{"id":5262,"date":"2025-12-22T17:23:45","date_gmt":"2025-12-22T09:23:45","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=5262"},"modified":"2025-12-23T06:59:14","modified_gmt":"2025-12-22T22:59:14","slug":"post-5262","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5262\/","title":{"rendered":"22\/Dec\/2025 \uff0d Japan Pure Chemical: Request for a Complete Overhaul of the Mid-Term Plan and the Establishment of a Special Committee"},"content":{"rendered":"<p>Hibiki Path Advisors (\u201cwe\u201d) sent a letter dated December 9 to the Board of Directors and the Audit and Supervisory Committee of Japan Pure Chemical Co., Ltd. (\u201cJPC\u201d or the \u201cCompany\u201d), one of our core portfolio holdings (the \u201cLetter\u201d), to protect and advance the shared interests of the Company\u2019s shareholders.<\/p>\n<p><a class=\"btn\" href=\"https:\/\/hibiki-investment-news.com\/wp-content\/uploads\/2025\/12\/20251209_jpc_letter_en.pdf\">Letter on Dec 9 (English)<\/a><\/p>\n<p>Prior to this letter, we sent a letter dated August 1 to the same Recipients, clearly setting out the requests summarized below (the \u201cPrior Letter\u201d).<\/p>\n<p><a class=\"btn\" href=\"https:\/\/hibiki-investment-news.com\/wp-content\/uploads\/2025\/12\/20250801_jpc_prior-letter_en.pdf\">Prior Letter on Aug 1 (English)<\/a><\/p>\n<ul>\n<li><strong>A complete overhaul of the Medium-Term Management Plan, including:<\/strong>\n<ul>\n<li><strong>Clear, specific, and measurable KPI targets for the core businesses\u2014covering revenue, gross profit, operating profit, and other critical performance indicators; and<\/strong><\/li>\n<li><strong>Decisive capital actions, including a clearly defined and accelerated timetable to unwind cross-shareholdings to the maximum extent possible.<\/strong><\/li>\n<\/ul>\n<\/li>\n<li><strong>Establishment of a Special Committee of external directors and independent third parties to evaluate strategic alternatives, including publicly listed versus privatization.<\/strong><\/li>\n<li><strong>If the Company remains listed, bold measures to address excess capital through substantial share buybacks and increased dividend distributions.<\/strong><\/li>\n<\/ul>\n<p>It has now been more than four months since those requests, and we have seen no response, no disclosure, and no direction from the company. KPIs remain undefined. No Special Committee exists. There is still no accelerated capital-return policy. Meanwhile, as markets have risen, the company\u2019s balance of investment securities has grown even larger. At the end of 2Q FY3\/26, cash plus investment securities accounted for about 85.8% of total assets and roughly 100.8%\u00b9 of net assets.<\/p>\n<p><strong><u>Accordingly, we reiterate our strong expectation that the Company promptly disclose the status of its review of our requests<\/u><\/strong><strong><u>, along with clear deadlines for action<\/u><\/strong><strong><u>.<\/u><\/strong><\/p>\n<p>If management continues to disregard corporate value, we will have no choice but to act. <strong><u>We are prepared to escalate by fully exercising our shareholder rights and running a public campaign.<\/u><\/strong> One option currently under active consideration is <strong><u>opposing certain director nominees at the upcoming 55th Annual General Meeting<\/u><\/strong>, expected on June 24, 2026\u00b2, <strong><u>\u00a0along with a public campaign supporting that opposition. We may also nominate our own candidates \u2014 both internal and external \u2014 for director positions.<\/u><\/strong><\/p>\n<p>We will continue to explore the most effective path toward maximizing JPC\u2019s corporate value, and we appreciate the continued support of our fellow shareholders and the Company\u2019s employees, who represent the foundation of its value.<\/p>\n<p><strong>(List of past posts related to engagement with JPC)<br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/category\/engagement\/4973\/\">List of Posts<\/a><strong>\u00a0<\/strong><br \/>\n<a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5215\/\">27\/Nov\/2025 \u30fc Japan Pure Chemical: The Hidden AI Stock You Can\u2019t Ignore \uff5eSpotlight on AI Server Optical Transceivers \uff5e<\/a><br \/>\n<a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5159\/\">27\/Oct\/2025 \u2013 Connecting JPC\u2019s Q2 Performance with Trends in the Semiconductor-Related Functional Chemicals Industry<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4978\/\">30\/Jul\/2025\u00a0\u30fc\u00a0JPC: Revised Large Shareholding Report<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/engagement\/post-4963\/\">7\/Jul\/2025 \u2013 Reflections on the Fuji Media Holdings Governance Review and Its Implications for Japan Pure Chemical Co., Ltd. (Japanese Only)<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4919\/\">27\/Jun\/2025 \u2014 Results of JPC\u2019s 54th Annual General Meeting of Shareholders (comment on voting results)<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/4973\/post-4891\/\">23\/Jun\/2025 \u30fc JPC\u2019s 54th Annual General Meeting of Shareholders<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4877\/\">16\/Jun\/2025 \u2013 Appointment of an Inspector for the 54th Annual General Meeting of JAPAN PURE CHEMICAL CO., LTD.<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4806\/\">11\/Jun\/2025 \u2013 Hibiki Path Advisors finalized Its Policy for the 54th Annual General Meeting of JAPAN PURE CHEMICAL CO., LTD.<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4786\/\">7\/Jun\/2025 \u2013 ISS Endorses Hibiki\u2019s Shareholder Proposals to JAPAN PURE CHEMICAL CO., LTD.<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4729\/\">4\/Jun\/2025 \u2013 Connecting the developments surrounding TAIYO HOLDINGS with our campaign against JAPAN PURE CHEMICAL CO., LTD.<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4597\/\">1\/Jun\/2025 \u2013 Regarding the Public Campaign as the largest Shareholder of JAPAN PURE CHEMICAL CO., LTD.<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4656\/\">28\/May\/2025 \u30fc Publication on DIAMOND online regarding JPC campaign<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4630\/\">26\/May\/2025 \u30fc As the largest shareholder of JAPAN PURE CHEMICAL CO., LTD., requested the Outside Directors to provide their thoughts regarding Hibiki\u2019s opinion<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4571\/\">22\/May\/2025 \u2013 Commentary of the shareholder proposal to JAPAN PURE CHEMICAL CO., LTD.<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4536\/\">21\/May\/2025 \u2013 Submission of a shareholder proposal to JAPAN PURE CHEMICAL CO., LTD. as its largest shareholder<\/a><strong><br \/>\n<\/strong><a href=\"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-4241\/\">2\/Oct\/2024 \u30fc About Letter to the board of directors in Japan Pure Chemical Co., Ltd.<\/a><strong>\u00a0<\/strong><\/p>\n<p>\u00b9 According to the Company\u2019s <a href=\"https:\/\/ssl4.eir-parts.net\/doc\/4973\/ir_material_for_fiscal_ym1\/189198\/00.pdf\">FY3\/26 2Q financial results<\/a>, cash and deposits amounted to JPY 7,272,628 thousand, investment securities totaled JPY 8,416,891 thousand, total assets were JPY 18,277,195 thousand, and total net assets were JPY 15,566,345 thousand.<\/p>\n<p>\u00b2 Confirmed on December 9, 2025: <a href=\"https:\/\/www.netjpc.com\/ir\/stockinformation\/shareholder.html\">the shareholder-meeting section of JPC&#8217;s corporate website<\/a> (Japanese only)<\/p>\n<hr \/>\n<p>The accuracy of the data and information collected in the preparation of this document is taken with great care, but the accuracy is not guaranteed. In addition, this document does not solicit applications for or recommend the sale of certain securities, or provide advice on investment, legal, tax, accounting, etc. In respect of information that has been prepared by Hibiki Path Advisors (and not otherwise attributed to any other party) and which appear in the English language version of this letter, in the event of any inconsistency between the English language version and the Japanese language version of this letter, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated engagement amongst all shareholders.<\/p>\n<hr \/>\n<p><\/p>","protected":false},"excerpt":{"rendered":"Hibiki Path 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\u672c\u66f8\u7c21\u306e\u4f5c\u6210\u306b\u969b\u3057\u3066\u306f\u30c7\u30fc\u30bf\u3001\u60c5\u5831\u306e\u53ce\u96c6\u306e\u969b\u306b\u5185\u5bb9\u306e\u6b63\u78ba\u6027\u306b\u3064\u304d\u7d30\u5fc3\u306e\u6ce8\u610f\u3092\u6255\u3063\u3066\u304a\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u6b63\u78ba\u6027\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u672c\u66f8\u7c21\u306f\u7279\u5b9a\u306e\u6709\u4fa1\u8a3c\u5238\u306e\u7533\u8fbc\u306e\u52e7\u8a98\u82e5\u3057\u304f\u306f\u58f2\u8cb7\u306e\u63a8\u5968\u307e\u305f\u306f\u6295\u8cc7\u3001\u6cd5\u52d9\u3001\u7a0e\u52d9\u3001\u4f1a\u8a08\u306a\u3069\u306e\u52a9\u8a00\u3092\u884c\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002 Hibiki Path Advisors (\u201cwe\u201d) sent a letter dated December 9 to the Board of Directors and the Audit and Supervisory Committee of Japan Pure Chemical Co., Ltd. (\u201cJPC\u201d or the \u201cCompany\u201d), one of our core portfolio holdings (the \u201cLetter\u201d), to protect and advance the shared interests of the Company\u2019s shareholders. Letter on Dec 9 (English) Prior to this letter, we sent a letter dated August 1 to the same Recipients, clearly setting out the requests summarized below (the \u201cPrior Letter\u201d). Prior Letter on Aug 1 (English) A complete overhaul of the Medium-Term Management Plan, including: Clear, specific, and measurable KPI targets for the core businesses\u2014covering revenue, gross profit, operating profit, and other critical performance indicators; and Decisive capital actions, including a clearly defined and accelerated timetable to unwind cross-shareholdings to the maximum extent possible. Establishment of a Special Committee of external directors and independent third parties to evaluate strategic alternatives, including publicly listed versus privatization. If the Company remains listed, bold measures to address excess capital through substantial share buybacks and increased dividend distributions. It has now been more than four months since those requests, and we have seen no response, no disclosure, and no direction from the company. KPIs remain undefined. No Special Committee exists. There is still no accelerated capital-return policy. Meanwhile, as markets have risen, the company\u2019s balance of investment securities has grown even larger. At the end of 2Q FY3\/26, cash plus investment securities accounted for about 85.8% of total assets and roughly 100.8%\u00b9&hellip;","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78,39,68],"tags":[],"class_list":{"0":"post-5262","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-78","8":"category-engagement","9":"category-68"},"views":2786,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=5262"}],"version-history":[{"count":15,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5262\/revisions"}],"predecessor-version":[{"id":5287,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5262\/revisions\/5287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=5262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}