Maase (MAAS) holder updates 23.41% stake, 8.18% votes in 13D amendment

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Maase Inc.

(Name of Issuer)

Class A Ordinary Share, par value $0.09 per share

(Title of Class of Securities)

G4453R115

(CUSIP Number)

WJ Management Company Limited
c/o Dejun Yu ROOM 1202, Tower A, New,, Mandarin Plaza, 14 Science Museum Road,
Tsimshatsui East, Kowloon, K3, 999077
852- 6194 4231

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/14/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G4453R115

1

Name of reporting person

WJ Management Company Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 83,049,939.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 83,049,939.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

83,049,939.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.41 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 83,049,939 Class A ordinary shares, par value $0.09 per share, of Maase Inc. (the "Issuer") held by WJ Management Company Limited. Note to Row 13: The percentage calculation is based on 354,775,434 ordinary shares (excluding treasury shares), comprising of 348,108,766 Class A ordinary shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, of the Issuer outstanding as of January 14, 2026 according to records of the Issuer.

SCHEDULE 13D

CUSIP No. G4453R115

1

Name of reporting person

YU DEJUN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 83,049,939.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 83,049,939.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

83,049,939.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.41 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 83,049,939 Class A ordinary shares, par value $0.09 per share, of the Issuer held by WJ Management Company Limited. WJ Management Company Limited is wholly owned by Dejun Yu. Note to Row 13: The percentage calculation is based on 354,775,434 ordinary shares (excluding treasury shares), comprising of 348,108,766 Class A ordinary shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, of the Issuer outstanding as of January 14, 2026 according to records of the Issuer.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Ordinary Share, par value $0.09 per share
(b)	Name of Issuer: Maase Inc.
(c)	Address of Issuer's Principal Executive Offices: Building 48, Zhixin Manufacturing Valley, No. 52 Yangzhou Rd, Economic Dev., Zone, Laixi, Qingdao, Shandong, CHINA , 266000.
Item 1 Comment: This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") amends and supplements the prior statement on Schedule 13D as filed on September 16, 2025 (the "Original 13D"), Amendment No. 1 to Schedule 13D as filed on October 30, 2025, and Amendment No. 2 to Schedule 13D as filed on December 30, 2025 (the Original 13D as amended and supplemented, this "Schedule 13D"), and relates to the beneficial ownership of Class A ordinary shares, par value $0.09 per share (the "Class A Ordinary Shares") of Maase Inc., a Cayman Islands exempted company (the "Issuer") whose principal executive office is located at Building 48, Zhixin Manufacturing Valley Industrial Park, No. 52 Yangzhou Road, Economic Development Zone, Laixi, Qingdao, Shandong, F4, 266000.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of this Schedule 13D is hereby amended and supplemented to add the following: The aggregate number of ordinary shares beneficially owned by the Reporting Persons is 83,049,939 Class A Ordinary Shares directly held by WJ Management which is 100% owned by Dejun Yu. Pursuant to Section 13(d) of the Exchange Act and the rules promulgated thereunder, Mr. Yu will be deemed to beneficially own all of the Ordinary Shares of the Issuer held by WJ Management. The Reporting Persons' aggregate percentage of beneficial ownership is 23.41% and it represents 8.18% of the voting power of the Issuer. Percentage of beneficial ownership of Reporting Persons is based on 354,775,434 ordinary shares (excluding treasury shares), comprising of 348,108,766 Class A Ordinary Shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, par value $0.09 per share (the "Class B Ordinary Shares") of the Issuer, outstanding as of January 14, 2026 according to records of the Issuer. Each Class A Ordinary Share is entitled to one (1) vote while each Class B Ordinary Share is entitled to one hundred (100) votes on any and all matters submitted for a vote. There is no change in the number of Class A ordinary shares held by the Reporting Persons. The decrease in the Reporting Persons' percentage of beneficial ownership reflects the Issuer's issuance of additional Class A Ordinary Shares in connection with a separate transaction on January 14, 2026 to which neither of the Reporting Persons was a party.
(b)	Each of the Reporting Persons has sole voting and dispositive power over the ordinary shares of reported in this Schedule 13D.
(c)	During the 60 days preceding the filing of this Schedule 13D, none of the Reporting Persons and, to their knowledge, none of the director and officer of the Reporting Persons has effected any transactions in the ordinary shares of the Issuer except as reported herein.
(d)	To the best knowledge of the Reporting Persons, except for the agreement described in this Schedule 13D, no one other than the Reporting Persons, or the holders of interests in the Reporting Persons, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the ordinary shares of the Issuer that they beneficially own.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WJ Management Company Limited

Signature:	/s/ Dejun Yu
Name/Title:	Dejun Yu/Director
Date:	01/16/2026

YU DEJUN

Signature:	/s/ Dejun Yu
Name/Title:	Dejun Yu
Date:	01/16/2026

FAQ

How many Maase (MAAS) shares does WJ Management own according to this 13D/A?

The filing states that WJ Management Company Limited holds 83,049,939 Class A ordinary shares of Maase Inc., all deemed beneficially owned by its sole owner, Dejun Yu.

What percentage of Maase (MAAS) does Dejun Yu beneficially own?

According to the filing, WJ Management and Dejun Yu beneficially own 23.41% of Maase’s ordinary shares, based on 354,775,434 ordinary shares outstanding as of January 14, 2026.

What voting power do WJ Management and Dejun Yu have in Maase?

The Schedule 13D/A reports that the reporting persons’ holdings represent 8.18% of the voting power of Maase Inc., reflecting the company’s dual-class share structure.

Did WJ Management or Dejun Yu change their Maase share holdings in this amendment?

The document states there is no change in the number of Class A ordinary shares held by the reporting persons; the change is in their percentage ownership due to additional shares issued by Maase.

Why did the Maase ownership percentage of WJ Management and Dejun Yu decrease?

Their percentage decreased because Maase issued additional Class A Ordinary Shares in a separate transaction on January 14, 2026, and the reporting persons were not parties to that transaction.

How is the difference between economic stake and voting power explained for Maase (MAAS)?

The filing explains that each Class A Ordinary Share has one vote, while each Class B Ordinary Share has one hundred votes, which results in the reporting persons’ 23.41% share ownership translating to 8.18% voting power.