{"id":5667,"date":"2026-06-15T15:30:13","date_gmt":"2026-06-15T07:30:13","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=5667"},"modified":"2026-06-15T15:51:25","modified_gmt":"2026-06-15T07:51:25","slug":"post-5667","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5667\/","title":{"rendered":"15\/Jun\/2026 \u30fc Kawai Musical Instruments Manufacturing: Large Shareholding Report"},"content":{"rendered":"

On June 15, 2026, Hibiki Path Advisors SPC (\u201cwe,\u201d and\/or \u201cus,\u201d) filed a Large Shareholding Report<\/a> with respect to Kawai Musical Instruments Manufacturing Co., Ltd. (Securities Code: 7952; hereinafter the \u201cCompany\u201d or \u201cKAWAI\u201d), which has been one of our core investments since 2023.<\/p>\n

Since initiating investment in 2023 and submitting our \u201cProposal Letter<\/a>,\u201d we have maintained constructive dialogue with KAWAI\u2019s management and senior executives. While the business environment has been particularly challenging, notably due to the significant changes in the China market \u2014 historically a key market for Kawai and others \u2014 Kawai has continued to strengthen its core brand value. At the 2025 International Chopin Piano Competition, Shigeru Kawai, its undisputed flagship brand, significantly expanded its share of piano selections <\/a>among contestants from around the world(see below figure).<\/p>\n

Figure: Piano selection share at the 2021 and 2025 Chopin Competition finals
\n\"\"<\/a><\/p>\n

(Source: Compiled by Hibiki Path Advisors SPC based on publicly available information)<\/p>\n

As a very committed shareholder supporting KAWAI\u2019s growth, and more precisely, as a \u201cclose yet tough friend,\u201d we will continue to engage with KAWAI in a constructive dialogue in its journey to maximize its corporate value.<\/p>\n

(Our History of Engagement)
\n21\/Oct\/2025 \u2013 Update on the International Chopin Piano Competition<\/strong><\/a>
\n13\/Oct\/2025 \u2013 KAWAI\u2019s Remarkable Progress at the Chopin Competition<\/strong><\/a>
\n31\/May\/2025 \u2013 Discussion on the medium-term management plan with Kawai Musical Instruments Manufacturing<\/strong><\/a>
\n23\/Mar\/2025 \u2013 Commentary on Medium-Term Management Plan of Kawai Musical Instruments Mfg<\/strong><\/a>
\n04\/Dec\/2024 \u2013 Discussion with Kawai Musical Instruments Manufacturing Co., Ltd.<\/strong><\/a>
\n23\/Aug\/2023 \u2013 Discussion with Kawai Musical Instruments Manufacturing Co., Ltd.<\/strong><\/a>
\n27\/Jun\/2023 \u2013 About AGM of Kawai Musical Instruments Manufacturing Co., Ltd.<\/strong><\/a>
\n11\/Jun\/2023 \u2013 Introduction of Follow-up Engagement Video about Kawai Musical Instruments Manufacturing<\/strong><\/a>
\n18\/May\/2023 \u2013 Engagement Explanation Video about Kawai Musical Instruments Manufacturing Co., Ltd.<\/strong><\/a>
\n08\/May\/2023 \u2013 Letter to Kawai Musical Instruments Manufacturing Co., Ltd.<\/strong><\/a><\/p>\n

\n

This post does not constitute a proposal, solicitation, marketing communication, advertisement, inducement or representation in respect of any service or product, nor does it constitute advice to buy or sell any investment product or any investment of any kind, or a recommendation to purchase or sell any investment product, make any investment, execute any transaction, or refrain from taking any other action, whether or not any terms are described. It also does not constitute an opinion regarding the merits of any particular investment or investment strategy. Any examples of strategies or transactions are provided solely for illustrative purposes and do not indicate any past or future strategy or performance, nor do they indicate the likelihood of success of any particular strategy. This post does not constitute investment, financial, legal, tax, or any other advice.<\/p>\n

This post presents our assessments, estimates, and opinions regarding the business of Kawai Musical Instruments Manufacturing Co., Ltd. (\u201cKAWAI\u201d) and KAWAI group companies.
\nThis post has been prepared based on publicly available information, which we have not independently verified, and is not complete, timely, or comprehensive.<\/p>\n

Although we believe that the information contained in this post is accurate and reliable, we make no representation or warranty as to the accuracy, completeness, or reliability of such information, or of any statements or oral communications regarding KAWAI, KAWAI group companies, or any other companies described herein. We also assume no responsibility for any such statements or communications, including any inaccuracies or omissions therein. With respect to public companies, there may be non-public information held by such companies or their insiders that has not been disclosed by those companies. Accordingly, all information contained in this post is presented \u201cas is,\u201d without any warranty of any kind, and we make no express or implied representation as to the accuracy, completeness, or timeliness of such information, or the results of its use. Readers should obtain their own professional advice and make their own assessment of the relevant matters. We disclaim any obligation or liability for any loss arising from, or in connection with, the use of all or any part of the information contained in this post, including any inaccuracies or omissions therein. Any investment involves significant risks, including the risk of a complete loss of capital. Any forecasts or estimates are provided solely for illustrative purposes and should not be regarded as indicating any upper limit of potential gains or losses. We may modify all or part of this post without notice to any person, but we are under no obligation to provide any revisions, updates, additional information or materials in relation to this post, or to correct any inaccuracies.<\/p>\n

This post may contain content or quotations from, or hyperlinks to, publicly available third-party sources of information (\u201cThird-Party Materials\u201d). Permission to quote Third-Party Materials in this post may not have been sought or obtained. The contents of Third-Party Materials have not been independently verified by us and do not necessarily reflect our views. The authors and\/or publishers of Third-Party Materials are independent from us and may hold views that differ from ours. The inclusion of Third-Party Materials in this post does not imply that we endorse or agree with any part of the content of such Third-Party Materials, nor does it imply that the authors or publishers of such Third-Party Materials endorse or agree with the views expressed by us in relation to the relevant matters. Third-Party Materials do not constitute all relevant news reports or views expressed by third parties regarding the matters discussed herein.<\/p>\n

We do not intend, either by ourselves or through other shareholders, to propose at a general meeting of shareholders of KAWAI that the business or assets of KAWAI or KAWAI group companies be transferred to a third party or discontinued. We also have no intention of engaging in any conduct whose purpose would be to make it difficult for KAWAI or KAWAI group companies to continue conducting their businesses in a stable and ongoing manner.<\/p>\n

We currently beneficially own and\/or have an economic interest in securities of KAWAI and\/or KAWAI group companies, and may continue to beneficially own or have an economic interest in such securities in the future. With respect to our investment in KAWAI and\/or KAWAI group companies, we may, on an ongoing basis and depending on various factors \u2014 including the financial condition and strategic direction of KAWAI and KAWAI group companies, the results of discussions with KAWAI and KAWAI group companies, overall market conditions, other investment opportunities available to us, and the possibility of purchasing or selling securities of KAWAI and KAWAI group companies at prices at which we desire to transact \u2014 at any time, including through open-market or private transactions after we have established a position, buy, sell, cover, hedge, or otherwise change the form or substance of our investment, including securities of KAWAI and KAWAI group companies, in any manner permitted by applicable laws and regulations, and we expressly disclaim any obligation to notify others of any such changes. We reserve the right to take any actions we deem appropriate in relation to our investment in KAWAI and KAWAI group companies. Such actions may include, but are not limited to, communications with the board of directors, management, or other investors.<\/p>","protected":false},"excerpt":{"rendered":"2026\u5e746\u670815\u65e5\u3001Hibiki Path Advisors SPC\uff08\u300c\u79c1\u3069\u3082\u300d\u53c8\u306f\u300c\u5f0a\u793e\u300d\u3068\u3044\u3044\u307e\u3059\u3002\uff09\u306f\u30012023\u5e74\u4ee5\u6765\u306e\u4e3b\u8981\u6295\u8cc7\u5148\u3067\u3042\u308b\u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240\uff08\u8a3c\u5238\u30b3\u30fc\u30c9 7952\u3001\u4ee5\u4e0b\u300c\u5f53\u793e\u300d\u53c8\u306f\u300cKAWAI\u300d\u3068\u3044\u3044\u307e\u3059\u3002\uff09\u306e\u5927\u91cf\u4fdd\u6709\u5831\u544a\u66f8\u3092\u63d0\u51fa\u3044\u305f\u3057\u307e\u3057\u305f\u3002 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June 15, 2026, Hibiki Path Advisors SPC (\u201cwe,\u201d and\/or \u201cus,\u201d) filed a Large Shareholding Report with respect to Kawai Musical Instruments Manufacturing Co., Ltd. (Securities Code: 7952; hereinafter the \u201cCompany\u201d or \u201cKAWAI\u201d), which has been one of our core investments since 2023. Since initiating investment in 2023 and submitting our \u201cProposal Letter,\u201d we have maintained constructive dialogue with KAWAI\u2019s management and senior executives. While the business environment has been particularly challenging, notably due to the significant changes in the China market \u2014 historically a key market for Kawai and others \u2014 Kawai has continued to strengthen its core brand value. At the 2025 International Chopin Piano Competition, Shigeru Kawai, its undisputed flagship brand, significantly expanded its share of piano selections among contestants from around the world(see below figure). Figure: Piano selection share at the 2021 and 2025 Chopin Competition finals (Source: Compiled by Hibiki Path Advisors SPC based on publicly available information) As a very committed shareholder supporting KAWAI\u2019s growth, and more precisely, as a \u201cclose yet tough friend,\u201d we will continue to engage with KAWAI in a constructive dialogue in its journey to maximize its corporate value. (Our History of Engagement) 21\/Oct\/2025 \u2013 Update on the International Chopin Piano Competition 13\/Oct\/2025 \u2013 KAWAI\u2019s Remarkable Progress at the Chopin Competition 31\/May\/2025 \u2013 Discussion on the medium-term management plan with Kawai Musical Instruments Manufacturing 23\/Mar\/2025 \u2013 Commentary on Medium-Term Management Plan of Kawai Musical Instruments Mfg 04\/Dec\/2024 \u2013 Discussion with Kawai Musical Instruments Manufacturing…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83,39,69],"tags":[],"class_list":["post-5667","post","type-post","status-publish","format-standard","has-post-thumbnail","category-message-2026","category-engagement","category-69"],"views":131,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5667","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=5667"}],"version-history":[{"count":22,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5667\/revisions"}],"predecessor-version":[{"id":5693,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5667\/revisions\/5693"}],"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=5667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}