SCHEDULE: YF Management and LIU YIF Disclose 19.29% Stake in Maase Inc.

YF Management Company Limited and LIU YIF have disclosed beneficial ownership of 19.29% of Maase Inc.'s ordinary shares, primarily Class A shares, as of July 18, 2025.

Summary

• YF Management Company Limited and LIU YIF collectively reported beneficial ownership of 5,000,000 Class A ordinary shares of Maase Inc.
• This ownership represents 19.29% of the total 25,917,241 ordinary shares outstanding as of July 18, 2025, which includes 19,250,573 Class A and 6,666,668 Class B ordinary shares.
• YF Management Company Limited, a Hong Kong company, is wholly owned by LIU YIF, a citizen of Guinea-Bissau.
• Despite the significant share ownership, the aggregate voting power held by the reporting persons is 0.73%, due to Maase Inc.'s dual-class share structure where Class B shares carry 100 votes per share compared to Class A shares' one vote per share.
• The shares were not acquired and are not held for the purpose of changing or influencing the control of Maase Inc.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the company's performance or outlook.

Positives

• A significant beneficial ownership stake of 19.29% by YF Management Company Limited and LIU YIF indicates a substantial investment and potential long-term interest in Maase Inc.

Negatives

• The reporting persons' aggregate voting power is only 0.73%, significantly lower than their 19.29% equity stake, due to the company's dual-class share structure, which limits their influence on corporate governance despite their large shareholding.

Risks

• The dual-class share structure, where Class B shares have 100 votes per share compared to Class A shares' one vote, concentrates voting control with Class B shareholders, potentially limiting the influence of Class A shareholders, including significant beneficial owners like LIU YIF and YF Management.
• Concentration of a large percentage of Class A shares (19.29%) in the hands of a single entity/individual could lead to liquidity impacts if a large block were to be sold.

Future Outlook

The filing is a statement of beneficial ownership and does not contain forward-looking statements or guidance regarding Maase Inc.'s future performance or strategic direction.

Industry Context

This filing is a standard disclosure of beneficial ownership, indicating a significant stake held by an investor in Maase Inc. It does not provide broader industry trends or competitive analysis, but rather focuses on a specific ownership structure within the company.

Stakeholder Impact

• Shareholders: The disclosure of a significant Class A shareholding by YF Management Company Limited and LIU YIF provides transparency regarding the ownership structure. However, the limited voting power associated with these shares due to the dual-class structure may impact the influence of Class A shareholders on corporate decisions.

Key Dates

Keywords

Maase Inc., Beneficial Ownership, Schedule 13G, Class A Ordinary Shares, YF Management Company Limited, LIU YIF, Equity Stake, Voting Power, Dual-Class Shares, SEC Filing