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. received an updated ownership filing from Golden Brighter Limited and its owner, Baron Ren, on a Schedule 13D/A Amendment No. 2. The reporting persons beneficially own 93,049,939 Class A ordinary shares, which is 26.23% of Maase’s outstanding ordinary shares and represents 9.17% of the company’s voting power.
All 93,049,939 Class A shares are held directly by Golden Brighter Limited, which is wholly owned by Baron Ren, giving him deemed beneficial ownership with sole voting and dispositive power. The filing notes there has been no change in the number of Class A shares they hold; the lower ownership percentage results from Maase issuing additional Class A shares in a separate transaction on January 14, 2026. The reporting persons state they have made no transactions in Maase shares during the 60 days before the filing.
Maase Inc. investor Arts Wing Limited and its owner Robert Liu have updated their ownership disclosure in an amended Schedule 13D. They report beneficial ownership of 92,122,044 Class A ordinary shares, representing 25.97% of Maase’s outstanding ordinary shares and 9.08% of its total voting power as of January 14, 2026. Each Class A share carries one vote, while each Class B share carries one hundred votes.
The shares are directly held by Arts Wing Limited, which is wholly owned by Robert Liu, giving him beneficial ownership under regulatory rules. The filing states there is no change in the number of Class A shares they hold; the lower ownership percentage results from Maase issuing additional Class A shares in a separate transaction on January 14, 2026, in which they did not participate.
Maase Inc. reported that it has completed the acquisition of Oriental Grove Ltd, a British Virgin Islands company focused on premium tea products with about 2,000 metric tons of high-grade tea inventory. Oriental Grove is now a wholly-owned subsidiary.
Maase purchased all issued and outstanding equity of Oriental Grove for approximately US$62.4 million, paid as 34,911,410 Class A ordinary shares at US$1.5 per share plus a US$10,000,000 cash payment due within 365 days after closing. Subject to customary exceptions, each seller faces a 60‑month lock-up on the shares received.
After issuing these shares and closing the transaction, Maase has 354,775,434 ordinary shares outstanding, including 348,108,766 Class A shares and 6,666,668 Class B shares. The sellers collectively hold about 9.8% of Maase’s total shares, representing roughly 3.4% of total voting power.
Maase Inc. reported that its board of directors approved changing the company’s Chinese name from “瑰宝数科集团有限公司” to “麦思智能引擎有限公司” effective December 12, 2025. The company believes the new name will more accurately reflect its business focus, strengthen brand recognition in the market, and help with brand promotion, market positioning, and long-term brand loyalty.
MAASE Inc. filed its annual report on Form 20-F. For the year ended June 30, 2025, total net revenues were RMB 781,216 thousand and the company recorded a net loss of RMB 458,902 thousand, including an impairment loss of RMB 441,298 thousand.
The company executed a major strategic pivot: it exited online insurance distribution and claims adjusting during the year, disposed of its wealth management business in September 2025, and acquired controlling stakes in Carve Group (herbal medicine resources and health product manufacturing) and Real Prospect Limited (smart-technology including mobile EV-charging robots, energy storage, and automated car-wash equipment). Variable interest entity structures were terminated; operations in China are conducted through subsidiaries.
As of June 30, 2025, 15,917,241 ordinary shares were issued and outstanding, including 9,250,573 Class A shares and 6,666,668 Class B shares. The report highlights PRC regulatory, data, and capital-movement risks and notes the auditor is Enrome LLP (Singapore) under PCAOB oversight.
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.
Maase Inc. reported a change to its official Chinese-language name. Effective September 29, 2025, the company’s Chinese name was changed from “麦思智能引擎有限公司” to “瑰宝数科集团有限公司.”
The company stated that this Chinese name is used solely for business identification purposes, indicating that the change is mainly about branding and how the company is identified in Chinese, rather than about its corporate structure or operations.
Moonlit Group Ltd and Katherine Wang report acquiring 5,557,779 ordinary shares of Maase Inc., representing 2.51% of outstanding shares but 63.00% of voting power. The position reflects 2,223 Class A shares and 5,555,556 Class B shares; each Class B carries 100 votes while Class A carries one vote.
The filing describes a June 23, 2025 1-for-90 reverse split, a July 3, 2025 private placement of 10,000,000 Class A shares at $2.08 per share (with warrants), and an August 27, 2025 issuance of 195,894,609 Class A shares as consideration in an acquisition. Moonlit Group is wholly owned by Katherine Wang and states the holdings are for investment purposes.
Sea Synergy Limited, Summer Day Limited and Yinan Hu reported beneficial ownership of 4,444,445 Class A ordinary shares of Maase Inc., representing 2.00% of issued ordinary shares and 0.50% of aggregate voting power. The filing explains a 1-for-90 reverse share split and two issuer transactions: a July 3, 2025 private placement of 10,000,000 Class A shares at $2.08 per share (with warrants) and a July 28, 2025 acquisition for which the issuer issued 195,894,609 Class A shares as consideration. Following those actions and the Reverse Split, Sea Synergy holds the 4,444,445 Class A shares reported.
The Reporting Persons state the shares were acquired for investment purposes, reserve the right to review or change their intentions, and assert sole voting and dispositive power over the reported shares. The filing discloses no criminal or relevant civil proceedings involving the Reporting Persons in the last five years and lists related exhibits including the Share Purchase Agreement and Transaction Agreement.