Continuation of the previous post.
We will get the latest data from the 2025 annual report, shown in the table below.
In that, Kirin and Mitsui have been in the “Corporations and others” category because it didn’t really change with the COR acquisition, and COR is naturally included there as well. Additionally, these 5.4 million shares were in the nominee register, leaving 2 million other holdings there, which aligns well with the ownership amounts of Startup Health and Afos; there would still be about 100k other nominee-registered holdings.
Then there is the “Foreign” category, 3.3 million shares. Perhaps it’s the case that these have been held by Citibank and for some reason they are now being sold on the OTC market; the sales on HEX represent their liquidity, meaning whatever was managed to be sold on HEX during the day is printed to the OTC.
If this were the case, there would only be 100k left.
One way or another, this is extremely exciting to follow! And on Monday, we will see which sector and ownership category has changed and by how much; we probably won’t see the seller other than through changes in those summaries, and on the buyer side, quite a widespread increase on the top 100 list, rather than a single large one.
