Maase Acquires Carve Group: A Strategic Move for Highest Performances Holdings Inc.

Maase Acquires Carve Group: Highest Performances Holdings Inc, formerly PUYI INC, has acquired Carve Group. The company provides wealth management services, asset management services, insurance consulting services, trust consulting services, and ancillary services. Its corporate finance service business includes financing solutions for corporate borrowers, while its asset management business involves managing funds and preparing new funds and non-performing loan funds.

Maase Inc. (NASDAQ: MAAS), formerly known as Highest Performances Holdings Inc. and previously PUYI INC, has successfully completed its strategic acquisition of 100% equity interests in Carve Group Ltd. [1] The transaction, previously disclosed in the Company’s Form 6-K filed on July 29, 2025, was formally consummated on August 27, 2025. The acquisition marks a significant move for Maase Inc. as it expands its portfolio into the healthcare and wellness sector.

The acquisition involved the issuance of an aggregate of 195,894,609 Class A ordinary shares with a par value of US$0.09 per share, at an issue price of US$1.50 per share. As of August 27, 2025, the Company had a total of 221,811,850 ordinary shares outstanding, consisting of 215,145,182 Class A ordinary shares and 6,666,668 Class B ordinary shares. The Sellers, Golden Brighter Limited (GBL), WJ Management Company Limited (WJM), and Union Chief Limited (UCL), collectively hold 195,894,609 Class A ordinary shares, representing approximately 88.32% of the total issued share capital and approximately 22.22% of the total voting power. The shareholdings of GBL and WJM are subject to a five-year lock-up period [1].

Following the acquisition, Maase Inc. now indirectly holds full ownership of Carve Group’s wholly-owned subsidiaries, Zhongshen Resources Development (Liaoning) Co., Ltd. (Zhongshen) and Glyken Bird Nest Technology (Shenzhen) Co., Ltd. (Glyken). Zhongshen holds the land use rights for 111 mu of premium forest land in the core wild ginseng growing region of Hengren County, Liaoning Province, with over 19,000 scarce wild-grown ginseng roots aged over 40 years. Glyken owns the bird’s nest biotechnology factory in the Guangxi Free Trade Zone, possessing an SC food production certification and an annual production capacity of 10 tons of bird’s nest peptides. Glyken’s product portfolio covers anti-aging, precision nutrition, functional food/beverages, and skincare, making it a benchmark in the bird’s nest biotech platform [1].

Maase Inc. plans to leverage Zhongshen’s scarce medicinal resources and Glyken’s biotechnology platform to scientifically upgrade traditional wellness products. This move establishes its presence in the healthcare and wellness space and underscores its commitment to building a globally competitive health product and service ecosystem. The acquisition aligns with Maase Inc.’s mission to enhance the quality of life for families worldwide by leveraging technological intelligence and capital investments [1].

About Maase Inc.
Founded in 2010, Maase Inc. is a leading provider of intelligent technology-driven family and enterprise services. The company currently holds controlling interests in two leading financial service providers in China: 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 [1].

Forward-looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts [1].

References:
[1] https://www.morningstar.com/news/globe-newswire/9519728/maas-announces-strategic-expansion-into-healthcare-and-wellness-with-acquisition-of-carve-group-ltd
[2] https://www.marketscreener.com/news/maas-announces-strategic-expansion-into-healthcare-and-wellness-with-acquisition-of-carve-group-ltd-ce7c50dfde8aff25