Maase (MAAS) Registration filing summary

Company overview and business model

• Operates as a Cayman Islands holding company, conducting business through PRC subsidiaries and a consolidated VIE structure via contractual agreements with Huazhi Future (Chongqing) Technology Co., Ltd.

• Focuses on AI-centric digital systems, flexible energy deployment, intelligent commercial network operations, and health and wellness products.

• Recent strategic acquisitions include Real Prospect Group (smart technology and new energy), Times Good Limited (computing power and algorithm solutions), Carve Group (health and wellness), and Oriental Grove (premium tea products).

• Exited non-core financial services, including wealth management and insurance agency segments, to sharpen strategic focus.

Financial performance and metrics

• For the fiscal year ended June 30, 2025, Carve Group generated net revenues of RMB3.5 million (US$0.5 million) and net losses of RMB1.8 million (US$0.3 million).

• Real Prospect Group generated revenues of approximately RMB0.2 million (US$26,000) and incurred a net loss of approximately RMB1.4 million (US$189,000) for the same period.

• The company’s historical financial services segment accounted for 93.1% of net revenues in FY2025 but is no longer consolidated post-reorganization.

Use of proceeds and capital allocation

• The company will not receive proceeds from the resale of up to 75,419,246 Class A Ordinary Shares by selling shareholders.

• Proceeds from any future offerings under the $500 million universal shelf may be used for working capital and general corporate purposes, as specified in future supplements.