

Commission File Number 001-38813

Maase Inc.

Building 48, Zhixin Manufacturing Valley Industrial Park

No. 52 Yangzhou Road, Economic Development Zone

Laixi, Qingdao, Shandong Province, People’s Republic of China

Tel: +86-532-66030885

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 ☐

Maase Inc. (“MAAS” or the “Company”) is in advanced stage of negotiation to acquire Shandong Sandi Water Purification Technology Co., Ltd. and its subsidiaries. The target is a leading provider of pipe system solutions for drinking water in China. The Company has reached a preliminary agreement with the target and the sellers that the valuation of the target will be approximately RMB700 million and the consideration will be paid in the form of newly issued Class A ordinary shares of a par value of US$0.09 each of the Company at a purchase price of US$1.8 per share. The Company and the target are finalizing definitive agreements in connection with the acquisition and subject to satisfaction of customary closing conditions, the Company expects to complete the acquisition within twelve months.

Forward-looking Statements

This current report on Form 6-K contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When MAAS uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from MAAS’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: uncertainties related to whether definitive agreements will be executed by the parties; risks related to whether the conditions required to close the acquisition transaction will be satisfied; value and business prospects of the acquired businesses and assets; MAAS’s goals and strategies; MAAS’s future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets MAAS serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by MAAS with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this current report. Additional factors are discussed in MAAS’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. MAAS undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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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: February 5, 2026	By:	/s/ Zhou Min
		Name:	Zhou Min
		Title:	Vice-Chairperson of the Board, Chief Executive Officer

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FAQ

What acquisition has Maase Inc. (MAAS) disclosed in its February 2026 6-K?

Maase Inc. is negotiating to acquire Shandong Sandi Water Purification Technology Co., Ltd. and its subsidiaries. The target is described as a leading provider of pipe system solutions for drinking water in China, and Maase has reached a preliminary valuation agreement with the sellers.

How is Maase Inc. (MAAS) planning to pay for the Sandi Water acquisition?

Maase plans to pay the purchase consideration in newly issued Class A ordinary shares. These shares have a par value of US$0.09 each and will be issued at a purchase price of US$1.8 per share, making the deal an all-stock transaction rather than a cash purchase.

What valuation has been preliminarily agreed for Shandong Sandi Water in the Maase Inc. (MAAS) deal?

The parties have preliminarily agreed on a valuation of approximately RMB700 million for Shandong Sandi Water. This figure reflects the agreed value for the target and its subsidiaries, with the consideration to be settled in newly issued Maase Class A ordinary shares at US$1.8 per share.

When does Maase Inc. (MAAS) expect to complete the Sandi Water acquisition?

Maase expects to complete the acquisition within twelve months. This timing is contingent on finalizing definitive agreements with the target and sellers and on satisfying customary closing conditions, so there is no assurance the transaction will close as currently anticipated.

What risks and uncertainties does Maase Inc. (MAAS) highlight about the planned Sandi Water acquisition?

Maase warns that the acquisition may not close and actual results may differ materially. Risks include whether definitive agreements are executed, satisfaction of closing conditions, the value and business prospects of the acquired assets, competition, regulation, and broader economic conditions in China and international markets.

What forward-looking statement caution does Maase Inc. (MAAS) provide in this 6-K?

Maase emphasizes that forward-looking statements are not guarantees of future performance. It notes these statements involve risks and uncertainties, advises investors not to place undue reliance on them, and references additional risk factors discussed in its reports available on the SEC’s website.