CHENGDU, China, Aug. 28, 2025 — Maase Inc. (NASDAQ: MAAS) has announced the completion of its acquisition of Carve Group Ltd. The deal, previously mentioned in a filing on July 29, 2025, was finalized on August 27, 2025.
According to the agreement dated July 28, 2025, MAAS acquired all of Carve Group’s equity from its shareholders, Golden Brighter Limited (GBL), WJ Management Company Limited (WJM), and Union Chief Limited (UCL). MAAS issued 195,894,609 Class A ordinary shares at US$1.50 per share as consideration. As of August 27, 2025, the company had 221,811,850 ordinary shares outstanding, including 215,145,182 Class A shares and 6,666,668 Class B shares. The sellers collectively hold 195,894,609 Class A ordinary shares, which is approximately 88.32% of the total issued share capital and approximately 22.22% of the total voting power. GBL and WJM each hold 93,049,939 shares, representing approximately 41.95% of the total issued share capital and approximately 10.55% of the total voting power. The shareholdings of GBL and WJM are subject to a five-year lock-up. Following the acquisition, MAAS now indirectly owns Zhongshen Resources Development (Liaoning) Co., Ltd. and Glyken Bird Nest Technology (Shenzhen) Co., Ltd., Carve Group’s subsidiaries.
Zhongshen possesses land rights for 111 mu of forest land in Hengren County, Liaoning Province, a prime wild ginseng region, and has over 19,000 wild-grown ginseng roots that are over 40 years old. This positions it as a key provider of traditional Chinese medicine resources.
Glyken, located in the Guangxi Free Trade Zone, operates a bird’s nest biotechnology factory with SC food production certification and a 10-ton annual production capacity of bird’s nest peptides. Its product range includes anti-aging, precision nutrition, functional foods/beverages, and skincare, establishing it as a leader in bird’s nest biotechnology.
By combining Zhongshen’s medicinal resources with Glyken’s biotech platform, MAAS aims to modernize traditional wellness products through biotechnology. This expansion marks its entry into the healthcare and wellness sector and demonstrates its dedication to creating a globally competitive health product and service ecosystem.
About Maase Inc.
Founded in 2010, formerly Highest Performances Holdings Inc., Maase Inc. aims to be a leading provider of intelligent, technology-driven services for families and enterprises. Its mission is to improve the quality of life for families globally by leveraging technological intelligence and capital investments, focusing on asset allocation, education and study tours, healthcare and elderly care, and family governance.
Maase Inc. currently holds controlling interests in AIFU Inc., a technology-driven independent financial service platform traded on the Nasdaq, and Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.
Forward-looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements involve plans, objectives, goals, strategies, future events, performance, and underlying assumptions, and other statements that are not statements of historical facts. The use of terms like “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions indicates forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ significantly from those discussed. These risks include MAAS’s ability to obtain proceeds from the Agreement, MAAS’s goals and strategies, future business development, product and service demand and acceptance, technological changes, economic conditions, the growth of the third-party wealth management industry in China, reputation and brand, the impact of competition and pricing, government regulations, fluctuations in general economic and business conditions in China and international markets, and other risks detailed in MAAS’s filings with the Securities and Exchange Commission. Investors are cautioned against placing undue reliance on these statements, which are subject to uncertainties and risks. Additional factors are discussed in MAAS’s filings with the U.S. Securities and Exchange Commission, available at www.sec.gov. MAAS does not undertake any obligation to revise these statements to reflect events or circumstances after the date of this release.
CONTACT: For more information, please contact: Maase Inc. Tel: +86-028-86762596 Email: ir@puyiwm.com Maase Inc.
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