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. 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.
WJ Management Company Limited and its sole owner Dejun Yu filed a Schedule 13D reporting beneficial ownership of 93,049,939 Class A ordinary shares of Maase Inc., representing 41.95% of the outstanding ordinary shares as of August 27, 2025. The shares were received as consideration in a transaction under which Maase issued 195,894,609 Class A shares to acquire Carve Group Ltd, with a stated per-share price of US$1.50 for the consideration shares.
Although the Reporting Persons hold 41.95% of economic interest, they control only 10.55% of aggregate voting power because the company has 6,666,668 Class B shares carrying 100 votes each. WJ Management has sole voting and dispositive power over the reported Class A shares, and certain Consideration Shares held by WJ Management and Golden Brighter Limited are subject to a five-year lock-up.
Golden Brighter Limited and its sole owner Baron Ren filed a Schedule 13D reporting that Golden Brighter received 93,049,939 Class A ordinary shares of Maase Inc. following an issuance completed on August 27, 2025 as consideration for the acquisition of Carve Group Ltd. Those shares represent 41.95% of Maase's outstanding ordinary shares but only 10.55% of aggregate voting power because Maase has a dual-class structure with Class B shares carrying 100 votes each. The shares held by Golden Brighter (and thus beneficially by Mr. Ren) are subject to a five-year lock-up for Golden Brighter and WJ Management Company Limited. The reporting persons state the stake was acquired for investment purposes and reserve the right to review or change their intentions, including possible communications with management or shareholders. The Transaction Agreement is filed as an exhibit to Maase's Form 6-K.
Maase Inc. (NASDAQ: MAAS) disclosed a Transaction Agreement (Exhibit 10.1) dated 28 July 2025 to acquire 100% of Carve Group Ltd. The purchase price is 195,894,609 Class A shares of MAAS valued at US$1.50 each, implying consideration of roughly US$293.8 million. Closing is targeted for Q3 2025 and is subject to customary conditions.
Prior to closing, the sellers will complete a reorganization that will place two operating businesses under the target: Zhongshen Resources, which controls 111 mu of ginseng-rich forest land containing 19,000+ 40-year-old wild roots, and Glyken Bird Nest Technology, a biotech producer capable of ~10 tons of bird-nest peptides per year with multiple consumer product lines. Shares issued to Golden Brighter Ltd. and WJ Management Ltd. carry a 5-year lock-up.
The board of MAAS has approved the deal. Upon completion MAAS will own the target outright, expanding into traditional Chinese medicine ingredients and bird-nest biotechnology. The all-stock structure preserves cash but will expand the share count materially.