Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Chugoku Electric Power Co / Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs and DELs for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-November 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential ADDs and DELs for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-November 2025.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Effissimo Capital's stake in Pacific Industrial rose to 7.7%, challenging a below-market MBO at ¥2,050/share (0.7x book); shares trade higher amid expectations of a better offer.</li>
<li>Strategic Capital continues to engage with Noritake - it is working - as the company announces a buyback</li>
<li>Asset Value Investors increased its stake in Sharing Tech to over 15% - financial performance is strong, capital allocation is sensible. </li>
</ul>


Effissimo Capital's stake in Pacific Industrial rose to 7.7%, challenging a below-market MBO at ¥2,050/share (0.7x book); shares trade higher amid expectations of a better offer.
Strategic Capital continues to engage with Noritake - it is working - as the company announces a buyback
Asset Value Investors increased its stake in Sharing Tech to over 15% - financial performance is strong, capital allocation is sensible. 


Activism Briefs | Noritake, Pacific Industrial, Sharing Tech, Helios

<ul>
<li>Investor activism and undervaluation are driving renewed interest in the steel sector, with Aichi and Yodogawa Steel facing pressure to unlock shareholder value.</li>
<li>Asset Value increased their stake in Sharing Tech. It ticks a lot of boxes: strong growth, high profitability, robust cash reserves, &amp; shareholder-friendly policies.</li>
<li>Nippon Active Value increased its stake in ASKA Pharma due to its strong fundamentals, undervaluation, profitability, and potential for shareholder value enhancement through cross-shareholding reductions.</li>
</ul>


Investor activism and undervaluation are driving renewed interest in the steel sector, with Aichi and Yodogawa Steel facing pressure to unlock shareholder value.
Asset Value increased their stake in Sharing Tech. It ticks a lot of boxes: strong growth, high profitability, robust cash reserves, &amp; shareholder-friendly policies.
Nippon Active Value increased its stake in ASKA Pharma due to its strong fundamentals, undervaluation, profitability, and potential for shareholder value enhancement through cross-shareholding reductions.


Japan Activist Briefs | Aichi Steel, Yodogawa Steel

<ul>
<li>It’s been a quieter week for activist investors. Effissimo has reduced its stake in Torii Pharma to below 5%.</li>
<li>Nippon Active Value continues to raise its stake in Hogy Medical, even after the impressive 46% rise in the share price over the past year</li>
<li>For AVI, Sharing Tech ticks all the right boxes: a high-quality business with strong growth, a robust balance sheet, and impressive cash generation</li>
</ul>


It’s been a quieter week for activist investors. Effissimo has reduced its stake in Torii Pharma to below 5%.
Nippon Active Value continues to raise its stake in Hogy Medical, even after the impressive 46% rise in the share price over the past year
For AVI, Sharing Tech ticks all the right boxes: a high-quality business with strong growth, a robust balance sheet, and impressive cash generation


Japan Activist Briefs | Hogy Medical, Sharing Tech

Japan

SHARINGTECHNOLOGY. INC offers Internet based services. The Company provides web site marketing, web site consulting, life issues online solving, and other services. SHARINGTECHNOLOGY serves customers in Japan.

Price Gauge
52-week Range	0.00 - 0.00
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Sharingtechnology Inc (3989 JP)

Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

In total, there are 48 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

Japan Activist Briefs | Aichi Steel, Yodogawa Steel

Investor activism in steel sector leads to pressure on Aichi and Yodogawa Steel; Asset Value and Nippon Active Value increase stakes in Sharing...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

In total, there are 48 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

Activism Briefs | Noritake, Pacific Industrial, Sharing Tech, Helios

​Investors challenge low buyout offer, engage in buybacks, and increase stakes in companies with strong financial performance.

Mark Chadwick

Japan Activist Briefs | Aichi Steel, Yodogawa Steel

​Investor activism in steel sector leads to pressure on Aichi and Yodogawa Steel; Asset Value and Nippon Active Value increase stakes in Sharing...

Mark Chadwick

Japan Activist Briefs | Hogy Medical, Sharing Tech

​Activist investors make moves: Effissimo reducing stake in Torii Pharma and Nippon Active Value increasing stake in Hogy Medical, while AVI is...

Mark Chadwick

Investors challenge low buyout offer, engage in buybacks, and increase stakes in companies with strong financial performance.

Investor activism in steel sector leads to pressure on Aichi and Yodogawa Steel; Asset Value and Nippon Active Value increase stakes in Sharing...

Activist investors make moves: Effissimo reducing stake in Torii Pharma and Nippon Active Value increasing stake in Hogy Medical, while AVI is...