now integrated into 3D Investment Partners Pte. Ltd.
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Greetings
Members
Corporate Philosophy
Investment Philosophy
Message
Message 2025
26/Sep/2025 – Nikkei Business CIO Dialogue: Hibiki Path Advisors × Misaki Capital
22/Oct/2025 – Submission of Public Comment to the Tokyo Stock Exchange
27/Oct/2025 – Connecting JPC’s Q2 Performance with Trends in the Semiconductor-Related Functional Chemicals Industry
28/Nov/2025 ー Announcement regarding business integration into 3D Investment Partners
8/Dec/2025 ー Comments on the Investigation Report Regarding Tokyo Cosmos Electric
Message 2024
Message 2023
Message 2022
Message 2021
Message 2020
Message 2019
Message 2018
Message 2017
Message 2016
Engagement
Letter
2017 New Year Message
2018 New Year Message – About “face”
Shareholder meetings, board meetings, and democracy: Thoughts on shareholder proposals
2019 New Year Message to Companies (translated summary)
A Brief Essay About ‘Dividends’
2020 New Year Message (only in Japanese)
2021 New Year Message Part 1 (only in Japanese)
2021 New Year Message Part 2 (only in Japanese)
2021 New Year Message Part 3 (only in Japanese)
2022 New Year Message (only in Japanese)
A Historiographical Study of the Cross-Shareholding Structure in Japan and our Six Suggestions to the Management
Merits and Challenges of Being Publicly Listed in the Era of Unsolicited Takeovers
3/Jul/2025 – Nikkei’s article about DOE
4/Jul/2025 － Public document disclosed by the FSA
ADQU(SGX)：Accordia Golf Trust
Letter to Board of Members of Accordia Golf Trust Management (June 2020)
Response to Divestment Proposal for Accordia Golf Trust
Video Presentation on Accordia Golf Trust
Hibiki together with more than 50 Minority Unitholders of Accordia Golf Trust are calling for EGM
Response to Updated Divestment Proposed for Accordia Golf Trust
1716：DAIICHI CUTTER KOGYO
02/Mar/2022 – Proposal for valuation improvement to DAIICHI CUTTER KOGYO K.K.
1786：Oriental Shiraishi Corporation
08/May/2023 – Proposal Letter to Oriental Shiraishi Corporation
1921：Tomoe
29/May/2025 ー Shareholder proposal for Tomoe Corporation
5/June/2025 ー Comments on the Revision of the Medium-Term Management Plan
13/Jun/2025 – ISS Endorses Hibiki’s Shareholder Proposals to Tomoe Corporation
3/Oct/2025 – Letter to Tomoe CORPORATION
1944：KINDEN
04/Oct/2023 – Proposal Letter to KINDEN CORPORATION
14/Oct/2023 – Proposal Letter Explanation Video about Kinden Corporation
20/May/2024 – Shareholder proposal for KINDEN CORPORATION
16/Jun/2024 – ISS Recommends Support for Hibiki’s Shareholder Proposals
02/Jul/2024 – About AGM of KINDEN CORPORATION
2768：Sojitz
10/Nov/2022 – Sojitz Corporation towards achieving 1.0x PBR early
2975：Star Mica Holdings
24/Nov/2022 – Hibiki Path Advisors sends proposal letter to three major used condominium resalers
14/Jun/2023 – Introduction of Engagement Update Video about Star Mica Holdings Co., Ltd.
16/Jan/2025 – Commentary on Star Mica Holdings Earning Call
3002：GUNZE
3088：MatsukiyoCocokara
10/Mar/2021 – Our Opinion as a Minority Shareholder of Cocokarafine (Opposition to Share Exchange Ratio)
11/Mar/2022 – IR Enhancement Proposal to MatsukiyoCocokara & Co.
15/Jun/2022 – Discussion for MatsukiyoCocokara & Co.
02/Dec/2022 – Discussion Material to MatsukiyoCocokara & Co. for Further Upside
05/Jan/2023 – Letter to MatsukiyoCocokara & Co.
3107：Daiwabo Holdings
16/Mar/2022 – Discussion for business strategy and valuation improvement with Daiwabo Holdings Co., Ltd.
3182：Oisix ra daichi
27/Jan/2022 – Letter to Board of Directors of Oisix ra daichi Inc.
10/Mar/2022 – Proposal for corporate value enhancement to Oisix ra daichi Inc.
15/Nov/2022 – Oisix ra daichi Inc. Further growth and BS management
3294：e’grand
24/Nov/2022 – Hibiki Path Advisors sends proposal letter to three major used condominium resalers
3791：IG Port
01/Sep/2023 – Yuya Shimizu appointed as an external adviser to IG Port, Inc.
17/Jun/2025 – Announcement Regarding Capital and Business Alliance between IG Port, Inc. and Sanrio Company, Ltd.
29/Aug/2025 ー IG Port’s Annual General Meeting of Shareholders
4659：AJIS
4917：Mandom
7/Apr/2025 – Proposal Letter to Mandom Corporation
15/Apr/2025 – Proposal Letter Explanation Video about Mandom Corporation
4/Jul/2025 – The Toyo Keizai article on Mandom Corporation
8/Aug/2025 – Earnings Release Commentary
16/Sep/2025 – Letter of Inquiry to Mandom CORPORATION
17/Sep/2025 – Letter of Inquiry Explanation Video about Mandom Corporation
22/Sep/2025 – The Toyo Keizai article regarding the MBO of Mandom Corporation
6/Nov/2025 ― Mandom: Large Shareholding Report
4973：JAPAN PURE CHEMICAL
02/Feb/2023 – Discussion material for JAPAN PURE CHEMICAL CO., LTD
19/May/2023 – Shareholder Proposal for JAPAN PURE CHEMICAL CO., LTD.
22/May/2023 – Shareholder proposal explanation video about JAPAN PURE CHEMICAL CO., LTD.
30/Jun/2023 – Regarding the results of AGM of Japan Pure Chemical Corporation
24/May/2024 – Shareholder Proposal for JAPAN PURE CHEMICAL CO., LTD.
03/Jun/2024 – Shareholder Proposal Explanation Video about JAPAN PURE CHEMICAL CO., LTD.
16/Jun/2024 – ISS Recommends Support for Hibiki’s Shareholder Proposals
01/Jul/2024 – About AGM of JAPAN PURE CHEMICAL CO., LTD.
2/Oct/2024 ー About Letter to the board of directors in Japan Pure Chemical Co., Ltd.
21/May/2025 – Submission of a shareholder proposal to JAPAN PURE CHEMICAL CO., LTD. as its largest shareholder
22/May/2025 – Commentary of the shareholder proposal to JAPAN PURE CHEMICAL CO., LTD.
26/May/2025 ー As the largest shareholder of JAPAN PURE CHEMICAL CO., LTD., requested the Outside Directors to provide their thoughts regarding Hibiki’s opinion
28/May/2025 ー Publication on DIAMOND online regarding JPC campaign
1/Jun/2025 – Regarding the Public Campaign as the largest Shareholder of JAPAN PURE CHEMICAL CO., LTD.
4/Jun/2025 – Connecting the developments surrounding TAIYO HOLDINGS with our campaign against JAPAN PURE CHEMICAL CO., LTD.
7/Jun/2025 – ISS Endorses Hibiki’s Shareholder Proposals to JAPAN PURE CHEMICAL CO., LTD.
11/Jun/2025 – Hibiki Path Advisors finalized Its Policy for the 54th Annual General Meeting of JAPAN PURE CHEMICAL CO., LTD.
16/Jun/2025 – Appointment of an Inspector for the 54th Annual General Meeting of JAPAN PURE CHEMICAL CO., LTD.
23/Jun/2025 ー JPC’s 54th Annual General Meeting of Shareholders
27/Jun/2025 — Results of JPC’s 54th Annual General Meeting of Shareholders (comment on voting results)
30/Jul/2025 ー JPC: Revised Large Shareholding Report
27/Nov/2025 ー Japan Pure Chemical: The Hidden AI Stock You Can’t Ignore ～Spotlight on AI Server Optical Transceivers ～
22/Dec/2025 － Japan Pure Chemical: Request for a Complete Overhaul of the Mid-Term Plan and the Establishment of a Special Committee
5121：Fujikura Composites
14/Nov/2025 – Submission of Our Proposal for Fujikura Composites
5/Dec/2025 – Comments on Fujikura Composite 2Q Earnings Briefing
December 26, 2025 – Fujikura Composite’s Share Repurchase Announcement
5999：IHARA SCIENCE
16/Feb/2023 – Letter to IHARA SCIENCE CORPORATION
6143：Sodick
15/Mar/2022 – Proposal for IR improvement to Sodick Co.,Ltd.
6340：SHIBUYA CORPORATION
7157：LIFENET INSURANCE
22/Apr/2022 – Letter to Lifenet Insurance Company
7164：ZENKOKU HOSHO
26/Aug/2022 – Letter to ZENKOKU HOSHO Co., Ltd.
22/Feb/2023 – Presentation to ZENKOKU HOSHO Co., Ltd.
7716：NAKANISHI
7817：PARAMOUNT BED HOLDINGS
25/Apr/2022 – Letter to PARAMOUNT BED HOLDINGS CO., LTD.
7906：YONEX
10/Jul/2024 ー About Discussion with YONEX Co., Ltd.
7952：Kawai Musical Instruments Manufacturing
08/May/2023 – Letter to Kawai Musical Instruments Manufacturing Co., Ltd.
18/May/2023 – Engagement Explanation Video about Kawai Musical Instruments Manufacturing Co., Ltd.
11/Jun/2023 – Introduction of Follow-up Engagement Video about Kawai Musical Instruments Manufacturing Co. Ltd.
23/Aug/2023 – Discussion with Kawai Musical Instruments Manufacturing
04/Dec/2024 – Discussion with Kawai Musical Instruments Manufacturing Co., Ltd.
23/Mar/2025 – Commentary on Medium-Term Management Plan of Kawai Musical Instruments Mfg. Co., Ltd.
31/May/2025 – Discussion on the medium-term management plan with Kawai Musical Instruments Manufacturing Co., Ltd.
13/Oct/2025 – KAWAI’s Remarkable Progress at the Chopin Competition
21/Oct/2025 – Update on the International Chopin Piano Competition
8940：INTELLEX
24/Nov/2022 – Hibiki Path Advisors sends proposal letter to three major used condominium resalers
8697：Japan Exchange Group
22/Nov/2022 – Tokyo Stock Exchange, Inc. Meetings with management to strengthen the competitiveness of Japan’s financial and capital markets
8929：Aoyama Zaisan Networks
05/Jun/2023 – Introduction of Supportive Engagement Video about Aoyama Zaisan Networks Co., Ltd.
9260：Nishimoto
18/Feb/2022 – Letter to Nishimoto Co., Ltd.
17/Mar/2022 – Proposal for IR improvement to Nishimoto Co., Ltd.
9401：TBS HOLDINGS
9/May/2023 – Letter to TBS HOLDINGS, INC
20/May/2023 – Engagement Explanation Video about TBS HOLDINGS, INC
14/May/2024 – Shareholder proposal for TBS HOLDINGS, INC
16/Jun/2024 – ISS Recommends Support for Hibiki’s Shareholder Proposals
07/Jul/2024 – About AGM of TBS HOLDINGS
9467：AlphaPolis
10/Mar/2024 – Proposal Letter to AlphaPolis Co.,Ltd.
23/May/2025 – Commentary on AlphaPolis Co., Ltd.’s Earnings Announcement
27/Dec/2024 – Discussion with AlphaPolis Co., Ltd.
26/Jun/2025 ー AlphaPolis’s Annual General Meeting of Shareholders
31/Jul/2025 ー AlphaPolis Announced Acquisition of WHITE FOX
9749 : FUJI SOFT
04/Dec/2022 – Yuya Shimizu assumed the position of Outside Director of FUJI SOFT
9842：Arcland Sakamoto
Late/Mar/2022 – Proposal for DOE Implementation to ARCLAND SAKAMOTO CO., LTD.
Newsletter | Member Only
Hibiki Investment News
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(日本語) 2024年総括 ご説明動画 〜 昨今のアクティビストをめぐる議論について〜
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27/Dec/2024 – Discussion with AlphaPolis Co., Ltd.
16/Jan/2025 – Commentary on Star Mica Holdings Earning Call
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