Oasis Management Company Ltd., a Cayman Islands-registered investment manager, has raised its holding in M3, Inc., the Tokyo-listed healthcare-information platform, to 6.26% of outstanding shares (42,537,400 shares) from 5.03% previously disclosed. The move was disclosed in an amended large-shareholding report filed with Japan's Kanto Finance Bureau via EDINET on August 18, 2026, reporting a reporting-obligation trigger date of August 10. The purchases were funded entirely from fund capital, not the manager's own money or bank borrowings, at a total cost of ¥68.7bn.
The filing's 60-day trading log shows the pace picking up sharply in early August: a single-day purchase of 6,095,500 shares, equivalent to 0.90 percentage points of shares outstanding, on August 7, followed by a further 1,666,600 shares, or 0.25 points, on August 10, the day the reporting threshold was crossed. Oasis submitted the amendment alone, with no joint holders listed.
The substance of the filing goes well beyond a routine threshold crossing. Oasis says it has already put three proposals to M3's management: delisting the company's shares from the Tokyo Stock Exchange, an important change to capital policy, and a scenario in which a non-issuer's acquisition of shares would push its voting rights above half. Over the next 12 months, the fund says it plans to widen that list considerably.
| Proposal category | Status per filing |
|---|---|
| Delisting from the Tokyo Stock Exchange | Already proposed; reiterated in the next-12-month plan |
| Important change to capital policy | Already proposed; reiterated in the next-12-month plan |
| Acquisition of shares by a non-issuer resulting in majority voting rights | Already proposed; reiterated in the next-12-month plan |
| Removal of the representative director | New: planned within the next 12 months |
| Appointment of specific individuals as officers | New: planned within the next 12 months |
| Significant change to board composition, including board size | New: planned within the next 12 months |
| Transfer, acquisition or suspension of part of the business | New: planned within the next 12 months |
| Significant change to dividend policy | New: planned within the next 12 months |
Oasis frames all of it around "improving corporate governance" and protecting shareholder value, language that gives the fund broad room to escalate if M3's management does not engage on its terms. Removing a representative director and dictating board composition are proposals aimed squarely at management control, not just capital allocation.
Oasis also disclosed a separate, standing intention: to increase its M3 holding by more than five additional percentage points through on-market and off-market trades, as part of what it describes as portfolio investment. That plan is conditional. Oasis says it will only proceed if M3's share price sits at a level it judges undervalued, and it has not fixed the price, volume or timing. The fund said it aims to complete the additional buying within three months of the August 10 trigger date but acknowledged the move could slip past that window, and that some regulatory notification or approval may be required first.
The filing is Oasis's own disclosure, filed through its Tokyo legal counsel; no response from M3 appears in the same record. What is on the table now is a stated menu of demands that stretches from dividend policy to the top job in the boardroom, backed by a fund still buying and still counting its next move in percentage points, not just shares.