SCHEDULE: Maase Inc. Ownership Shift: Hu Exits, Cheng & Yang Take Helm

Yinan Hu divests his stake in Maase Inc. through Sea Synergy, transferring control to Jianguo Cheng and Wei Yang, who now hold 1.39% of Class A shares.

Summary

• This Amendment No. 4 to Schedule 13D details changes in beneficial ownership of Maase Inc.'s Class A Ordinary Shares.
• On October 13, 2025, Yinan Hu, through his wholly-owned subsidiary Summer Day, transferred all shares in Sea Synergy Limited to Jianguo Cheng.
• Concurrently, Yinan Hu resigned as a director of Sea Synergy, and Jianguo Cheng was appointed as a director.
• On November 11, 2025, Jianguo Cheng transferred 45% of the equity in Sea Synergy to Wei Yang, who was also appointed as a director of Sea Synergy.
• Following these transactions, Yinan Hu and Summer Day Limited no longer hold any beneficial ownership or interest in Maase Inc.
• Sea Synergy Limited, Jianguo Cheng, and Wei Yang now collectively beneficially own 4,444,445 Class A Ordinary Shares of Maase Inc.
• This ownership represents 1.39% of the outstanding Class A Ordinary Shares and 0.45% of the total voting power of Maase Inc.
• The percentage calculations are based on 319,864,024 ordinary shares outstanding as of December 26, 2025, comprising 313,197,356 Class A and 6,666,668 Class B ordinary shares.

Sentiment

Score: 5

Explanation: The filing is a factual report of changes in beneficial ownership and does not contain information that inherently indicates a positive or negative sentiment for the company's operational performance.

Positives

• New investors Jianguo Cheng and Wei Yang have acquired beneficial ownership for investment purposes, indicating a strategic interest in Maase Inc.
• The new investors intend to review their investment on a continuing basis and may engage with Maase Inc.'s management or board to offer suggestions on operations, strategies, and financial matters.
• Jianguo Cheng and Wei Yang may make additional purchases of Class A Ordinary Shares in the open market or privately negotiated transactions in the future.

Negatives

• Yinan Hu, a previous beneficial owner, has fully divested his interest in Maase Inc. through the transfer of Sea Synergy shares.

Risks

• Jianguo Cheng and Wei Yang may change their current investment intentions, including potentially disposing of all or part of their investment, depending on various factors such as Maase Inc.'s business, market conditions, and general economic and industry conditions.
• Class A Ordinary Shares are entitled to one vote per share, while Class B Ordinary Shares are entitled to one hundred votes per share, which significantly dilutes the voting influence of Class A shareholders.

Future Outlook

Jianguo Cheng and Wei Yang intend to continuously review their investment in Maase Inc. They may engage with shareholders, management, or the board to offer suggestions on the Issuer's operations, prospects, business and financial strategies, strategic direction, and transactions. They also retain the flexibility to make additional purchases of Class A Ordinary Shares or dispose of all or part of their investments based on their evaluation of the Issuer's business, market conditions, and other factors.

Industry Context

NA

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: A change in significant beneficial ownership can signal shifts in investor confidence or strategy. The new investors' stated intent to engage with management could influence future company direction.
• Management: New beneficial owners may engage with management and the board, potentially influencing strategic decisions and operational focus.

Next Steps

• Jianguo Cheng and Wei Yang will continue to review their investment in Maase Inc. on an ongoing basis.
• They may engage in communications with Maase Inc.'s shareholders, management, or board of directors.
• They may make suggestions concerning Maase Inc.'s operations, strategies, and financial direction.
• They may make additional purchases or dispose of their Class A Ordinary Shares in the future.

Key Dates

Keywords

Maase Inc., Class A Ordinary Share, Schedule 13D, beneficial ownership, investor change, share transfer, corporate control, investment strategy, Jianguo Cheng, Wei Yang, Yinan Hu