Maase acquires Times Good for $158M

The price is split between 87,400,144 Class A shares and US$26 million in cash, which is due within 365 days after closing. The shares carry a 60-month lock-up. The deal closed on March 30, 2026, later than the end-of-February target. The sellers now hold about 19.77% of Maase's share capital but only 7.93% of its voting power.

Huazhi Group's business is high-performance computing clusters and AI algorithm frameworks for public security, firefighting, agriculture, forestry, water resources and enterprise digital transformation. Maase is a Nasdaq-listed company formerly known as Puyi. It was founded in 2010. It has not been profitable over the last twelve months. Management says it plans to tie Huazhi's infrastructure to its own businesses, with energy dispatch optimization, intelligent commercial networks and urban governance as the first targets.

For founders, the deal shows a small listed company with no compute or model base buying one with its own stock. Most of the price is paid in equity, and the lock-up keeps the sellers invested for five years. Teams selling into Chinese government and enterprise accounts should expect more buyers who want to own the full stack, from computing power to the end service. That could squeeze independent application vendors who depend on third-party compute.