SCHEDULE: Maase Inc. Reports 10.35% Stake in AIFU After Share Actions

Maase Inc. filed an amended Schedule 13D, reporting a 10.35% beneficial ownership in AIFU INC. following a 1-for-400 reverse share split and a significant share issuance by AIFU.

Summary

• Maase Inc. (the "Reporting Person") filed an amended Schedule 13D/A regarding its beneficial ownership in AIFU INC. (the "Issuer").
• On May 21, 2025, AIFU INC. effected a 1-for-400 reverse share split, consolidating shares and changing the par value to $0.4 per share.
• On July 23, 2025, AIFU INC. completed a share issuance, selling 10,000,000 Class A ordinary shares at $3.156 per share to institutional investors.
• Concurrently, AIFU INC. issued warrants to these investors to purchase up to an additional 20,000,000 Class A ordinary shares, exercisable in two equal tranches at 200% and 250% of the purchase price.
• Following these actions, Maase Inc. beneficially owns 1,642,774 ordinary shares of AIFU INC., comprising 367,774 Class A ordinary shares and 1,275,000 Class B ordinary shares.
• This represents 10.35% of AIFU INC.'s total issued and outstanding ordinary shares (15,870,271 shares as of July 23, 2025).
• Maase Inc. holds 48.55% of the aggregate voting power of AIFU INC., primarily due to Class B ordinary shares carrying 100 votes each compared to Class A shares' one vote.
• The change in Maase Inc.'s beneficial ownership and voting power was solely due to the reverse share split and dilution from the share issuance.
• Maase Inc. acquired and holds its beneficial ownership for strategic long-term investment purposes.

Sentiment

Score: 6

Explanation: The filing reports a factual change in ownership and a capital raise. While Maase Inc.'s percentage ownership was diluted, it maintains a significant voting stake and reiterates a strategic long-term investment purpose. The capital raise for AIFU INC. is generally positive for the issuer.

Positives

• Maase Inc. maintains a significant voting power of 48.55% in AIFU INC., indicating substantial influence.
• AIFU INC. successfully raised capital by issuing 10,000,000 Class A ordinary shares at $3.156 per share and secured potential future capital through warrants for up to 20,000,000 additional shares.
• Maase Inc. explicitly states its investment in AIFU INC. is for strategic long-term purposes.

Negatives

• Maase Inc.'s percentage of beneficial ownership in AIFU INC. was diluted to 10.35% due to the share issuance.

Risks

• Maase Inc.'s investment review in AIFU INC. is subject to various factors, including AIFU INC.'s business, prospects, financial position, and strategic direction.
• The investment is exposed to risks related to price levels of AIFU INC.'s ordinary shares and general conditions in the securities markets.
• General economic and industry conditions could impact the value and prospects of Maase Inc.'s investment in AIFU INC.

Future Outlook

Maase Inc. intends to continuously review its investment in AIFU INC. and may adjust its position by making additional purchases or disposing of shares. It also plans to engage with AIFU INC.'s stakeholders, including management and the board, to offer suggestions on operations, strategy, and financial matters.

Management Comments

• "The Reporting Person acquired beneficial ownership of the Ordinary Shares as described in this Schedule 13D/A for strategic long-term investment purposes."
• "The reported change in beneficial ownership and voting power of the Reporting Person was solely due to the Reverse Split and dilution from the Share Issuance."

Industry Context

This filing primarily details changes in beneficial ownership and a capital raise for AIFU INC., with Maase Inc. reporting its updated stake. It does not provide broader industry trends or competitive analysis.

Comparison to Industry Standards

• The filing does not provide specific data or benchmarks to compare AIFU INC.'s capital raise or Maase Inc.'s investment to global industry standards, comparable companies, or projects.

Stakeholder Impact

• AIFU INC. shareholders experienced dilution of their ownership percentage due to the issuance of 10,000,000 new Class A ordinary shares.
• Maase Inc., as a significant shareholder, saw its percentage ownership diluted but reaffirmed its strategic long-term investment and maintained substantial voting power.
• Institutional investors gained a new equity stake and warrants in AIFU INC.

Next Steps

• Maase Inc. will continue to review its investment in AIFU INC. on an ongoing basis.
• Maase Inc. may make additional purchases of AIFU INC. ordinary shares or other convertible securities in the open market or privately.
• Maase Inc. may hold or dispose of all or part of its investment in AIFU INC.
• Maase Inc. may engage in communications with AIFU INC. shareholders, management, or board members.
• Maase Inc. may make suggestions concerning AIFU INC.'s operations, prospects, financial strategies, and strategic direction.
• The warrants issued by AIFU INC. are exercisable in the future by institutional investors.

Key Dates

Keywords

SEC Filing, Schedule 13D/A, Beneficial Ownership, Share Split, Share Issuance, Warrants, AIFU INC., Maase Inc., Institutional Investors, Voting Power, Class A Shares, Class B Shares, Strategic Investment, Dilution