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. 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.
Maase Inc. director Yu Pei filed an initial ownership report showing no current stake in the company. The Form 3 lists positions in both Class A Ordinary Shares and Class B Ordinary Shares, with total shares following the reporting date recorded as zero for each class.
Maase Inc. Chief Financial Officer Shi Jiaxing filed an initial insider ownership report. The Form 3 shows zero Class A Ordinary Shares and zero Class B Ordinary Shares beneficially owned directly after the reported date, indicating no current reported equity holdings in the company.
Maase Inc. director Li Yingying filed an initial ownership report indicating no beneficial holdings in the company. The filing shows Li directly owning 0 Class A Ordinary Shares and 0 Class B Ordinary Shares of Maase Inc. as of the reported date.
Maase Inc. director CHUI KWAN PUI filed an initial ownership report on Form 3. The filing lists Class A Ordinary Shares and Class B Ordinary Shares with total shares following the report shown as 0 for each class as of January 24, 2025.
Maase Inc. filed a Form 6-K to present detailed financial information on its acquisition of Real Prospect Limited, completed on October 28, 2025. Maase agreed to issue 98,002,174 Class A ordinary shares at a purchase price of US$1.5 per share as consideration.
Real Prospect’s audited combined results for the year ended June 30, 2025 show net revenues of RMB189 and a net loss of RMB1,354, with net cash used in operating activities of RMB977. The auditor highlighted a material uncertainty related to going concern, citing losses and limited cash. As of June 30, 2025, Real Prospect held total assets of RMB160,773, including an equity method investment of RMB112,649, and an accumulated deficit of RMB1,374.
Unaudited pro forma condensed combined financials show Maase and Real Prospect together, including recognition of RMB922,571 of goodwill and a pro forma net loss attributable to Maase ordinary shareholders of RMB199,458 for the year ended June 30, 2025. The filing is also incorporated by reference into Maase’s existing Form S-8 registration statement.
Maase Inc. has provided detailed financial information for its acquisition of Carve Group Ltd, which it completed on August 27, 2025. Maase is issuing 195,894,609 Class A ordinary shares at US$1.5 per share as consideration. The report includes Carve’s audited 2024–2025 financial statements and combined pro forma figures showing how Maase and Carve would look as a single group as of June 30, 2025.
Carve generated RMB3,483 thousand in revenue and a net loss of RMB1,775 thousand for the year ended June 30, 2025, and its auditor highlighted a material uncertainty about its ability to continue as a going concern because of a RMB41,438 thousand working-capital deficit and accumulated deficit of RMB33,202 thousand. Much of Carve’s balance sheet is tied to long-lived ginseng inventory and related payables. The pro forma data illustrate the enlarged asset base and loss position after including Carve, without predicting future performance.
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.
Maase Inc. entered into a transaction agreement to acquire 100% of Times Good Limited, which controls the core assets and operations of the Huazhi Group. The deal values Huazhi Group at about RMB1.1 billion, equivalent to US$157,100,216 using a specified exchange rate.
The purchase price will be paid through 87,400,144 Class A ordinary shares and a US$26,000,000 cash payment to the sellers, with the cash due within 365 days after closing. The sellers will face a 60‑month lock-up on the consideration shares after closing. Closing is targeted by the end of February 2026, subject to customary conditions, including regulatory filings and approvals described in the agreement.
Maase Inc. shareholder WJ Management Company Limited and its owner Dejun Yu report beneficial ownership of 83,049,939 Class A ordinary shares, representing 23.41% of Maase’s ordinary shares and 8.18% of the company’s voting power. These Class A shares are held directly by WJ Management, which is wholly owned by Yu, so he is deemed to beneficially own the same amount.
The filing notes there is no change in the number of Class A shares held by the reporting persons. Their ownership percentage declined because Maase issued additional Class A ordinary shares in a separate transaction on January 14, 2026, in which neither WJ Management nor Yu participated. Each Class A share carries one vote, while each Class B share carries one hundred votes, which explains why their voting power percentage is lower than their economic stake.