海王物産 of Sapporo, Hokkaido, filed for self-bankruptcy. The decline in its core exports to China and China’s complete ban on imports of Japanese seafood in August 2023 are believed to have contributed to the circumstances that forced it to suspend operations. Liabilities are estimated at approximately ¥1.532 billion.
海王物産, based in Sapporo, processed and sold wild sea cucumbers from Hokkaido, but suspended operations on 31 August and filed for self-bankruptcy with the Sapporo District Court on 2 September. According to Teikoku Databank, a private credit research company, its liabilities are estimated at approximately ¥1.532 billion.
Established in 2007, the company processed salted and dried wild sea cucumbers from Hokkaido at its own plant and grew by exporting mainly to China and Hong Kong. In 2018, it recorded annual sales of approximately ¥1.812 billion.
Exports stagnated after the COVID-19 pandemic, and in August 2023 China completely banned imports of Japanese seafood, citing the discharge of treated water from Tokyo Electric Power Company Holdings’ Fukushima Daiichi Nuclear Power Station. This dealt a further blow to the company, causing its core exports to China to decline sharply.
Sales in fiscal 2025 remained at approximately ¥740 million, and with no recovery in the business expected, the company proceeded to file for bankruptcy.