- Maase Inc.'s subsidiary, Puyi Group Limited, has agreed to transfer **100%** of its equity interests in Puyi Holdings (Hong Kong) Limited and its directly or contractually controlled subsidiaries to Echoes Group Ltd.  **[1750264_0001213900-25-088774_ea0257527-6k_maase.htm:0]** 
- The transaction is a cash deal with a total consideration of **RMB70,000,000**.  **[1750264_0001213900-25-088774_ea0257527-6k_maase.htm:0]** **[1750264_0001213900-25-088774_ea025752701ex10-1_maase.htm:1]** 
- Approved by Maase Inc.'s board, the transaction is expected to be completed by the **end of September 2025**, after which the company will **cease all fund product distribution operations**.  **[1750264_0001213900-25-088774_ea0257527-6k_maase.htm:0]** 
- The buyer will prepay **15%** of the total consideration on or prior to **September 30, 2025**, with the remaining balance due on or prior to **September 30, 2026**.  **[1750264_0001213900-25-088774_ea025752701ex10-1_maase.htm:5]** **[1750264_0001213900-25-088774_ea025752701ex10-1_maase.htm:6]**

Maase Inc. Subsidiary to Divest Puyi Holdings (Hong Kong) Limited

- Maase Inc. (MAAS) has completed the acquisition of **100% equity interests in Carve Group Ltd** on **August 27, 2025**, marking its strategic expansion into the healthcare and wellness sector.  **[1750264_0001213900-25-081383_ea025492401ex99-1_maase.htm:0]** 
- As consideration, MAAS issued **195,894,609 Class A ordinary shares** at an issue price of **US$1.50 per share**.  **[1750264_0001213900-25-081383_ea025492401ex99-1_maase.htm:0]** 
- The sellers of Carve Group Ltd now collectively hold approximately **88.32% of MAAS's total issued share capital** and **22.22% of its total voting power**, with a **five-year lock-up period** for a significant portion of these shares.  **[1750264_0001213900-25-081383_ea025492401ex99-1_maase.htm:0]** 
- Carve Group's subsidiaries, Zhongshen and Glyken, bring **scarce traditional Chinese medicine resources** (wild ginseng) and a **bird's nest biotechnology platform** to MAAS's portfolio.  **[1750264_0001213900-25-081383_ea025492401ex99-1_maase.htm:0]**

Maase (MAAS)