MAASE Inc., a Cayman Islands-incorporated company operating in China, filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission on October 26, 2026, covering the fiscal year ended June 30, 2026.

Key Highlights

  • Share capital: As of June 30, 2026, the company reported 442,175,578 ordinary shares issued and outstanding at a par value of $0.09 per share, consisting of 435,508,910 Class A ordinary shares and 6,666,668 Class B ordinary shares.
  • ADS termination: On June 23, 2025, the company implemented a substitution listing whereby all ADSs were exchanged into Class A ordinary shares and the ADR facility was terminated, according to the filing.
  • AIFU divestiture: The filing states that as of the date of the annual report, the company no longer holds controlling interests in AIFU Inc., a technology-driven financial service provider formerly controlled by the company.
  • BGM transaction: The AIFU Former VIEs were transferred to BGM Group Ltd. in a share exchange transaction completed on December 27, 2024, the filing disclosed.
  • Carve Group operations: The filing identifies Carve Group as including subsidiaries engaged in premium wild ginseng resources and bird's nest peptide manufacturing and sales, among other businesses.
  • Filing status: The company is classified as a non-accelerated filer and is incorporated in the Cayman Islands, with principal executive offices located in Laixi, Qingdao, Shandong Province, People's Republic of China.

MAASE Inc. Annual Disclosure: Key Corporate Changes and Business Structure for Fiscal Year 2026

MAASE Inc. (NASDAQ:MAAS) filed its annual report on Form 20-F for the fiscal year ended June 30, 2026, disclosing a number of corporate developments during the period. The company reported that on June 23, 2025, it completed a substitution listing under which all American Depositary Shares were exchanged into Class A ordinary shares and the ADR facility was terminated. As of the fiscal year-end date, the company had 442,175,578 total ordinary shares outstanding, with Class A shares carrying one vote each and Class B shares carrying one hundred votes each, according to the filing.

The filing also describes a restructuring of the company's holdings. The company disclosed that it no longer holds controlling interests in AIFU Inc., which the filing describes as "a leading technology-driven financial service provider in China" that was formerly controlled by the company. The AIFU Former VIEs, which include Shenzhen Xinbao Investment Management Co., Ltd. and Fanhua RONS (Beijing) Technologies Co., Ltd. and their subsidiaries, were transferred to BGM Group Ltd. through a share exchange transaction completed on December 27, 2024.

According to the filing, the company's Carve Group subsidiary encompasses businesses including a premium wild ginseng resource holder operating under Zhongshen Resources Development (Liaoning) Co., Ltd., and Glyken Bird Nest Technology (Shenzhen) Co., Ltd., which the filing describes as "a pioneering bird's nest company specializing in extraction of small molecular bird's nest peptides using physical heating separation method and manufacturing and selling bird's nest peptides." The company's principal executive offices are located in Laixi, Qingdao, Shandong Province, People's Republic of China, with Min Zhou serving as Chief Executive Officer. The annual report was prepared on a US GAAP basis and the company is classified as a non-accelerated filer.

What Was Disclosed

MAASE Inc. filed its Form 20-F annual report for fiscal year ended June 30, 2026, disclosing share capital of 442,175,578 ordinary shares outstanding, the termination of its ADR facility in June 2025, the transfer of AIFU Former VIEs to BGM Group Ltd. in December 2024, and the company's current business structure including Carve Group subsidiaries.