SCHEDULE: Maase Inc. Stake in AIFU Diluted to 1.33% Post-Issuance

Maase Inc.'s beneficial ownership in AIFU INC. has been significantly diluted to 1.33% following AIFU's recent share issuance for an acquisition.

Summary

• Maase Inc.'s beneficial ownership in AIFU INC. has been diluted from approximately 7.85% to 1.33% as of January 9, 2026.
• The aggregate voting power of Maase Inc. in AIFU INC. was also diluted from approximately 16.75% to 14.77%.
• This dilution resulted from AIFU INC.'s issuance of 102,578,839 Class A ordinary shares to YS Management Company Limited and Ethereal Group Ltd.
• The share issuance was in relation to AIFU INC.'s previously announced acquisition of 100% of the equity interest in Nova Lumina Limited.
• Maase Inc. did not acquire or dispose of any shares since May 8, 2025, with its holdings remaining at 1,642,774 ordinary shares (367,774 Class A and 1,275,000 Class B).
• As a direct result of the dilution, Maase Inc. ceased to be the beneficial owner of more than five percent of AIFU INC.'s class of securities.
• The percentage calculations are based on 123,514,110 ordinary shares outstanding as of January 9, 2026, comprising 116,014,110 Class A and 7,500,000 Class B ordinary shares.

Sentiment

Score: 3

Explanation: The sentiment is negative for Maase Inc. as its significant stake and influence in AIFU INC. have been substantially diluted, reducing its beneficial ownership below the 5% threshold.

Negatives

• Maase Inc.'s beneficial ownership in AIFU INC. was significantly diluted from 7.85% to 1.33%.
• Maase Inc.'s aggregate voting power in AIFU INC. decreased from 16.75% to 14.77%.
• Maase Inc. ceased to be a beneficial owner of more than five percent of AIFU INC.'s securities, potentially reducing its influence.

Risks

• Reduced influence of Maase Inc. as a significant shareholder in AIFU INC. due to dilution.
• Potential impact on corporate governance dynamics within AIFU INC. with a new major shareholder (YS Management Company Limited and Ethereal Group Ltd).

Future Outlook

The filing primarily reports a past event of share dilution and does not provide specific forward-looking statements or guidance from Maase Inc. regarding its future intentions with AIFU INC. beyond the change in ownership percentage.

Management Comments

• Maase Inc. was not a party to the transaction involving the issuance of shares by AIFU INC. to certain third parties and did not provide any funds or other consideration.

Industry Context

This filing reflects a change in the shareholder structure of AIFU INC. following its acquisition of Nova Lumina Limited, a common occurrence in M&A activities where shares are issued as consideration. The dilution of a significant shareholder's stake can alter the balance of power and influence within a company, potentially impacting future strategic decisions.

Stakeholder Impact

• Shareholders of Maase Inc.: The value of Maase Inc.'s investment in AIFU INC. may be impacted by the reduced ownership and influence.
• Shareholders of AIFU INC.: The shareholder base has changed, with Maase Inc.'s influence diminished and new entities (YS Management Company Limited and Ethereal Group Ltd) becoming significant shareholders.

Key Dates

Recommendation

The filing indicates a significant dilution of Maase Inc.'s stake in AIFU INC., reducing its beneficial ownership below 5% and its voting power. While this is a factual report of a past event, it signals a change in AIFU INC.'s shareholder structure and potentially its corporate governance dynamics. For an investor in AIFU INC., this information alone does not provide a strong basis for a 'buy' or 'sell' decision, as the implications of Maase Inc.'s reduced influence and the new shareholders' roles are not fully detailed. A 'hold' recommendation is appropriate to allow for further analysis of the acquisition of Nova Lumina Limited and the strategic direction under the new shareholder composition.

Keywords

AIFU INC., Maase Inc., Schedule 13D Amendment, beneficial ownership, share dilution, voting power, Class A ordinary shares, Class B ordinary shares, Nova Lumina Limited acquisition, SEC filing