Maase ownership update: Golden Brighter holds 26.23%

Maase Inc. received an updated ownership filing from Golden Brighter Limited and its owner, Baron Ren, on a Schedule 13D/A Amendment No. 2.

Rhea-AI Filing Summary

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.

FAQ

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

What ownership stake in Maase Inc. (MAAS) does Golden Brighter Limited report?

Golden Brighter Limited reports beneficial ownership of 93,049,939 Class A ordinary shares of Maase Inc., representing 26.23% of the company’s outstanding ordinary shares.

How much voting power do Golden Brighter Limited and Baron Ren have in Maase Inc. (MAAS)?

Golden Brighter Limited and Baron Ren together represent 9.17% of the voting power of Maase Inc., based on the company’s Class A and Class B share structure.

Has the number of Maase Inc. (MAAS) shares held by Baron Ren or Golden Brighter Limited changed?

The filing states there is no change in the number of Class A ordinary shares held by the reporting persons; they continue to hold 93,049,939 Class A shares.

Why did Golden Brighter Limited’s percentage ownership in Maase Inc. (MAAS) decrease?

The decrease in the reported 26.23% ownership percentage is attributed to Maase Inc.’s issuance of additional Class A ordinary shares in a separate transaction on January 14, 2026, in which the reporting persons did not participate.

What is the total share count Maase Inc. (MAAS) used in this ownership calculation?

The percentages are based on 354,775,434 ordinary shares outstanding (excluding treasury shares), consisting of 348,108,766 Class A and 6,666,668 Class B ordinary shares as of January 14, 2026.

Who ultimately controls the Maase Inc. (MAAS) shares held by Golden Brighter Limited?

Golden Brighter Limited is wholly owned by Baron Ren, so under Section 13(d) rules, he may be deemed to beneficially own all 93,049,939 Class A shares held by Golden Brighter Limited with sole voting and dispositive power.

Did Baron Ren or Golden Brighter Limited trade Maase Inc. (MAAS) shares in the 60 days before this filing?

The filing states that during the 60 days preceding the statement, none of the reporting persons, nor to their knowledge their directors or officers, effected any transactions in Maase ordinary shares except as reported.

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

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Accepted by SEC EDGAR 01/16/2026 - 04:02 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. 2)

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)

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

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 93,049,939.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 93,049,939.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

93,049,939.00

12

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

13

Percent of class represented by amount in Row (11)

26.23 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 93,049,939 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 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

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 93,049,939.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 93,049,939.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

93,049,939.00

12

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

13

Percent of class represented by amount in Row (11)

26.23 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 93,049,939 Class A ordinary shares, par value $0.09 per share, of 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 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. 2 to Schedule 13D (this "Amendment No. 2") amends and supplements the prior statement on Schedule 13D as filed on September 5, 2025 (the "Original 13D") and Amendment No. 1 to Schedule 13D filed on Schedule 13D as filed on October 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 93,049,939 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 26.23%, representing 9.17% 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.

Golden Brighter Limited

Signature:	/s/ Baron Ren
Name/Title:	Baron Ren/Director
Date:	01/16/2026

Baron Ren

Signature:	/s/ Baron Ren
Name/Title:	Baron Ren
Date:	01/16/2026