Maase Inc. (NASDAQ: MAAS) is a foreign private issuer that files annual reports on Form 20-F and current reports on Form 6-K. Its filings trace the company's shift from insurance agency and wealth management services into AI computing, large language models, new energy and health and wellness products.
The Form 20-F covers a fiscal year ending June 30 and carries the company's risk factors, including the risks of doing business in China. Annual reports covering fiscal years through June 30, 2025 reflect the period when operations centered on insurance agency and wealth management services.
Form 6-K reports document the transformation. They cover acquisitions and disposals, including Real Prospect Group, Carve Group, Times Good Limited, the Puyi wealth management business and the Laixi stake, together with audited financial statements of acquired businesses and pro forma combined financial information. Semiannual 6-K reports provide unaudited condensed consolidated financial statements with an operating and financial review, and other 6-K reports announce officer appointments, share financings and material agreements.
The Form F-3 shelf registration statement summarizes the business and corporate structure, including the contractual arrangements through which Maase consolidates Huazhi Group. Beneficial ownership reports on Schedule 13D and Schedule 13G, their amendments, and Form 3 initial statements record beneficial ownership in the company.
Maase Inc’s major shareholder reports a lower ownership stake following recent private share sales. Golden Brighter Limited, wholly owned by Baron Ren, now beneficially owns 84,472,001 Class A ordinary shares, representing 19.10% of Maase’s 442,175,578 ordinary shares outstanding as of July 8, 2026. Because Class B shares carry 100 votes each versus 1 vote for Class A, this holding represents 7.66% of the company’s voting power.
The change reflects Golden Brighter’s disposals of 380,000 Class A shares on January 15, 2026 for US$570,000 and 8,197,938 Class A shares on July 8, 2026 for US$12,296,907, both in privately negotiated transactions, as well as additional Class A shares issued by Maase in separate transactions. Golden Brighter and Baron Ren each report sole voting and dispositive power over the 84,472,001 Class A shares.
Maase Inc. filed interim results showing a major business shift and heavy loss for the six months ended December 31, 2025. The company exited its historical wealth management, insurance agency and claims-adjusting operations, which are now reported as discontinued businesses.
From continuing operations, Maase generated net revenues of RMB3,138 mainly from health and wellness products and mobile charging equipment and services, but recorded a net loss from continuing operations of RMB20,173. Including discontinued operations, total net loss reached RMB1,849,289, driven largely by the disposal and deconsolidation of former segments.
As of December 31, 2025, total assets were RMB3,453,807 with very low cash and cash equivalents of RMB1,539. Total liabilities were relatively modest at RMB61,148, while shareholders’ equity was RMB3,343,620, reflecting substantial additional paid-in capital and goodwill from recent acquisitions.
Maase Inc. filed a Form 6-K providing audited 2025 financials for recently acquired Times Good Limited and related unaudited pro forma information. Times Good generated revenue of RMB136,801 thousand but recorded a net loss of RMB67,096 thousand for the year ended June 30, 2025.
As of that date, Times Good had total assets of RMB89,347 thousand against total liabilities of RMB213,845 thousand, resulting in shareholders’ deficit of RMB124,498 thousand. The auditor highlighted a material uncertainty about Times Good’s ability to continue as a going concern due to a working capital deficit of RMB121,596 thousand, accumulated deficit of RMB130,561 thousand and negative operating cash flows of RMB71,287 thousand.
Management’s plans disclosed include a RMB432,116 thousand reduction of payables through debt offset and debt-to-equity arrangements completed on March 31, 2026, a planned divestiture of the underperforming Hangzhou Infinite Firepower business, and expected financial support following the acquisition by Maase Inc.
Maase Inc.’s major shareholder Arts Wing Limited, wholly owned by Robert Liu, reports updated ownership in a Schedule 13D/A. The reporting persons beneficially own 78,564,455 Class A Ordinary Shares, representing 17.77% of Maase’s outstanding ordinary shares and 7.13% of its voting power as of April 7, 2026.
The ownership percentage is calculated against 442,175,578 ordinary shares outstanding, including 435,508,910 Class A and 6,666,668 Class B shares. Each Class A share carries one vote, while each Class B share carries one hundred votes.
The change in beneficial ownership reflects disposals of 4,020,000 Class A shares on January 21, 2026 for approximately $6.0 million and 9,537,589 Class A shares on April 7, 2026 for approximately $32.0 million, both through privately negotiated transactions.
Maase Inc. Schedule 13G discloses that YCY Management Company Limited and Yap Chee Wee beneficially hold 45,000,000 Class A ordinary shares, representing 10.18% of the issuer's outstanding ordinary shares as of March 30, 2026. The filing states the ownership is held through YCY Management Company Limited, which is wholly owned by Yap Chee Wee.
Shares outstanding were 442,175,578 ordinary shares as of March 30, 2026, comprising 435,508,910 Class A and 6,666,668 Class B ordinary shares according to issuer records.
Maase Inc. Schedule 13G/A reports that YF Management Company Limited and its owner LIU YIF beneficially own 4,700,000 Class A Ordinary Shares, representing 1.06% of the company's ordinary shares. The ownership calculation is based on 442,175,578 ordinary shares outstanding as of March 30, 2026.
The filing states sole voting and dispositive power over the 4,700,000 Class A shares and clarifies that YF Management is wholly owned by LIU YIF. Aggregate voting power is reported as 0.43% for each reporting person when Class A and Class B shares are treated as a single class.
Maase Inc. has completed its acquisition of Times Good Limited, which controls the Huazhi Group, a leading computing power and AI algorithm provider in China, for total consideration of approximately RMB1.1 billion. The deal includes 87,400,144 Class A ordinary shares and a deferred cash payment of US$26,000,000.
After the transaction, Maase has 442,175,578 ordinary shares outstanding, with the sellers collectively holding about 19.77% of the share capital and 7.93% of the voting power, subject to a 60‑month lock‑up. The acquisition marks Maase’s strategic shift from a “Scenario Operator” to an “AI Industry Player” with vertically integrated, full‑stack AI capabilities across infrastructure, algorithms, hardware, and operational services.
Maase Inc. director Li Jingkai has filed an initial Form 3, which is the first ownership report required for insiders. The filing shows that Li reports holding no Class A Ordinary Shares and no Class B Ordinary Shares of Maase Inc. following this filing.
Maase Inc. Co-Chief Executive Officer Liu Guotao has filed an initial Form 3 reporting no share ownership in the company. The filing lists entries for both Class A Ordinary Shares and Class B Ordinary Shares with total shares following the report shown as zero for each class.
Maase Inc. director and co-chief executive officer Zhou Min filed an initial ownership report on Form 3. The filing shows that, as of January 24, 2025, Zhou Min reported no direct holdings of either Class A Ordinary Shares or Class B Ordinary Shares of Maase Inc., and it does not disclose any buy or sell transactions.