SCHEDULE: Maase Inc. Shareholder Stake Diluted to 23.41%

WJ Management and Dejun Yu's beneficial ownership in Maase Inc. decreased to 23.41% following the Issuer's recent share issuance.

Summary

• WJ Management Company Limited and its sole owner, Dejun Yu, beneficially own 83,049,939 Class A Ordinary Shares of Maase Inc.
• This ownership represents 23.41% of the total ordinary shares outstanding and 8.18% of the total voting power.
• The percentage of beneficial ownership decreased due to Maase Inc.'s issuance of additional Class A Ordinary Shares on January 14, 2026, in a transaction where the reporting persons did not participate.
• The absolute number of Class A Ordinary Shares held by the reporting persons remains unchanged.
• The percentage calculation is based on 354,775,434 ordinary shares outstanding as of January 14, 2026, comprising 348,108,766 Class A and 6,666,668 Class B shares.
• Each Class A Ordinary Share is entitled to one vote, while each Class B Ordinary Share is entitled to one hundred votes.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative for the reporting persons due to the dilution of their percentage ownership and voting power, even though their absolute share count remained stable. The dual-class structure further limits their influence relative to their equity stake.

Positives

• The reporting persons, WJ Management Company Limited and Dejun Yu, maintain a substantial beneficial ownership of 83,049,939 Class A Ordinary Shares in Maase Inc.
• Their absolute number of shares held has not changed, indicating a stable investment position despite the market activities of the Issuer.

Negatives

• The reporting persons' percentage of beneficial ownership in Maase Inc. decreased to 23.41% from a previously higher, unspecified percentage.
• This dilution was a direct result of Maase Inc. issuing additional Class A Ordinary Shares in a separate transaction on January 14, 2026, in which the reporting persons did not participate.
• The reporting persons' voting power is significantly lower than their equity stake, at 8.18%, due to the existence of Class B shares with 100 votes each, limiting their influence.

Risks

• Dilution of ownership and voting power for existing shareholders, including the reporting persons, if Maase Inc. continues to issue new shares without their participation.
• The dual-class share structure, where Class B shares carry significantly more votes than Class A shares, concentrates voting control and may limit the influence of Class A shareholders despite substantial equity holdings.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding Maase Inc.'s future operations or financial performance. It focuses solely on the reporting persons' beneficial ownership.

Management Comments

• "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."

Industry Context

This filing is a routine disclosure of a significant shareholder's updated ownership stake. The dilution of a major shareholder's percentage due to new share issuance by the company is a common event in capital markets, often associated with capital raising activities or strategic transactions by the issuer. The dual-class share structure is also a common feature in some companies, particularly in tech or founder-led firms, designed to maintain control.

Comparison to Industry Standards

• The beneficial ownership percentage of 23.41% is substantial, indicating a significant, though diluted, stake for the reporting persons.
• The discrepancy between equity ownership (23.41%) and voting power (8.18%) due to the dual-class share structure is a notable characteristic, common in companies where founders or specific groups wish to retain control, such as Meta Platforms (formerly Facebook) or Alphabet (Google). This structure deviates from the one-share, one-vote standard often preferred by institutional investors for corporate governance.

Corporate Governance

Stakeholder Impact

• Shareholders (Reporting Persons): Experience dilution of their percentage ownership and voting power, potentially reducing their influence over company decisions.
• Other Class A Shareholders: Also experience dilution of their percentage ownership and voting power due to the new share issuance.
• Class B Shareholders: Their relative voting power increases as Class A shares are diluted, potentially solidifying their control.
• Maase Inc. (Issuer): Successfully raised capital through the issuance of new Class A shares, which could support its operations or strategic initiatives.

Key Dates

Recommendation

While the dilution of a significant shareholder's stake can sometimes be a negative signal, the absolute number of shares held by the reporting persons remains unchanged. The dilution is a result of the Issuer's capital raising, which could be positive for the company's growth prospects. However, the reduced voting power for a major equity holder and the dual-class structure introduce governance considerations. For an investor, holding allows observation of how the new capital is deployed and its impact on the company's performance, balancing the dilution effect with potential growth.

Keywords

Maase Inc., Schedule 13D, beneficial ownership, shareholding, dilution, Class A Ordinary Shares, WJ Management Company Limited, Dejun Yu, corporate governance, voting power