This paper considers a multi-way massive multiple-input multiple-output (MIMO) relaying system. The bearing-information is exchanged among multiple users with the help of a multiple-antenna relay (the base station). The maximum-ratio (MR) processing is applied at the relay under the assumption of perfect channel state information. The spectral efficiency and the asymptotic results for the signal-to-interference-plus-noise ratio (when the number of relay antennas becomes large) are derived. By using a massive number of antennas, the transmit power at both user side and/or relay can be made inversely proportional to the number of relay antennas without degradation in the system performance.