Long Corridor Asset Management Cuts Stake in abc (8783) to 33.96% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Long Corridor Asset Management Limited has reduced its stake in abc (8783) to 33.96%. This represents a sale by a Hong Kong-based activist fund. abc operates diversified businesses including mobile game development and operations, Web3, finance, and cybersecurity, with a strategic focus on blockchain-based business transformation. The 33.96% stake represents substantial control within the company's equity structure. The holding has declined by 1.49 percentage points from the previous disclosure, as documented in today's change report.

Rapid accumulation followed by partial trimming over one month

Long Corridor Asset Management Limited's first abc disclosure dated July 10, 2026, showed a 7.34% stake. Over approximately one month, the fund filed ten reports while expanding its holding to as high as 35.45% at the most recent filing. Today's sale represents a modest reduction to 33.96%, maintaining its position as a top-tier shareholder. The cumulative move from 7.34% to 33.96% reflects a 26.62 percentage point expansion during this period, followed by the current adjustment.

Diversified portfolio strategy across multiple sectors

Long Corridor Asset Management Limited holds positions exceeding 5% in fifteen Japanese listed companies as of August 7, 2026. Its largest stake is ReYuu Japan Corporation (9425, information and communications) at 41.95%, where it maintains even greater control than in abc. Secondary positions include JB Eleven Inc. (3066) at 20.17%, A&A Material Inc. (5391, glass and ceramics products) at 14.32%, and Happiness and D Inc. (3174, retail) at 10.93%. The fund pursues investments spanning information technology, retail, and manufacturing sectors, with holding percentages ranging from single digits to above 40% depending on the target.

Second-tier position in abc's shareholder structure

Among investors reporting large holdings in abc, Long Corridor Asset Management Limited ranks second with 33.96%, behind WOWOO PTE. LTD. at 24.43%. Other reporting shareholders include Jingxiang Knitwear Co., Ltd. (6.95%) and Seacastle Singapore Pte. Ltd. (3.48%), which hold significantly smaller stakes. The concentration of control among overseas investors is pronounced in abc's capital structure.

Market valuation suggests significant pessimism

At the time of this filing, abc's share price stands at ¥59, positioned at the lower extremity of its 52-week range (0% representing the low, 100% the high). The company trades at a PER of 0.8x and PBR of 0.40x, indicating the market applies exceptionally low multiples to both earnings and net asset value. These metrics reflect the market's skeptical stance toward the company's current profitability and asset quality, suggesting price formation occurs amid limited catalysts and low investor conviction.

*Speculation: Long Corridor Asset Management Limited may be adjusting its position gradually in response to developments in abc's business transformation or broader market conditions affecting the company.