Risks from Concentrated Share Ownership and Changes in the Shareholder Structure
First written in FY2016. 8 of 21 entries say "Softened", first in FY2018-Q3. Latest entry: FY2026.
Open Up Group moved to the "Worse" side of this theme in 2020, 6 years before the typical company in this theme (2026).
The whole theme swung hardest in 2020: 2 of 13 companies on the "Worse" side.
0 other companies' latest entry also says "Softened".
- FY2026SoftenedAnnual report
「Total — 46,944,388 55.2」
As of 30 June 2026, the top 10 shareholders' ownership ratio fell to 55.2% from 55.8% at the end of the previous fiscal year. Shareholder concentration continued, although the degree of concentration declined slightly. - FY2026-H1SoftenedAnnual report
「Total — 47,517,770 55.8」
As of 31 December 2025, the top 10 shareholders held a combined 55.8%, down from 57.9% as of 31 December 2024. Shareholder concentration continued, although the degree of concentration declined slightly. - FY2025-H1WorsenedAnnual report
「Total — 50,407,834 57.9」
As of 31 December 2024, the top 10 shareholders held a combined 57.9%, up from 56.8% as of 30 June 2024. The concentrated shareholder structure continued, and the degree of concentration increased slightly. - FY2024SoftenedAnnual report
「Total — 49,468,730 56.8」
As of 30 June 2024, the top 10 shareholders' ownership ratio fell to 56.8% from 59.1% at the end of the previous fiscal year. Shareholder concentration continued. - FY2024-Q2WorsenedAnnual report
「Total — 51,944,130 59.8」
As of 31 December 2023, the top 10 shareholders' ownership ratio rose to 59.8% from 59.1% at the end of the previous fiscal year. The concentrated shareholder structure continued, and the degree of concentration increased slightly. - FY2023WorsenedAnnual report
「Total — 51,297,793 59.1」
As of 30 June 2023, the top 10 shareholders' ownership ratio rose to 59.1% from 57.3% at the end of the previous fiscal year, and shareholder concentration increased again. - FY2023-Q2SoftenedAnnual report
「Total — 49,352,693 56.5」
As of 31 December 2022, the top 10 shareholders' ownership ratio fell to 56.5% from 57.3% at the end of the previous fiscal year. Shareholder concentration continued, although the degree of concentration declined slightly. - FY2022WorsenedAnnual report
「Total — 50,785,793 57.3」
As of 30 June 2022, the top 10 shareholders' ownership ratio rose to 57.3% from 47.3% at the end of the previous fiscal year, and shareholder concentration strengthened again. - FY2022-Q2WorsenedAnnual report
「Total — 46,765,693 52.7」
As of 31 December 2021, the top 10 shareholders' ownership ratio rose to 52.7% from 47.3% at the end of the previous fiscal year, and the disclosure indicates that shareholder concentration risk strengthened again. - FY2021SoftenedAnnual report
「Total — 43,018,729 47.3 Nakayama Hayao (中山隼雄) and 株式会社アミューズキャピタル, which were major shareholders at the end of the previous fiscal year, were no longer major shareholders at the end of the fiscal year.」
Following the share issuance after the management integration, the top 10 shareholders' ownership ratio fell to 47.3% from 60.1% in the previous fiscal year. The 2 former major shareholders also ceased to be major shareholders. - FY2021-Q3MaterialisedAnnual report
「Pursuant to a resolution at the extraordinary general meeting of shareholders held on 26 March 2021, the Company completed a management integration with 株式会社夢真ホールディングス effective 1 April 2021. In connection with this transaction, the Company allotted and delivered 0.63 of the Company's common shares for each common share of 株式会社夢真ホールディングス, increasing the total number of issued shares by 47,761,083.」
In connection with the management integration with 株式会社夢真ホールディングス, the total number of issued shares increased by 47,761,083 effective 1 April 2021. An actual pathway for a change in the shareholder structure occurred. - FY2021-Q2RestatedAnnual report
「Total — 26,271,366 61.2」
As of 31 December 2020, the top 10 shareholders held a combined 61.2%, and the concentrated shareholder structure continued. - FY2020SoftenedAnnual report
「Total — 25,758,461 60.1」
As of 30 June 2020, the top 10 shareholders held a combined 60.1%, down from 67.0% at the end of the previous fiscal year. Shareholder concentration continued, although the degree of concentration declined further. - FY2020-Q2SoftenedAnnual report
「Total — 27,337,150 63.9」
As of 31 December 2019, the top 10 shareholders held a combined 63.9%, down from 67.0% at the end of the previous fiscal year. However, the concentrated shareholder structure continued. - FY2019RestatedAnnual report
「Total — 14,191,325 67.0」
As of 30 June 2019, the top 10 shareholders held a combined 67.0%, and the Company continued to disclose the concentrated shareholder structure. - FY2019-Q2RestatedAnnual report
「Total — 14,108,717 66.6」
As of 31 December 2018, the top 10 shareholders held a combined 66.6%, and the concentrated shareholder structure continued. - FY2018-Q3SoftenedAnnual report
「As of the end of the third quarter, the total number of shares in the Company owned by its largest shareholder, 株式会社アミューズキャピタル, its major shareholder Nakayama Hayao (中山隼雄), and 株式会社アミューズキャピタルインベストメント and its major shareholder Nakayama Haruki (中山晴喜) was 49.6% of the Company's total issued shares.」
The holdings of major shareholders and related parties were stated at 49.6%, below the previous level of more than half. The potential impact of future sales on the market price and shareholder structure continues to be identified. - FY2018-Q2Added a dilution route through stock acquisition rightsAnnual report
「The Company issued its first series of stock acquisition rights through a third-party allotment on 7 December 2017, with provisions for adjustment of the exercise price. As the total number of issued shares may increase upon exercise of these stock acquisition rights, the shares owned by 株式会社アミューズキャピタル, Nakayama Hayao (中山隼雄), 株式会社アミューズキャピタルインベストメント and Nakayama Haruki (中山晴喜) may fall below half of the Company's total issued shares.」
In addition to share sales by major shareholders, an increase in total issued shares through the exercise of stock acquisition rights was identified as a factor that could change ownership ratios and the shareholder structure. - FY2017RestatedAnnual report
「As of the end of the fiscal year, the total number of shares in the Company owned by its largest shareholder, 株式会社アミューズキャピタル, its major shareholder Nakayama Hayao (中山隼雄), who is the Company's second-largest shareholder, and his son Nakayama Haruki (中山晴喜), who is the Company's fifth-largest shareholder, exceeded half of the Company's total issued shares.」
As of the end of the fiscal year, major shareholders and related parties held 67.1%, and the Company continued to explain that changes in the shareholder structure could affect the market price, management structure and business strategy. - FY2017-Q2RestatedAnnual report
「Total — 13,006,800 67.0」
As of 31 December 2016, the top 10 shareholders held a combined 67.0%, confirming a concentrated shareholder structure. - FY2016First statedAnnual report
「As of the end of the fiscal year, the total number of shares in the Company owned by its largest shareholder, 株式会社アミューズキャピタル, its major shareholder Nakayama Hayao (中山隼雄), who is the Company's second-largest shareholder, and his son Nakayama Haruki (中山晴喜), who is the Company's fifth-largest shareholder, exceeded half of the Company's total issued shares.」
The Company disclosed that shares held by parties related to certain major shareholders exceeded half of total issued shares, identifying the impact of sales or changes in the shareholder structure as a risk.