Maase Inc. (NASDAQ:MAAS) said Friday it agreed to sell its entire indirect 49% stake in Qingdao Huiju Laixi Intelligent Technology Co., Ltd. to an independent third party for $17 million in cash, as the company sharpens its focus on artificial intelligence.
Following the announcement, the stock fell nearly 9%.
Maase Exits Non-Core Business
The transaction, announced Friday, will be paid in installments. Once the deal closes, Maase will no longer hold any equity interest in Laixi Intelligent.
Laixi Intelligent operates an unmanned car wash business. Maase said the divestiture is part of its ongoing effort to streamline its portfolio and concentrate on higher-growth AI opportunities.
