rakumo’s latest large-shareholding disclosure is really about how a big block is pledged, not about who bought more stock. Yasuhiro Hirai reported ownership of 1,170,300 shares, equal to 20.12% of rakumo, and the filing says the trigger was a change in important contracts relating to those shares. The disclosed holding ratio was unchanged from the last report. The filing obligation arose on December 23, 2025, and the report was submitted on June 8.
The contract change was at Tokai Tokyo Securities. Hirai said he first signed a 50,000-share collateral agreement on April 23, 2025, added 101,900 shares on June 23, and then added another 200,000 shares on December 23, taking that Tokai Tokyo arrangement to 351,900 shares. The same report separately lists 337,040 shares as substitute securities for margin collateral at SBI Securities and 374,800 shares in margin trading at SBI. Recent purchases in the 60 days before the base date were small, 800 shares on November 5, 3,200 on November 6 and 5,000 on December 17.
Why it matters: a shareholder with 20.12% of a listed company is already someone governance watchers track closely. This report shows that the more important change was not ownership growth but the financing and collateral terms attached to that block. Hirai still describes the purpose of holding as pure investment, not a stated control move. So the headline stake stayed put, while the plumbing underneath it changed.