Maase holder Golden Brighter cuts stake via private sale

Maase Inc. shareholder Golden Brighter Limited, wholly owned by Baron Ren, reports updated ownership of Maase Class A ordinary shares.

Rhea-AI Filing Summary

Maase Inc. shareholder Golden Brighter Limited, wholly owned by Baron Ren, reports updated ownership of Maase Class A ordinary shares. Golden Brighter now holds 65,862,013 Class A shares, representing 14.89% of Maase’s outstanding ordinary shares and 5.98% of the voting power, reflecting Maase’s dual-class structure where Class B shares carry 100 votes each.

The change results from Golden Brighter’s disposal of 18,609,988 Class A shares on August 5, 2026 in a privately negotiated transaction for total consideration of US$111,659,928. Golden Brighter and Baron Ren report sole voting and dispositive power over the remaining shares, and no other parties are stated to share in dividends or sale proceeds.

Key Figures

Shares beneficially owned: 65,862,013 Class A ordinary shares Ownership percentage of ordinary shares: 14.89% Voting power: 5.98% +5 more

8 metrics

Shares beneficially owned 65,862,013 Class A ordinary shares Class A shares of Maase Inc. held by Golden Brighter Limited after the reported transaction

Ownership percentage of ordinary shares 14.89% Portion of Maase’s 442,175,578 outstanding ordinary shares beneficially owned by the reporting persons

Voting power 5.98% Percentage of total voting power of Maase Inc. attributable to the reporting persons’ holdings

Shares disposed 18,609,988 Class A ordinary shares Number of Maase Class A shares disposed of on August 5, 2026 in a private transaction

Sale consideration US$111,659,928 Total consideration received for the disposal of 18,609,988 Maase Class A shares on August 5, 2026

Total ordinary shares outstanding 442,175,578 ordinary shares Maase ordinary shares outstanding, excluding treasury shares, as of August 5, 2026

Class A shares outstanding 435,508,910 Class A ordinary shares Class A ordinary shares of Maase outstanding, excluding treasury shares, as of August 5, 2026

Class B voting rights 100 votes per Class B Ordinary Share Each Class B share of Maase carries 100 votes on all matters submitted for a vote

Key Terms

beneficially own, dispositive power, privately negotiated transaction, voting power, +1 more

5 terms

beneficially own financial

"Mr. Ren may be deemed to beneficially own all of the Ordinary Shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

dispositive power financial

"Each of the Reporting Person has sole voting and dispositive power"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

privately negotiated transaction financial

"disposed of 18,609,988 Class A Ordinary Shares ... in a privately negotiated transaction"

A privately negotiated transaction is a deal whose terms are worked out directly between a buyer and a seller rather than through a public market or open auction. Think of it like selling a car to a neighbor instead of putting it on eBay: the price, timing and conditions are agreed one-on-one, so investors may see less public information, different pricing compared with market trades, and potential impacts on liquidity and valuation.

voting power financial

"The Reporting Persons' aggregate percentage of beneficial ownership is 14.89%, representing 5.98% of the voting power"

Voting power is the ability shareholders have to influence a company's major decisions—like electing the board, approving mergers, or changing corporate rules—based on the voting rights attached to the shares they hold. For investors it matters because greater voting power is like holding more keys to a building: it gives you a stronger say over management choices and the company’s strategy, which can affect future value and risk.

dual-class share structure financial

"Each Class A Ordinary Share is entitled to one (1) vote while each Class B Ordinary Share is entitled to one hundred (100) votes"

A dual-class share structure is when a company issues two (or more) types of stock that give different voting power: one class typicaly gives founders or insiders more votes per share while the other class, sold to public investors, has little or no voting rights. For investors this matters because it concentrates control in a small group—like a family owning a house with most of the keys—so minority shareholders may have less influence over strategy, governance and risk, which can affect long-term value and accountability.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Maase (MAAS) shares does Golden Brighter Limited now beneficially own?

Golden Brighter Limited now beneficially owns 65,862,013 Class A ordinary shares of Maase Inc. This position gives it 14.89% of Maase’s outstanding ordinary shares and 5.98% of the voting power, reflecting the company’s dual-class share structure.

What transaction did Golden Brighter Limited report in this Maase (MAAS) Schedule 13D/A?

Golden Brighter Limited reported disposing of 18,609,988 Class A shares of Maase Inc. on August 5, 2026. The shares were sold to certain investors in a privately negotiated transaction for total consideration of US$111,659,928.

What percentage of Maase (MAAS) does Baron Ren beneficially own after this amendment?

Through wholly owned Golden Brighter Limited, Baron Ren may be deemed to beneficially own 65,862,013 Class A shares. This corresponds to 14.89% of Maase’s outstanding ordinary shares and 5.98% of the issuer’s total voting power as of August 5, 2026.

How many Maase (MAAS) shares are used to calculate Golden Brighter’s ownership percentage?

The ownership percentages are based on 442,175,578 ordinary shares outstanding. This total includes 435,508,910 Class A ordinary shares and 6,666,668 Class B ordinary shares, excluding treasury shares, according to Maase’s records as of August 5, 2026.

How does Maase’s (MAAS) dual-class structure affect Golden Brighter’s voting power?

Maase’s Class A shares carry one vote per share, while Class B shares carry 100 votes per share. As a result, Golden Brighter’s 14.89% economic stake corresponds to 5.98% of the issuer’s voting power, less than its percentage of ordinary shares.

Who has voting and dispositive power over Maase (MAAS) shares held by Golden Brighter?

Golden Brighter Limited and Baron Ren report sole voting and dispositive power over the 65,862,013 Maase Class A shares. The amendment states no one else has the right to receive dividends or sale proceeds from these shares, except the reporting persons or their interest holders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 08/14/2026 - 05:30 PM Accepted by SEC EDGAR 08/14/2026 - 05:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Maase Inc.

(Name of Issuer)

Class A Ordinary Share, par value $0.09 per share

(Title of Class of Securities)

G4453R115

(CUSIP Number)

Golden Brighter Limited
c/o Baron Ren 1202, Tower A, 14 Science Museum Road, Tsimshatsui East
Kowloon, K3, 999077
852-9263 0181

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

08/05/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G4453R115

1

Name of reporting person

Golden Brighter 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 65,862,013.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 65,862,013.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

65,862,013.00

12

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

13

Percent of class represented by amount in Row (11)

14.89 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 65,862,013 Class A ordinary shares, par value $0.09 per share, of Maase Inc. (the "Issuer") held by Golden Brighter Limited. Note to Row 13: The percentage calculation is based on 442,175,578 ordinary shares (excluding treasury shares), comprising of 435,508,910 Class A ordinary shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, of the Issuer outstanding as of August 5, 2026, according to records of the Issuer.

SCHEDULE 13D

CUSIP Number(s): G4453R115

1

Name of reporting person

Baron Ren

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

GUINEA-BISSAU

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 65,862,013.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 65,862,013.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

65,862,013.00

12

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

13

Percent of class represented by amount in Row (11)

14.89 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 65,862,013 Class A ordinary shares, par value $0.09 per share, of Maase Inc. (the "Issuer") held by Golden Brighter Limited. Golden Brighter Limited is wholly owned by Baron Ren. Note to Row 13: The percentage calculation is based on 442,175,578 ordinary shares (excluding treasury shares), comprising of 435,508,910 Class A ordinary shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, of the Issuer outstanding as of August 5, 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. 4 to Schedule 13D (this "Amendment No. 4") amends and supplements the prior statement on Schedule 13D as filed on September 5, 2025 (the "Original 13D"), Amendment No. 1 to Schedule 13D filed on October 30, 2025, Amendment No. 2 to Schedule 13D filed on January 16, 2026, and Amendment No. 3 to Schedule 13D filed on July 9, 2026 (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(a) 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 65,862,013 Class A Ordinary Shares directly held by Golden Brighter Limited which is 100% owned by Baron Ren. Pursuant to Section 13(d) of the Exchange Act and the rules promulgated thereunder, Mr. Ren may be deemed to beneficially own all of the Ordinary Shares of the Issuer held by Golden Brighter Limited. The Reporting Persons' aggregate percentage of beneficial ownership is 14.89%, representing 5.98% of the voting power of the Issuer. Percentage of beneficial ownership of Reporting Persons is based on 442,175,578 ordinary shares (excluding treasury shares), comprising of 435,508,910 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 August 5, 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. The change in the Reporting Persons' beneficial ownership reflects the disposal by Golden Brighter Limited of 18,609,988 Class A Ordinary Shares on August 5, 2026 in a privately negotiated transaction.
(b)	Each of the Reporting Person has sole voting and dispositive power over the ordinary shares of reported in this Schedule 13D.
(c)	Item 5(c) of this Schedule 13D is hereby amended and supplemented to add the following: On August 5, 2026, Golden Brighter Limited disposed of 18,609,988 Class A Ordinary Shares of the Issuer to certain investor in a privately negotiated transaction for a total consideration of US$111,659,928.
(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.

Golden Brighter Limited

Signature:	/s/ Baron Ren
Name/Title:	Baron Ren/Director
Date:	08/14/2026

Baron Ren

Signature:	/s/ Baron Ren
Name/Title:	Baron Ren
Date:	08/14/2026