Oasis Management Company Ltd., the Cayman Islands-based asset manager, has raised its stake in Tokyo-listed SMS CO.,LTD (ticker 2175) to 24.65%, up from 22.38% in its previous large-shareholding report, according to a change report filed with Japan's Kanto Local Finance Bureau on September 4. The filing was triggered because Oasis's holding purpose changed and its stake rose by more than a percentage point, crossing thresholds that require fresh disclosure under Japan's large-shareholding rules.
The fund now holds 21,581,000 shares of SMS's 87,561,600 shares outstanding as of June 30. Oasis is the sole filer on the report, with no joint holders listed.
| Metric | Value |
|---|---|
| Current holding ratio | 24.65% |
| Prior reported ratio | 22.38% |
| Shares held | 21,581,000 |
| Shares outstanding (as of June 30, 2026) | 87,561,600 |
| Total acquisition funding | ¥38.5bn, recorded as fund money |
| Off-market block purchase (Aug 28, 2026) | 1,607,500 shares at ¥2,460 each |
| Report obligation date | August 28, 2026 |
| Filing date | September 4, 2026 |
Behind the percentage jump sits roughly eight weeks of near-daily buying. The filing lists market purchases on almost every trading day between June 30 and August 28, ranging from roughly 59,000 to 130,000 shares, then a single off-market block of 1,607,500 shares at ¥2,460 apiece on August 28, the same day the reporting obligation arose. The filing classifies the entire ¥38.5bn used to fund the buildup as fund money, a category distinct from the report's separate lines for self-funded amounts and borrowings, and it lists no borrowings.
Dialogue now, proposals already on the table
Oasis says it has begun dialogue with SMS on business portfolio strategy, the use of AI and data, pricing strategy, and board composition. Those four topics are the live conversation.
Under that same objective, the filing states that Oasis is already making proposals to SMS covering matters that fall under Japan's statutory "important proposal action" categories: disposal or acquisition of significant assets, the selection or dismissal of representative directors, appointment of specific individuals to the board, material changes to the board's composition or terms, the partial transfer or discontinuation of businesses, delisting from the exchange, and any third-party acquisition of shares that would push voting rights past a majority. Separately, the filing says Oasis plans to keep making proposals on these same categories over the next twelve months. The filing does not disclose what any of these proposals actually say, only the statutory categories they fall under.
Oasis states its aim is to improve the effectiveness of SMS's board, maintain and improve corporate governance, raise corporate value, protect customers, suppliers, employees, lenders and shareholders, and increase shareholder returns for the benefit of all SMS shareholders. That objective is broad enough to cover anything from a board-seat push to an asset-sale demand to, at the far end of the disclosed menu, a bid to delist the company or hand control to a third party. Which of those paths SMS's board is actually facing, and how it responds, is not addressed in this filing.