非合法なウルフパック戦略は、中国の資本家グループによく使用される手段であり、過去にも複数の事例が報告されている。日本の金融商品取引法における量刑が軽いことを利用し、意図的に違法行為を行っているとの指摘もある。In response to the resolution recommending resignation for one director announced by Kusim ＜2345＞ on November 25 and an announcement regarding the establishment of an internal investigation committee, letters were exchanged with the company side of the director who received the resignation recommendation. Mr. Hiroki Tahara (hereinafter “Mr. Tahara”), the director of Kusim, who received the resignation recommendation, has published the letter, but Mr. Kazunari Otsuka (hereinafter “Mr. Otsuka”) of OMM Law Office is listed as an agent of Mr. Tahara, and discussions on the wolf pack strategy have been rekindled. In the past, in three-star takeover dramas where discussions on Wolfpack strategies were brought up, Mr. Otsuka is the agent of Adage Capital, an investment fund that proceeded to buy stocks. Note, for Mr. Otsuka, it is described on the website of the Second Tokyo Bar Association as 2 years of suspension of operations from 2024/11/27 to 2026/11/26, and the name of Mr. Otsuka was not listed as an agent after the 27th in a letter between the company side and Mr. Tahara.
The Wolfpack strategy is a method for avoiding the application of the mass ownership reporting system by keeping the shareholding ratio of the target company to less than 5% by individual shareholders cooperating behind the scenes. If a large holding report is submitted, there is a possibility that stock prices will rise, so the purpose is to delay submission and proceed with stock purchases at low prices. According to the Financial Instruments and Exchange Act, when shares are jointly acquired, transferred, or exercised voting rights, they are regarded as joint holders, so it can be said that it is illegal not to intentionally issue a mass holding report.
According to Kusim's press release, it is said that there were suggestions from Mr. A, who is the recipient of information on important facts of Kusim, that it can be confirmed that the important facts of Qsim have been shared from Mr. Tahara Hirotaka (hereinafter “Mr. Tahara”), that they directly or indirectly hold Ksim shares, and that it is possible to bring in bitcoins from mainland China to Zaif Co., Ltd., which is a consolidated subsidiary of Qusim. If that is true, doubts about insider trading have arisen, and if direct and indirect Kushim's shareholding exceeds 5%, there is a possibility that a wolf pack strategy has been adopted, so discussions have been rekindled.
The illegal wolf pack strategy is a method often used by Chinese capitalist groups, and multiple cases have been reported in the past. There are also indications that illegal acts are intentionally carried out using the fact that the sentence under Japan's Financial Instruments and Exchange Act is light.
