Major Maase Inc (MAAS) holder trims position to 19.1% ownership

Rhea-AI Filing Summary

Maase Inc’s major shareholder reports a lower ownership stake following recent private share sales. Golden Brighter Limited, wholly owned by Baron Ren, now beneficially owns 84,472,001 Class A ordinary shares, representing 19.10% of Maase’s 442,175,578 ordinary shares outstanding as of July 8, 2026. Because Class B shares carry 100 votes each versus 1 vote for Class A, this holding represents 7.66% of the company’s voting power.

The change reflects Golden Brighter’s disposals of 380,000 Class A shares on January 15, 2026 for US$570,000 and 8,197,938 Class A shares on July 8, 2026 for US$12,296,907, both in privately negotiated transactions, as well as additional Class A shares issued by Maase in separate transactions. Golden Brighter and Baron Ren each report sole voting and dispositive power over the 84,472,001 Class A shares.

Insights

Equity ownership analyst

Large Maase holder trims economic stake; voting power now 7.66%.

Golden Brighter Limited, fully owned by Baron Ren, reports beneficial ownership of 84,472,001 Class A shares of Maase Inc, equal to 19.10% of 442,175,578 ordinary shares outstanding as of July 8, 2026. Due to the company’s dual‑class structure, this equates to 7.66% of total voting power.

The filing attributes the change in beneficial ownership to two privately negotiated disposals: 380,000 Class A shares on January 15, 2026 for US$570,000 and 8,197,938 Class A shares on July 8, 2026 for US$12,296,907, plus additional Class A shares issued by the company in separate deals. These are off‑market transactions, so market liquidity effects depend on where the shares ultimately reside.

The investor retains sole voting and dispositive power over the remaining 84,472,001 Class A shares. Future ownership disclosures in later periods will indicate whether this represents a stable long‑term position or a step in a longer reduction.

Key Figures

Beneficial ownership shares: 84,472,001 Class A shares Equity ownership percentage: 19.10% Voting power percentage: 7.66% +5 more

8 metrics

Beneficial ownership shares 84,472,001 Class A shares Held by Golden Brighter Limited, wholly owned by Baron Ren

Equity ownership percentage 19.10% Portion of 442,175,578 ordinary shares outstanding as of July 8, 2026

Voting power percentage 7.66% Voting power across Class A and Class B ordinary shares

Shares outstanding 442,175,578 ordinary shares Company-wide, excluding treasury shares, as of July 8, 2026

Class A shares outstanding 435,508,910 Class A shares Part of total ordinary shares outstanding, excluding treasury shares

Class B shares outstanding 6,666,668 Class B shares Super‑voting stock with 100 votes per share

January 15, 2026 disposal 380,000 shares for US$570,000 Privately negotiated sale by Golden Brighter Limited

July 8, 2026 disposal 8,197,938 shares for US$12,296,907 Privately negotiated sale by Golden Brighter Limited

Key Terms

beneficially owned, sole voting power, sole dispositive power, Class B ordinary shares, +2 more

6 terms

beneficially owned financial

"The aggregate number of ordinary shares beneficially owned by the Reporting Persons is 84,472,001 Class A Ordinary Shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 | Sole Voting Power 84,472,001.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 9 | Sole Dispositive Power 84,472,001.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Class B ordinary shares financial

"comprising of 435,508,910 Class A Ordinary Shares and 6,666,668 Class B ordinary shares"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

privately negotiated transaction financial

"disposed of 380,000 Class A Ordinary Shares of the Issuer 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.

dual-class 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 structure is a way companies organize their ownership by creating two types of shares: one that gives shareholders more voting power and another with less or no voting rights. This approach allows certain shareholders, often company founders or insiders, to maintain control even if they own a smaller portion of the total shares. For investors, it matters because it can influence how much influence they have over company decisions and how the company's leadership is held accountable.

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FAQ

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

Golden Brighter Limited now beneficially owns 84,472,001 Class A ordinary shares of Maase Inc. This represents a sizable holding and forms the basis for its reported 19.10% ownership of the company’s 442,175,578 ordinary shares outstanding as of July 8, 2026.

What percentage of Maase Inc’s equity and voting power does Baron Ren control?

Through Golden Brighter Limited, wholly owned by Baron Ren, the reporting persons hold 19.10% of Maase’s ordinary shares. Due to the dual‑class structure, this position represents 7.66% of the company’s total voting power across Class A and Class B ordinary shares.

What recent share sales by Golden Brighter Limited are disclosed for Maase Inc (MAAS)?

Golden Brighter Limited disposed of 380,000 Class A shares on January 15, 2026 for US$570,000. It also sold 8,197,938 Class A shares on July 8, 2026 for US$12,296,907. Both were executed as privately negotiated transactions, not open‑market trades.

How many Maase Inc shares were outstanding when this Schedule 13D/A was filed?

The filing states there were 442,175,578 ordinary shares outstanding as of July 8, 2026. This total included 435,508,910 Class A ordinary shares and 6,666,668 Class B ordinary shares, all figures reported excluding treasury shares held by the company.

How does Maase Inc’s dual-class share structure affect voting power?

Maase Inc uses a dual‑class structure where each Class A ordinary share has one vote, while each Class B ordinary share has one hundred votes. This means economic ownership percentages can differ significantly from each holder’s percentage of total voting power.

Why did Golden Brighter Limited’s beneficial ownership percentage in Maase Inc change?

The change results from two privately negotiated share disposals by Golden Brighter Limited and Maase’s issuance of additional Class A shares in separate transactions. These factors together reduced the reporting persons’ beneficial ownership to 19.10% and voting power to 7.66%.

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)

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)

07/08/2026

(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 84,472,001.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 84,472,001.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

84,472,001.00

12

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

13

Percent of class represented by amount in Row (11)

19.10 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 84,472,001 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 July 8, 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 84,472,001.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 84,472,001.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

84,472,001.00

12

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

13

Percent of class represented by amount in Row (11)

19.10 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 84,472,001 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 July 8, 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 5, 2025 (the "Original 13D"), Amendment No. 1 to Schedule 13D filed on October 30, 2025, and Amendment No. 2 to Schedule 13D filed on January 16, 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 84,472,001 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 19.10%, representing 7.66% 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 July 8, 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 (i) the disposals by the Reporting Persons of 380,000 Class A Ordinary Shares on January 15, 2026 and 8,197,938 Class A Ordinary Shares on July8, 2026, in each case, in a privately negotiated transaction, and (ii) the Issuer's issuance of additional Class A Ordinary Shares in connection with separate transactions to which neither of the Reporting Persons was a party.
(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 January 15, 2026, Golden Brighter Limited disposed of 380,000 Class A Ordinary Shares of the Issuer in a privately negotiated transaction for a consideration of US$570,000. On July 8, 2026, Golden Brighter Limited disposed of 8,197,938 Class A Ordinary Shares of the Issuer in a privately negotiated transaction for a total consideration of US$12,296,907.
(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:	07/09/2026

Baron Ren

Signature:	/s/ Baron Ren
Name/Title:	Baron Ren
Date:	07/09/2026