[8-K] Enbridge, Inc Reports Material Event
Schedule 13G highlights: YF Management Company Ltd., a Hong Kong entity wholly owned by individual investor LIU YIF, has disclosed ownership of 5,000,000 Class A ordinary shares of Maase Inc. (symbol MAAS). The stake equals 19.29 % of Maase鈥檚 outstanding ordinary shares (based on 25,917,241 total shares as of 18 Jul 2025) but confers only 0.73 % of aggregate voting power because each Class B share carries 100 votes versus one vote for each Class A share.
Both YF Management and LIU YIF report sole voting and dispositive power over the shares and certify the investment is passive, filed under Rule 13d-1(c). No other persons share voting or dispositive authority and there are no indications of control-seeking activity. A joint filing agreement is the only listed exhibit.
Key addresses: issuer HQ in Chengdu, China; YF Management office in Hong Kong; LIU YIF residence in Singapore. Signatures dated 01 Aug 2025 affirm the accuracy of the disclosure.
Punti salienti del Schedule 13G: YF Management Company Ltd., un'entit脿 di Hong Kong interamente posseduta dall'investitore individuale LIU YIF, ha dichiarato il possesso di 5.000.000 di azioni ordinarie di Classe A di Maase Inc. (simbolo MAAS). La partecipazione corrisponde al 19,29% delle azioni ordinarie in circolazione di Maase (basato su un totale di 25.917.241 azioni al 18 luglio 2025), ma conferisce solo il 0,73% del potere di voto complessivo perch茅 ogni azione di Classe B ha 100 voti, mentre ogni azione di Classe A ne ha uno.
Sia YF Management che LIU YIF dichiarano di avere il potere esclusivo di voto e disposizione sulle azioni e certificano che l'investimento 猫 passivo, presentato ai sensi della Regola 13d-1(c). Nessun'altra persona condivide l'autorit脿 di voto o di disposizione e non ci sono indizi di attivit脿 volte a ottenere il controllo. L'unico documento allegato 猫 un accordo di deposito congiunto.
Indirizzi chiave: sede dell'emittente a Chengdu, Cina; ufficio di YF Management a Hong Kong; residenza di LIU YIF a Singapore. Le firme datate 01 agosto 2025 confermano l'accuratezza della dichiarazione.
Aspectos destacados del Schedule 13G: YF Management Company Ltd., una entidad de Hong Kong propiedad total del inversor individual LIU YIF, ha revelado la propiedad de 5.000.000 acciones ordinarias Clase A de Maase Inc. (s铆mbolo MAAS). La participaci贸n equivale al 19,29% de las acciones ordinarias en circulaci贸n de Maase (basado en un total de 25.917.241 acciones al 18 de julio de 2025), pero solo otorga el 0,73% del poder total de voto porque cada acci贸n Clase B tiene 100 votos frente a un voto por cada acci贸n Clase A.
Tanto YF Management como LIU YIF informan tener el poder exclusivo de voto y disposici贸n sobre las acciones y certifican que la inversi贸n es pasiva, presentada bajo la Regla 13d-1(c). Ninguna otra persona comparte autoridad de voto o disposici贸n y no hay indicios de actividades para buscar control. El 煤nico documento adjunto es un acuerdo de presentaci贸n conjunta.
Direcciones clave: sede del emisor en Chengdu, China; oficina de YF Management en Hong Kong; residencia de LIU YIF en Singapur. Las firmas fechadas el 01 de agosto de 2025 confirman la exactitud de la divulgaci贸n.
Schedule 13G 欤检殧 雮挫毄: 頇嶌僵鞐� 氤胳偓毳� 霊� 臧滌澑 韴瀽鞛� LIU YIF臧� 鞝勳暋 靻岇湢頃� YF Management Company Ltd.電� Maase Inc.(鞁臣 MAAS)鞚� 5,000,000欤� 韥措灅鞀� A 氤错喌欤�毳� 氤挫湢頃橁碃 鞛堨潓鞚� 瓿店皽頄堨姷雼堧嫟. 鞚� 歆�攵勳潃 2025雲� 7鞗� 18鞚� 旮办 齑� 25,917,241欤� 欷� 19.29%鞐� 頃措嫻頃橃毵�, 韥措灅鞀� B 欤检嫕鞚� 1欤茧嫻 100響�, 韥措灅鞀� A 欤检嫕鞚� 1響滊ゼ 頄夓偓頃橁赴 霑岆鞐� 鞝勳泊 韴憸甓岇潣 0.73%毵岇潉 臧�歆戨媹雼�.
YF Management鞕� LIU YIF電� 欤检嫕鞐� 雽�頃� 雼弲 韴憸甓� 氚� 觳橂秳甓�鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 鞚� 韴瀽電� 靾橂彊鞝侅瀯鞚� 攴滌箼 13d-1(c)鞐� 霐半澕 鞁犼碃頄堨姷雼堧嫟. 雼るジ 雸勱惮霃� 韴憸甓岇澊雮� 觳橂秳甓岇潉 瓿奠湢頃橃 鞎婌溂氅�, 歆�氚瓣秾 於旉惮 頇滊彊鞚� 歆曧泟電� 鞐嗢姷雼堧嫟. 瓿惦彊 鞝滌稖 瓿勳暯靹滉皜 鞙犾澕頃� 觳秬 氍胳劀鞛呺媹雼�.
欤检殧 欤检唽: 氚滍枆靷� 氤胳偓(欷戧淡 觳憪), YF Management 靷鞁�(頇嶌僵), LIU YIF 瓯办＜歆�(鞁标皜韽ゴ). 2025雲� 8鞗� 1鞚� 靹滊獏鞙茧 瓿奠嫓鞚� 鞝曧檿靹膘潉 頇曥澑頄堨姷雼堧嫟.
Points cl茅s du Schedule 13G : YF Management Company Ltd., une entit茅 de Hong Kong enti猫rement d茅tenue par l'investisseur individuel LIU YIF, a d茅clar茅 d茅tenir 5 000 000 d'actions ordinaires de Classe A de Maase Inc. (symbole MAAS). Cette participation repr茅sente 19,29 % des actions ordinaires en circulation de Maase (sur un total de 25 917 241 actions au 18 juillet 2025), mais ne conf猫re que 0,73 % du pouvoir de vote global, car chaque action de Classe B dispose de 100 voix contre une voix par action de Classe A.
Tant YF Management que LIU YIF d茅clarent d茅tenir le pouvoir exclusif de vote et de disposition sur les actions et certifient que l'investissement est passif, d茅pos茅 conform茅ment 脿 la r猫gle 13d-1(c). Aucune autre personne ne partage l'autorit茅 de vote ou de disposition et il n'y a aucun signe d'activit茅 visant 脿 prendre le contr么le. Un accord de d茅p么t conjoint est le seul document annex茅.
Adresses cl茅s : si猫ge de l'茅metteur 脿 Chengdu, Chine ; bureau de YF Management 脿 Hong Kong ; r茅sidence de LIU YIF 脿 Singapour. Les signatures dat茅es du 1er ao没t 2025 confirment l'exactitude de la d茅claration.
Wesentliche Punkte des Schedule 13G: Die YF Management Company Ltd., eine in Hongkong ans盲ssige Gesellschaft, die vollst盲ndig im Besitz des Einzelanlegers LIU YIF ist, hat den Besitz von 5.000.000 Class A Stammaktien der Maase Inc. (Symbol MAAS) offengelegt. Der Anteil entspricht 19,29 % der ausstehenden Stammaktien von Maase (basierend auf insgesamt 25.917.241 Aktien zum 18. Juli 2025), gew盲hrt jedoch nur 0,73 % der Gesamtstimmrechte, da jede Class B Aktie 100 Stimmen hat, w盲hrend jede Class A Aktie nur eine Stimme besitzt.
Sowohl YF Management als auch LIU YIF berichten, dass sie die alleinige Stimm- und Verf眉gungsgewalt 眉ber die Aktien besitzen und best盲tigen, dass die Investition passiv ist, eingereicht gem盲脽 Regel 13d-1(c). Keine anderen Personen teilen Stimm- oder Verf眉gungsrechte, und es gibt keine Anzeichen f眉r Kontrollbestrebungen. Eine gemeinsame Einreichungsvereinbarung ist das einzige beigef眉gte Dokument.
Wichtige Adressen: Firmensitz des Emittenten in Chengdu, China; B眉ro von YF Management in Hongkong; Wohnsitz von LIU YIF in Singapur. Die am 1. August 2025 datierten Unterschriften best盲tigen die Richtigkeit der Offenlegung.
- Transparent disclosure of a 19.29% stake provides investors clarity on significant share concentration.
- Passive Rule 13d-1(c) filing suggests no immediate effort to alter Maase鈥檚 strategic direction.
- Economic stake carries only 0.73% voting power, highlighting a severe dual-class governance imbalance.
- Single investor controls nearly one-fifth of float, increasing ownership concentration risk despite low votes.
Insights
TL;DR: 19.29% economic stake revealed; passive filing, minimal voting leverage, no control intent.
The filing introduces a new 5 million-share holder, raising market awareness of concentrated ownership. Because it is a Schedule 13G, the investor states a passive intent, implying no near-term strategic shifts. Economic exposure is sizeable, yet the dual-class structure leaves the holder with less than 1 % voting power, limiting influence over corporate actions. From a valuation perspective the disclosure is largely informational and does not, by itself, alter Maase鈥檚 fundamentals or guidance. Overall impact on the stock should be neutral unless future filings show accumulation above 20 % or a switch to a 13D.
TL;DR: Large holding with only 0.73% votes underscores governance imbalance鈥攑otential risk for minority investors.
The document illustrates the practical effect of Maase鈥檚 dual-class capital structure. An investor can amass nearly one-fifth of the economic interest yet remain nearly voiceless in shareholder matters. Such disparities concentrate power among Class B holders and may hinder accountability. While the filer is passive today, any future attempt to influence policy would be constrained, potentially leading to misalignment between cash-flow ownership and control. Governance-focused investors may view this as a negative signal, especially if additional passive holders with low voting rights emerge.
Punti salienti del Schedule 13G: YF Management Company Ltd., un'entit脿 di Hong Kong interamente posseduta dall'investitore individuale LIU YIF, ha dichiarato il possesso di 5.000.000 di azioni ordinarie di Classe A di Maase Inc. (simbolo MAAS). La partecipazione corrisponde al 19,29% delle azioni ordinarie in circolazione di Maase (basato su un totale di 25.917.241 azioni al 18 luglio 2025), ma conferisce solo il 0,73% del potere di voto complessivo perch茅 ogni azione di Classe B ha 100 voti, mentre ogni azione di Classe A ne ha uno.
Sia YF Management che LIU YIF dichiarano di avere il potere esclusivo di voto e disposizione sulle azioni e certificano che l'investimento 猫 passivo, presentato ai sensi della Regola 13d-1(c). Nessun'altra persona condivide l'autorit脿 di voto o di disposizione e non ci sono indizi di attivit脿 volte a ottenere il controllo. L'unico documento allegato 猫 un accordo di deposito congiunto.
Indirizzi chiave: sede dell'emittente a Chengdu, Cina; ufficio di YF Management a Hong Kong; residenza di LIU YIF a Singapore. Le firme datate 01 agosto 2025 confermano l'accuratezza della dichiarazione.
Aspectos destacados del Schedule 13G: YF Management Company Ltd., una entidad de Hong Kong propiedad total del inversor individual LIU YIF, ha revelado la propiedad de 5.000.000 acciones ordinarias Clase A de Maase Inc. (s铆mbolo MAAS). La participaci贸n equivale al 19,29% de las acciones ordinarias en circulaci贸n de Maase (basado en un total de 25.917.241 acciones al 18 de julio de 2025), pero solo otorga el 0,73% del poder total de voto porque cada acci贸n Clase B tiene 100 votos frente a un voto por cada acci贸n Clase A.
Tanto YF Management como LIU YIF informan tener el poder exclusivo de voto y disposici贸n sobre las acciones y certifican que la inversi贸n es pasiva, presentada bajo la Regla 13d-1(c). Ninguna otra persona comparte autoridad de voto o disposici贸n y no hay indicios de actividades para buscar control. El 煤nico documento adjunto es un acuerdo de presentaci贸n conjunta.
Direcciones clave: sede del emisor en Chengdu, China; oficina de YF Management en Hong Kong; residencia de LIU YIF en Singapur. Las firmas fechadas el 01 de agosto de 2025 confirman la exactitud de la divulgaci贸n.
Schedule 13G 欤检殧 雮挫毄: 頇嶌僵鞐� 氤胳偓毳� 霊� 臧滌澑 韴瀽鞛� LIU YIF臧� 鞝勳暋 靻岇湢頃� YF Management Company Ltd.電� Maase Inc.(鞁臣 MAAS)鞚� 5,000,000欤� 韥措灅鞀� A 氤错喌欤�毳� 氤挫湢頃橁碃 鞛堨潓鞚� 瓿店皽頄堨姷雼堧嫟. 鞚� 歆�攵勳潃 2025雲� 7鞗� 18鞚� 旮办 齑� 25,917,241欤� 欷� 19.29%鞐� 頃措嫻頃橃毵�, 韥措灅鞀� B 欤检嫕鞚� 1欤茧嫻 100響�, 韥措灅鞀� A 欤检嫕鞚� 1響滊ゼ 頄夓偓頃橁赴 霑岆鞐� 鞝勳泊 韴憸甓岇潣 0.73%毵岇潉 臧�歆戨媹雼�.
YF Management鞕� LIU YIF電� 欤检嫕鞐� 雽�頃� 雼弲 韴憸甓� 氚� 觳橂秳甓�鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 鞚� 韴瀽電� 靾橂彊鞝侅瀯鞚� 攴滌箼 13d-1(c)鞐� 霐半澕 鞁犼碃頄堨姷雼堧嫟. 雼るジ 雸勱惮霃� 韴憸甓岇澊雮� 觳橂秳甓岇潉 瓿奠湢頃橃 鞎婌溂氅�, 歆�氚瓣秾 於旉惮 頇滊彊鞚� 歆曧泟電� 鞐嗢姷雼堧嫟. 瓿惦彊 鞝滌稖 瓿勳暯靹滉皜 鞙犾澕頃� 觳秬 氍胳劀鞛呺媹雼�.
欤检殧 欤检唽: 氚滍枆靷� 氤胳偓(欷戧淡 觳憪), YF Management 靷鞁�(頇嶌僵), LIU YIF 瓯办＜歆�(鞁标皜韽ゴ). 2025雲� 8鞗� 1鞚� 靹滊獏鞙茧 瓿奠嫓鞚� 鞝曧檿靹膘潉 頇曥澑頄堨姷雼堧嫟.
Points cl茅s du Schedule 13G : YF Management Company Ltd., une entit茅 de Hong Kong enti猫rement d茅tenue par l'investisseur individuel LIU YIF, a d茅clar茅 d茅tenir 5 000 000 d'actions ordinaires de Classe A de Maase Inc. (symbole MAAS). Cette participation repr茅sente 19,29 % des actions ordinaires en circulation de Maase (sur un total de 25 917 241 actions au 18 juillet 2025), mais ne conf猫re que 0,73 % du pouvoir de vote global, car chaque action de Classe B dispose de 100 voix contre une voix par action de Classe A.
Tant YF Management que LIU YIF d茅clarent d茅tenir le pouvoir exclusif de vote et de disposition sur les actions et certifient que l'investissement est passif, d茅pos茅 conform茅ment 脿 la r猫gle 13d-1(c). Aucune autre personne ne partage l'autorit茅 de vote ou de disposition et il n'y a aucun signe d'activit茅 visant 脿 prendre le contr么le. Un accord de d茅p么t conjoint est le seul document annex茅.
Adresses cl茅s : si猫ge de l'茅metteur 脿 Chengdu, Chine ; bureau de YF Management 脿 Hong Kong ; r茅sidence de LIU YIF 脿 Singapour. Les signatures dat茅es du 1er ao没t 2025 confirment l'exactitude de la d茅claration.
Wesentliche Punkte des Schedule 13G: Die YF Management Company Ltd., eine in Hongkong ans盲ssige Gesellschaft, die vollst盲ndig im Besitz des Einzelanlegers LIU YIF ist, hat den Besitz von 5.000.000 Class A Stammaktien der Maase Inc. (Symbol MAAS) offengelegt. Der Anteil entspricht 19,29 % der ausstehenden Stammaktien von Maase (basierend auf insgesamt 25.917.241 Aktien zum 18. Juli 2025), gew盲hrt jedoch nur 0,73 % der Gesamtstimmrechte, da jede Class B Aktie 100 Stimmen hat, w盲hrend jede Class A Aktie nur eine Stimme besitzt.
Sowohl YF Management als auch LIU YIF berichten, dass sie die alleinige Stimm- und Verf眉gungsgewalt 眉ber die Aktien besitzen und best盲tigen, dass die Investition passiv ist, eingereicht gem盲脽 Regel 13d-1(c). Keine anderen Personen teilen Stimm- oder Verf眉gungsrechte, und es gibt keine Anzeichen f眉r Kontrollbestrebungen. Eine gemeinsame Einreichungsvereinbarung ist das einzige beigef眉gte Dokument.
Wichtige Adressen: Firmensitz des Emittenten in Chengdu, China; B眉ro von YF Management in Hongkong; Wohnsitz von LIU YIF in Singapur. Die am 1. August 2025 datierten Unterschriften best盲tigen die Richtigkeit der Offenlegung.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.02. Results of Operations and Financial Condition.
We issued a press release on August 1, 2025 announcing our financial results for the second quarter ended June 30, 2025, which is attached hereto as Exhibit 99.1. This information is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any registration statements filed under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Reference is made to the “Index of Exhibits” following the signature page, which is hereby incorporated into this Item.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ENBRIDGE INC. (Registrant) |
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Date: |
August 1, 2025 |
By: |
/s/ David Taniguchi |
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David Taniguchi |
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Vice President, Legal & Corporate Secretary (Duly Authorized Officer) |
Index of Exhibits
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Description |
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99.1 |
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Press release of Enbridge Inc., dated August 1, 2025, announcing financial results for the second quarter ended June 30, 2025. |
Exhibit 104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Source:
FAQ
How many Maase (MAAS) shares does YF Management own?
What percentage of Maase鈥檚 share class is held by LIU YIF?
How much voting power does the 19.29% stake represent?
Is the investor seeking control of Maase Inc.?
Where is YF Management located?
