Oasis Management Company Ltd., the Hong Kong-based activist fund registered in the Cayman Islands, has raised its stake in AEON Financial Service to 10.80%, up from 9.78% in its previous disclosure, according to an amended large shareholding report filed with Japan's Financial Services Agency on August 12. The reporting obligation was triggered on August 4, when Oasis's holding crossed the 1-percentage-point threshold that forces an update under Japan's large shareholding rules.
Oasis now controls 23,324,348 shares, all common stock, against AEON Financial Service's 216,010,128 shares outstanding as of the end of May. The fund financed the position entirely from its own fund assets, no borrowed money, at a total acquisition cost of roughly ¥28.2bn.
A specific, itemized wish list
The filing is not a passive investor's paperwork update. Oasis states it is already in dialogue with AEON Financial Service's management about capital structure, corporate governance, investment strategy, and data use, and it names the exact levers it may pull. Over the next 12 months, Oasis says it plans to bring proposals covering the disposal or acquisition of significant assets, the removal or replacement of the representative director, the appointment of specific individuals to the board, material changes in board composition, the transfer of part of the business, a material change in dividend policy, delisting of the company's shares, and a material change in capital policy. That is a checklist that reads like the opening bid of a proxy campaign, not a watch-and-wait position.
Oasis also disclosed a separate, conditional plan: it intends to increase its holding by more than 5 percentage points through market and off-market transactions, generally within three months of the August 4 obligation date. The fund was explicit that this is contingent on AEON Financial Service's share price trading at a level Oasis considers undervalued, and that price, quantity, and timing remain under review; the move could also slip past the three-month window, and any purchase that pushes past certain thresholds may need regulatory notification or approval. In other words, a bigger stake is flagged, not booked.
How the position was built
The filing's 60-day trading log shows Oasis buying on the open market on 15 separate dates between June 5 and August 4, in daily amounts ranging from 600 shares to 113,600 shares. Purchases clustered in early June (June 5 to June 9), late June (June 22 to July 1), and then a second run at the end of July into early August (July 29 to August 4), rather than a smooth daily accumulation.
| Date | Shares Acquired |
|---|---|
| 5 Jun 2026 | 55,000 |
| 8 Jun 2026 | 71,500 |
| 9 Jun 2026 | 5,200 |
| 22 Jun 2026 | 83,800 |
| 23 Jun 2026 | 61,000 |
| 24 Jun 2026 | 63,700 |
| 25 Jun 2026 | 34,500 |
| 26 Jun 2026 | 19,400 |
| 29 Jun 2026 | 13,500 |
| 30 Jun 2026 | 600 |
| 1 Jul 2026 | 36,400 |
| 29 Jul 2026 | 111,300 |
| 31 Jul 2026 | 113,600 |
| 3 Aug 2026 | 89,100 |
| 4 Aug 2026 | 71,600 |
The report lists no pledge or collateral arrangement tied to the shares, and Oasis remains the sole filer with no joint holders on this report. What happens next depends on how AEON Financial Service's board responds to a shareholder that has just told the FSA, in writing, exactly which governance levers it is prepared to contest.