This filing is a backward-looking disclosure of an already-closed acquisition. The acquired entity's deep losses and going-concern uncertainty are now part of MAAS's consolidated financials. Monitor MAAS's next quarterly report for signs of turnaround or further impairment of the ~RMB1.12B goodwill. The $26M cash consideration is due within 365 days of closing — watch for any liquidity strain.
Price Chart
Executive Summary
Maase Inc. filed this 6-K to provide audited combined financial statements of Times Good Limited (acquired on March 30, 2026) and unaudited pro forma combined financials. Times Good had FY2025 revenue of RMB136.8M (~$19.1M) but generated a net loss of RMB67.1M, negative operating cash flow of RMB71.3M, a working capital deficit of RMB121.6M, and an accumulated deficit of RMB130.6M. The auditor's report includes a going-concern emphasis of matter. The acquisition consideration was approximately RMB1.1B (~$153.5M), consisting of 87.4M MAAS Class A shares and $26M cash. The pro forma combined entity shows goodwill of ~RMB1.12B and intangible assets of ~RMB103.6M. This filing is a routine post-acquisition financial disclosure — the acquired entity's weak financials are now consolidated into MAAS, but the deal closed in March 2026 and the market has already priced it in.
Key Facts
- Maase completed acquisition of Times Good Limited on March 30, 2026 for ~RMB1.1B (87.4M MAAS Class A shares + $26M cash).
- Times Good FY2025 revenue: RMB136.8M (~$19.1M); net loss: RMB67.1M (~$9.4M).
- Times Good had negative operating cash flow of RMB71.3M and a working capital deficit of RMB121.6M as of June 30, 2025.
- Auditor's report includes a going-concern emphasis of matter for Times Good.
- Pro forma combined balance sheet records ~RMB1.12B in goodwill and ~RMB103.6M in intangible assets from the acquisition.
- Times Good's revenue was 100% from China; top two customers accounted for 62.1% of revenue.
- Times Good's AI computing power service was the largest revenue segment at RMB71.9M (52.6% of total revenue).
Financial Impact
Acquisition consideration ~RMB1.1B (~$153.5M). Times Good contributed RMB136.8M revenue and RMB67.1M net loss to pro forma combined results. Pro forma combined net loss attributable to MAAS: RMB266.3M.
Risk Factors
- Times Good's going-concern uncertainty and negative working capital could weigh on MAAS's consolidated financial health.
- Goodwill of ~RMB1.12B represents a significant impairment risk if the acquired business underperforms.
- Customer concentration risk: top two customers accounted for 62.1% of Times Good's revenue.
- All revenue from China exposes MAAS to PRC regulatory and geopolitical risks.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-068023 |
| Document: ea029449501ex99-3.htm | 0001213900-26-068023 |
| Document: ea0294495-6k_maase.htm | 0001213900-26-068023 |
| Document: ea029449501ex99-2.htm | 0001213900-26-068023 |
| Document: 0001213900-26-068023-index-headers.html | 0001213900-26-068023 |
| Document: 0001213900-26-068023-index.html | 0001213900-26-068023 |
| Document: 0001213900-26-068023.txt | 0001213900-26-068023 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 20-F | $12.00 | awaiting T+5 | — | $12.00 (0.00%) |
Oct 13, 2026 13d ago | 6-K | $11.83 $12.89 | ▲ +8.96% | ▲ +10.11% | $12.00 (+1.44%) |
Oct 1, 2026 25d ago | 6-K | $13.70 $11.56 | ▲ +15.62% | ▲ +16.78% | $12.00 (+12.41%) |
Sep 24, 2026 4w ago | Press Release | $14.03 $15.81 | ▲ +12.69% | ▲ +13.10% | $12.00 (−14.47%) |
Sep 23, 2026 4w ago | 6-K | $15.06 $16.34 | ▲ +8.50% | ▲ +9.17% | $12.00 (−20.32%) |
Sep 1, 2026 7w ago | Press Release | $16.33 $15.02 | ▼ −8.02% | ▼ −8.10% | $12.00 (−26.52%) |
Aug 24, 2026 9w ago | EFFECT | $15.80 $16.31 | ▲ +3.23% | ▲ +2.76% | $12.00 (−24.05%) |
Aug 5, 2026 11w ago | 6-K | $18.48 $16.42 | ▼ −11.15% | ▼ −11.50% | $12.00 (−35.06%) |
Aug 5, 2026 11w ago | 6-K | $18.48 $16.42 | ▼ −11.15% | ▼ −11.50% | $12.00 (−35.06%) |
Jul 17, 2026 14w ago | 6-K | $19.76 $16.76 | ▼ −15.18% | ▼ −14.49% | $12.00 (−39.27%) |
US Market Status
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