• Akira Toriyama passed away

    Let's all commemorate together his legendary work and his impact here

NJ Holdings (they own tri-Ace y'know) Q1 FY6/24 presented by Sōta Fujii. Net Sales 2,767. Operating Profit +148. Game Business +210 (million yen)


Previously on InstallBaseZ...
NJ Holdings (they own tri-Ace y'know) FY6/23 presented by Sōta Fujii. Net Sales 10,131, Operating Profit -239, Game Business +43 (million yen)

NJ Holdings Inc.
Tokyo Stock Exchange Standard Market Code number: 9421.T
Supplemental Material For FY2024 First Quarter Financial Results
November 10, 2023​
Investor Relations (IR) (ENG)
Financial Year (FY)
July 2022 - June 2023​
NSW/PS4/PS5/XBS/Steam] Infinity Strash: Dragon Quest The Adventure of Dai <RPG> (Game Studio/Kai Graphics/Square Enix) {2023.09.28}
[iOS/Android] Dachimen Densetsu G (Studio Rex Co./
Game Studio) {2023.05.16 - 2023.08.28}
[iOS/Android] Is It Wrong to Try to Pick Up Girls in a Dungeon?: Battle Chronicle (
Aiming Inc./Game Studio) {2023.08.24}
01/09/23 - Announcement of Reaching the Top Sales No. 13
04/09/23 - Announcement of Over 1 Million Downloads Worldwide - plus announcement of PS4/PS5 versions, due in 2024. (NJ Holdings IR advised these aren't developed by Game Studio)
12/09/23 - Announcement of Over 2 Million Downloads Worldwide
10/10/23 - 3 Million Downloads Celebration Gacha is Live!

Thanks to @Vena for using your BROKEN CLAMPS to post the above.
Famitsu Sales: Week 40, 2023 (Sep 25 - Oct 01)
02./00. [NSW] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) - 24.367 / NEW <40-60%>
13./00. [PS5] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) - 9.222 / NEW <40-60%>
19./00. [PS4] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) - 5.255 / NEW <20-40%>
PlatformFWSell-throughEstimated shipmetsEstimated stock
Thanks @Hartmann for doing the DAI DECENT thing & putting together these opening week sales & shipment charts.
Famitsu Sales: Week 41, 2023 (Oct 02 - Oct 08)
15./02. [NSW] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) - 4.573 / 28.940 <40-60%> (-81%)
30./04. [PS5] Ys X: Nordics # <RPG> (Nihon Falcom) {2023.09.28} (¥7.800) - 2.148 / 20.711 <80-100%> (-88%)
00./13. [PS5] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) ????<2,148
00./19. [PS4] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) ????<2,148
First Shipment Estimate: 48,233 - 60,918
Estimated Unsold Stock: 19,273 - 31,978
[NSW] 28,940 + [PS5] 9,222 + [PS4] 5,255 = 43,417 Total (it can be done, but only I can sell through it)
Famitsu Sales: Week 42, 2023 (Oct 09 - Oct 15)
24./15. [NSW] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) - 2.070 / 31.010 <40-60%> (-55%)
First Shipment Estimate: 51,683 - 60,918
Estimated Unsold Stock: 20,673 - 29,908
[NSW] 31,010 + [PS5] 9,222 + [PS4] 5,255 = 45,487 Total (so far, so good...stay on target.gif)
Famitsu Sales: Week 43, 2023 (Oct 16 - Oct 22)
28./24. [NSW] Infinity Strash: Dragon Quest the Adventure of Dai <RPG> (Square Enix) {2023.09.28} (¥6.800) - 1.388 / 32.398 <40-60%> (-33%)
First Shipment Estimate: 53.997 - 60.918
Estimated Unsold Stock: 21,599 - 29,908
[NSW] 32,398 + [PS5] 9,222 + [PS4] 5,255 = 46,875 Total (I can't shake 'em....yaaaaah.gif)
Thanks to @Chris1964 for the MC Sales Data.
Oricon Sales: Week 40 (Sep. 25 - Oct. 01)
03./00. - Infinity Strash: DRAGON QUEST The Adventure of Dai Aban-ryuu Gokui no Sho (Shueisha) {09.2023} [1,650 Yen] - 2,447 / NEW
Oricon Sales: Week 41 (Oct. 02 - Oct. 08)
06./03. - Infinity Strash: DRAGON QUEST The Adventure of Dai Aban-ryuu Gokui no Sho (Shueisha) {09.2023} [1,650 Yen] - 933 / 3,380
Oricon Sales: Week 42, 2023 (Oct. 09 - Oct. 15, 2023)
12./06. – Infinity Strash: DRAGON QUEST The Adventure of Dai Aban-ryuu Gokui no Sho (Shueisha) {09.2023} [1,650 Yen] – 441 / 3,821
Oricon Sales (Guide Books): Week 43, 2023 (Oct. 16 - Oct. 22, 2023)
16./12. – Infinity Strash: DRAGON QUEST The Adventure of Dai Aban-ryuu Gokui no Sho (Shueisha) {09.2023} [1,650 Yen] – 252 / 4,073
Thanks @Lite_Agent & @Rouk' for doing the DAI DIABOLIK ting & making these cool strategy charts sing.

Sōta Fujii here, thought I'd take another break from the hustlin' & bustlin' cut throat world of Professional Shogi Shodown to give you the Q1 FY6/24 lowdown.

1. Consolidated Financial Results
(1)Results Summary for the first quarter of the fiscal year ending June 30, 2024
Net income returned to the black mainly due to reinforcement of order acquisition and transitory profit factors in the game business.
(Millions of Yen)
Net Sales
Operating Profit
Ordinary Profit
Q1 FY6/23 (July 1, 2022 - September 30, 2022)
Q1 FY6/24 (July 1, 2023 - September 30, 2023)
Total Change (FY22 - FY23)
'Net Sales in the Game Business were up 327 million yen & 27 million yen in the Mobile Business (not to be confused with smartphone titles which are part of the Game Business) respectively YoY.
'Operating Profit in the Game Business was up 210 million yen YoY & 29 million yen in the Mobile Business respectively YoY', but if you wanna [know] why then you'll have to master the art of speed-reading.'

(2)Results by Segment
Game business increased both sales and profit. Mobile business turned to (the Men in) black.
(Millions of Yen)
Net Sales Q1 FY6/23
Net Sales Q1 FY6/24
Operating Profit Q1 FY6/23
Operating Profit Q1 FY6/24
Inter-segment Eliminations & Corporate Expenses*2
Goodwill Amortisation
Consolidated Total
※1 The Other segment is a business segment not included in the reportable segments.
※2 Corporate expenses are general and administrative expenses that do not belong to any reportable segment.
2. Game Business
Summary of MD&A
  • Net sales increased due to firm orders in the operation support field, where the company has expanded its workforce since the previous fiscal year, as well as the transfer of rights to a game title that had been under in-house development and the posting of sales associated with progress in the development of an existing project.
  • Operating income increased due to transitory profit factors, including the transfer of game title rights as mentioned above and a decrease in development costs.
'Management Discussion & Analysis is what MD&A stands for just in case you never went to Business school cause you were too busy learning to kick Shogi ass by playing my Switch game.'
4)Quarterly Operating Profit
Profits in the development field temporarily increased. Profitability in the operation support field was maintained.
'A surprise to be sure but a welcome one. Temporary plus game title rights transfer begs the question...
Is it Ok to Carry Out Open Source Intelligence (OSINT) in a Dungeon?: Battle Chronicle.
Number of projects currently under development ※1
Package type ※2 ※3 (Main platforms: consoles, PCs):
4 (0 change from Aug 14, 2023)

Smartphone type ※2 ※4 (Main platforms: mobile phone, PC):
0 (0 change from Aug 14, 2023)

employees ※5
840 (+4 from Jun. 30, 2023)
※1 as of November 10, 2023. It does not indicate the number of titles that will be completed within this fiscal year.
※2 Multi-platform title counts as one. Small titles are not counted.
※3 Download sales and additional content are also included in the console type.
※4 including the free-to-play type.
※5 as of September 30, 2023 (including some fixed-term contract workers.)
Number of Employees: consolidated 1,006 (as of September 30, 2023. It includes 82 average temporary employees)
'The company doesn't give detailed breakdowns of group companies however I'd previously confirmed the first two console/PC titles were contract work. The cut off date is for November 10, 2023 yet the over number remains unchanged despite post-DAI & with mention of negotiating game title rights transfer? All new titles beyond even my grandmaster shogi galaxy brain!?'
Previous Employee Total
Number of Employees: consolidated 996 (as of June 30, 2023. It includes 74 average temporary employees)
'Furthermore there was an increase of 10 employees of which 8 were average temporary employees during the past 3 months.
1. Forecasts for FY2023
(1)Full Year Consolidated Earnings Forecast
No change from the most recently announced forecasts on August 14, 2023.
Millions of Yen​
Net Sales
Operating Profit
Ordinary Profit
Q1 FY6/23 (July 1, 2023 - September 30, 2023
FY6/24 (July 1, 2023 - June 30, 2024)
FY6/23 (July 1, 2022 - June 30, 2023) [Reference]
(2)Projections for each business segment
The high progress rate toward the full-year operating income forecast in the first quarter was mainly due to transitory profit factors in the game business, including the transfer of rights to game titles that had been undergoing in-house development and a decrease in development costs. The personnel utilization rate, which declined due to the cancellation of development projects that occurred in the fourth quarter of the previous fiscal year, is improving. With several projects coming to an end in the first quarter of the current fiscal year, the anticipated downward impact on earnings was covered by orders of short-term projects. Therefore, the downside risk may be delayed to the second quarter of the fiscal year. There are no changes in the forecast of the game segment as of this moment.
The mobile business is generally progressing as planned. There are no changes in the forecast of the mobile segment as of this moment.
'Well there you have it, I did say things would be different this year...a promise kept is a promise delivered. That being said, making top secret moves upfront to get ahead of the money-making game is all well & shogi prodigy AMD sponsored dandy but there's still much work to be done. We've nominally got 4 (count 'em!) console/PC games in development but the transfer of rights sure raises questions. Just what does the future hold for tri-Ace & friends? Not received a response from NJ Holdings from a query sent a fortnight ago, so will have to wait & see if they ever come back to me. But in the meantime I shall be updating the NJ Holdings Output Strategy thread with details of Synduality: Echo of Ada from TGS 2023 & giving it a southern hemisphere spring clean.'
Remember to Always Keep it Shogi My NJ Familia!

LATE EDIT: Spelling, typos, clarity, fixed mistake on cut off date (it was 4 console/PC titles as of November 10, 2023 after all!) & corrected the commentary as a result - need to do better. 😥
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Dia bombing but it still didn't hurt bottom line I guess?

Between that, Synduality's delay and Gemdrops showing up tri-Ace, kind of a rough fall for NJH.
Notice of Transfer of Fixed Assets and Recording of Gain on Sales of Fixed Assets
November 16, 2023
Auto-translated via DeepL​
譲渡の理由 経営資産の有効活用と財務体質の強化を図るため、下記の固定資産の譲渡を決定いたしました。
1: The Company has decided to transfer the following fixed assets in order to effectively utilize management assets and strengthen its financial position.
2. Summary of Assets to be Transferred
Location and Outline
Kamigyo-ku, Kyoto City, Kyoto Prefecture
土地:125.78 m²
Land: 125.78 m²
建物:313.74 m²
Building: 313.74 m²

(Complete table)
譲渡価額 Transfer Cost​
帳簿価額 Book Value​
譲渡益(注1) Gain on Transfer (Note 1)​
現況 Present Condition​
(注2) Note 2​
(注2) Note 2​
178 百万円 178 million yen​
賃借用不動産 Real Estate for Lease​

(注)1.譲渡益は譲渡価額から帳簿価額、譲渡に係る費用等の見積もり額を控除した概算額です。 2.譲渡価額及び帳簿価額については、譲渡先の意向により開示を控えさせていただきますが、
1. (The gain on transfer is an estimated amount obtained by deducting the book value and estimated costs related to the transfer from the transfer price.
2. The transfer price and book value will not be disclosed due to the wishes of the transferee. However, the transfer price and book value are appropriate, reflecting the market price.

3.譲渡先の概要 譲渡先は国内の事業法人となりますが、譲渡先の意向により開示を控えさせていただきます。な
お、譲渡先と当社との間には、資本関係、人的関係、取引関係はありません。また、当社の関連当 事者には該当しません。
The transferee will be a domestic business corporation, but we will refrain from disclosing this information in accordance with the wishes of the transferee. There is no capital, personal, or transactional relationship between the transferee and the Company.
There are no capital, personal, or business relationships between the transferee and the Company. The transferee is not a related party of the Company.

2023 年 11 月 16 日 2023 年 11 月 20 日 2023 年 12 月下旬
4. Schedule of transfer
November 16, 2023 November 20, 2023 Late December 2023
Date of Board of Directors' resolution
Date of conclusion of contract (tentative)
Date of delivery (planned)

本件固定資産の譲渡に伴う売却益は、2024 年 6 月期第 2 四半期連結会計期間において特別利益に
2024 年 6 月期通期連結業績予想につきましては現在精査中であり、他の要因も含めまして修正が
5. Future Outlook
The gain on the sale of the fixed assets in question will be recorded as an extraordinary gain in the second quarter of the fiscal year ending June 30, 2024.
The gain from the sale of the fixed assets is expected to be recorded as extraordinary income in the second quarter of the fiscal year ending June 30, 2024.
The Company is currently examining its consolidated earnings forecast for the fiscal year ending June 30, 2024, and will promptly announce any necessary revisions, including those due to other factors.
If revisions are necessary, including other factors, we will promptly announce them.

役職・氏名 経営企画室長 野澤 創一
Position & Name Soichi Nozawa, General Manager, Corporate Planning Office
Soichi Nozawa has been much too busy making bank for the syndicate(d banks) to reply to my silly questions...until yesterday. Without getting into details (as mentioned previously, appreciate the detailed replies & don't wish to push my luck) it helped clarify detail from the Annual Securities Report. The loans carry over on a quarterly basis with no change in Q1 FY6/24 (see examples of recent short & long term loans on page 16, but the amounts are small so I didn't include them in the auto-translated snippets). If & when a longer term deal is reach or paid off in a lump sump the 'Going Concern' notice in the Financial Reports will be removed. Until such time, the most pressing topic is (ok so it's probably a Nepro Mobile storefront but I have puns!) whether or not Game Studio employees in Kyoto are still in splitting short hairs distance of CROWN JEWELS Waxing salon. Asking the important questions here!
Wax and machine treatments available
Located in the Shijo-Karasuma area, where you can easily drop by on your way home from work or on your way out, our salon is used by many people as a place to enjoy unwanted hair care in a stylish atmosphere. We offer hair removal services for men as well as women, so please feel free to consult with us if you have any concerns about unwanted hair such as beards, chest hair, or VIO*. We have both male and female staff, so we can accommodate requests for sensitive areas to be handled by staff of the same gender. We offer both Brazilian waxing and machine waxing.
*Now I know what you're thinking, what on earth do me furry delicates have to do with anything. Is this another AMD sponsorship deal with Sōta Fujii for its patented LogiCORE™ IP Virtual Input/Output (VIO)? ...maybe. But its also a term for your unmentionables hairy husbandry secret as Arnold Zwicky reveals all. I'll never look at an NFL O-Line the same way again.
Searching on “VIO hair removal”, I eventually [uh-huh] discovered that VIO is Japanese terminology for the bikini zone, with the initials standing for..
V line (the pubes and genitals), I line (the perineum), O line (the anus).​
Guess that also helps to explain the funky taste of Coca Cola flavoured Milk that has got TIME Magazine all in a fizzy tizzy. Gives me a flimsy pretext to say, got (carbonated) milk? As to whether or not the CROWN JEWELS irradiation output is strong enough to overcome even the most insurmountable beast-salarymen that has defeated home devices...time for real talk.

Sequential hair removal salon owner



The owner of a hair removal salon, Junjun
The secret of being popular with men is a good grooming and cleanliness!
The secret for a man to be popular is his grooming and cleanliness!

I want to change myself! I want to get along with women! If you feel strongly about this, I realized the importance of reviewing your body from the inside out.

By the time you realize it, it is too late.
Even if you think you are fine now, you should continue to take care of yourself.​

..imma let you in on a little military grade top secret, a marine ball-bag buzzcut is the key to my Shogi sex appeal.
Dai bombing but it still didn't hurt bottom line I guess?
Right I'm meant to be replying to users. TLDR = I don't know. Could be in the next quarter, much like Kadokawa reporting Elden Ring revenue from outside Japan a quarter later. Game Studio is mentioned specifically in the Japanese only Annual Securities Report for the FY ending June 30, 2023 as the group company posting a loss. However it should noted this doesn't mean they are insolvent anymore than it did when tri-Ace when mentioned in the previous year. Wit One posted a profit on the back of strong orders. It's biggest studio with over 300 staff (I believe this increases to over 400 when including Wit One Okinawa) & appears to be doing well enough as Operation Support is mentioned several times in the report as being up YoY).

As for its impact on finances, might have to wait until the 1H Report as this quarter (due early-mid February) mentions the profits being front loaded with potential risk on the back-end.
Between that, Synduality's delay and Gemdrops showing up tri-Ace, kind of a rough fall for NJH.
Synduality: Echo of Ada is a really interesting, not to mention ambitious title I wish to write more about in the Output Strategy thread at some point. My working hypothesis is the second year loss which appears to have triggered a clause in a loan agreement requiring NJ Holdings repay in full by June 30, 2024 (subject to quarterly roll overs mentioned above) may help explain why it waited until the last week of the previous financial year to announce the second downward revision. But don't take my word for it! Cause I know nothing. Seriously I don't!
I wonder what the transfer of rights game could be. Probably nothing of significance.
It has me most intrigued all the same, would be great to have a fuller understanding of IP owned by NJ Holdings & its group companies, any partially owned/licensed to separate from contract work. Speaking of intrigue, I'll leave you with this nugget of ongoing R&D work by tri-Ace - what could it possibly be using its property ASKA Engine on & why is it Exist Archive 2 & not...

(3)研究開発活動 ゲーム事業において、主に(株)トライエースでゲームエンジンの研究開発活動などを行っており、当第1四半期 連結累計期間の研究開発費の総額は32百万円であります。
(In the game business, tri-Ace Inc. is mainly engaged in R&D activities for game engines, etc. Total R&D expenses for the first quarter of the fiscal year under review amounted to 32 million yen. (page 4)
Beyond the Labyrinth VR! I jest but it'd actually be a cool idea, maybe team up with Amata K.K. (Last Labyrinth, playable with or without VR), CharacterBank (RuinsMagus) to co-develop. As for being 'shown up by Gemdrops', well its goes to show that as Square Enix owns the IP, contracts can be made with tri-Ace, TOSE, Gemdrops or anyone else for that matter. Ties into the rough fall comment, think NJ Holdings has to self-publish on a regular basis, either a single publisher or all group companies (Game Studio, tri-Ace & Wit One) individually. Takes cash-money tho'!
Not a great quarter for them
Money was made, it's something but yes the first half report alongside the subsequent analysis Q&A will help give us a better sense if it's able to offer more detail on any recovery plan.
ゲーム事業 当セグメントにおきましては、(株)ゲームスタジオ、(株)トライエース、(株)ウィットワン、(株)ウィットワ ン沖縄及び(株)テックフラッグにてゲームの開発受託及び運営受託等を行っております。 売上高については、前期から人員体制を拡大してきた運営サポート分野の受注が堅調に推移したことに加え、 自社開発を進めていたゲームタイトルの権利譲渡や既存案件の開発進捗に伴う売上の計上により、2,278百万円 と前年同期と比べ327百万円(16.8%増)の増収となりました。 セグメント利益(営業利益)については、自社開発を進めていたゲームタイトルの権利譲渡に伴う売上の計上 や、開発原価の減少等の一過性の要因が重なったことにより、利益が増加いたしました。この結果、212百万円 のセグメント利益(営業利益)と前年同期と比べ210百万円(9,375.9%増)の増益となりました。
In this segment, Game Studio, tri-Ace, Wit One, Wit One Okinawa, and Tech Flag are engaged in game development and operation on consignment. Net sales increased 327 million yen (16.8%) year on year to 2,278 million yen due to firm orders in the operation support field, where the company has expanded its workforce since the previous fiscal year, as well as the transfer of rights to game titles that were being developed in-house and the posting of sales associated with progress in the development of existing projects. Segment income (operating income) Segment income (operating income) increased due to a combination of one-time factors, including the recording of sales from the transfer of rights to a game title that had been under development in-house and a decrease in development costs. As a result, segment income (operating income) was 212 million yen, an increase of 210 million yen (9,375.9%) from the same period last year. (page 4)

b.ゲーム事業のリスク管理体制の強化 当社グループは、前々期(2022年6月期)に発生したゲーム事業における多額の損失の発生を受け、2023年1 月20日付にて投資経営委員会を発足しております。 この投資経営委員会は、主に経営判断に属するリスクが生じる可能性のある事業等の開始、中止、続行等につ いて、その判断に特段の問題がないか等について、個別及びグループ全体のリスク管理の視点から審査をする機 関であり、特にゲーム事業における大型案件の受注や継続判断については、連結業績におけるリスクを踏まえて 評価するとともに、リスク状況のモニタリングを強化し、重大な収支悪化の防止に向けて受注条件や受注体制に 対するチェック機能を強化する取り組みを進めております。 これにより、ゲーム事業の収益悪化に対するリスク管理体制を強化してまいります。
In response to the large losses incurred by the gaming business in the previous fiscal year (ended June 30, 2022), the Group established an Investment Management Committee on January 20, 2023. The Investment Management Committee is a body that examines, from the perspective of individual and group-wide risk management, whether there are any particular problems with the decision to start, suspend, or continue a business or other activity that may involve risks, mainly in terms of management decisions. In particular, the Company is working to strengthen its checks on the terms and conditions of orders and order receipt systems in order to prevent a significant deterioration in earnings. In this way, the Company will strengthen its risk management system for the deterioration of earnings in the game business. (page 5)

当社は、当社グループの将来の資金需要に備え、機動的かつ安定的な資金調達手段の確保を目的とし、金融機関 6行とシンジケートローン契約を締結しております。当該借入契約には、純資産の維持及び経常利益の確保等に関 して財務制限条項が付されております。
The Company has entered into syndicated loan contracts with six financial institutions for the purpose of securing flexible and stable financing means in preparation for future capital needs of the Group. The loan agreements contain financial covenants regarding maintenance of net assets and ordinary income.
Although the Company was in breach of such financial covenants as of the end of the previous fiscal year, the Company maintains close relationships with the financial institutions with which it does business and continues to hold constructive discussions with them on a regular basis.
The Company believes that it will continue to receive continuous support from the financial institutions with which it does business, as it maintains close relationships with them and continues to hold constructive discussions with them on a regular basis. (page 16)
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Hold onto your Cod Pieces People! We've got to Live Another Day before we can find out what is going down at NJ Holdings but here's a quick round up of the Q1 FY news, but first...
We can now revisit this:
Takt Op. Symphony (Global) is hitting EoS in April, about a year of service:

This is what happens when you turn your back on the GOAT Game Studio!
Yodobashi Kyoto
GameBoy technical wizardry, Wizardry detected! Speaking of Game Studio in Kyoto [insert witty segue-way here] as the developer has three aces offices, one in the Tokyo HQ (where the OG three aces at tri-Ace reside) with another in Aomori. As there was a property sold in Kamigyō-ku ward, Kyoto, asked if the Game Studio office in Shimogyō-ku ward is affected (plus snuck in a question about whether or not this is where Undergrounded was being worked on due to its appearance at BitSummit 2021). After spending too much time searching Kyoto property sales & bumbling around using Google Earth Translate, until I remembered to check the IR pages for property just ask instead. Reply on the sale of property & game title rights...
Regarding assets in Kamigyō-ku ward, Kyoto, This property is where NJ holdings Inc. was founded and where it operated a store (docomo shop) for its mobile business. However, the docomo Shop operation business was transferred in 2014, the store became a tenant and the property was being leased to the transferee company. It has nothing to do with the Kyoto office of Game Studio and does not affect the development of Undergrounded.

The title transferred is not the title disclosed as under development in the financial results supplemental material. It is an undisclosed title that was developed as an internal project. It is not IP from the back catalogue, nor is it Undergrounded.
UNDERGROUNDED IS ALIVE! But will it be kicking in BitSummit 2024? No idea! Thanks again to the Man Nozawa San for providing the above insight. Must be a real one having to part ways with the place where it all began. It was under lease for over 9 years so hopefully they were able to go back one last time to Live in the 90s, 90s, 90s & remember the good times before Square Enix unknown publishers started cancelling projects at the last minute. As for the game title rights, even though we don't know what it was or which group company worked on it, gives us a snapshot into the fact that someone, somewhere at NJ Holdings is working on projects (other than UNDERGROUNDED) internally. One last thing *Colombo* on December 26, 2023 there was a brief statement of the third largest shareholder reducing their overall stake. No luck on finding out exact details as it was a General Investor & don't wish to push my luck.
Notice of Change of Major Shareholder
当社の主要株主に異動があったことを確認いたしましたので、下記のとおりお知らせいたしま す。
We hereby announce that we have confirmed a change in one of our major shareholders as follows.​

2. Summary of shareholders who have changed
(1)氏名 中村 英生
(1) Name: Hideo Nakamura
(2)住所 東京都台東区台東
(2) Address: Taito, Taito-ku, Tokyo

3.異動前後における当該株主の所有する議決権の数(所有株式数)及び総株主の議決権の数に対す る割合
3. Number of voting rights held by the shareholder before and after the change (number of shares held) and percentage of the total number of voting rights held by all shareholders
808,700 - 197,300 = 611,400 sold on December 20, 2023 but the day after, it is reverted back (charts in the above link). The next largest shareholder held 141,300 as of June 30, 2023 so adding 611,400 doesn't make 808,700 so unless a smaller amount of shares had changes hands giving someone else exactly 197,300 beforehand then I'm Dazed & Confused. Does that mean the shareholder got drunk, butt dialled their stockbroker, woke up with a massive hang over, cold feet & realised how foolish it was to doubt the No1 Creative Force. No idea!

The mult-million moon dollar yen question is as follows, why sell at the end of the year when the share price has since risen in the run up to the latest financial report? Gambling debt from all the Pachinko machines at TAITO STATION? But if somehow they were relegated to No.4, who is in Bronze Medal Position & why is it @Lelouch0612 ? Are they planning a hostile takeover to become CEO of tri-Ace. Here's the Top 810 shareholders as of June 30, 2023 from the IR page, will research further & maybe create fancy charts for the Output Strategy OP.
Major Shareholders (as of June 30, 2023 record date
1. 有限会社リーコム (Reekom Ltd) *Affiliated company of the founder (1,592,400 shares / 30.09%)
2. 滝西 竜子 (Ryuko Takinishi) *Founding family members (1,008,600 / 19.06%)
3. 中村 英生 (Hideo Nakamura) *General Investors & International Investor Man of Mystery (808,700 / 15.28%)
4. 小野 昭 (Akira Ono) *General Investors (141,300 / 2.67%)
5. 宮本 浩次 (Koji Miyamoto) *General Investors (100,300 / 1.90%)
6. 小谷 寛 (Hiroshi Kotani) *General Investors (85,400 / 1.61%)
7. 五島 賢次 (Kenji Goshima) *Director of tri-Ace (44,400 / 0.84%)
7. 五反田 義治 (Yoshiharu Gotanda) *Director of tri-Ace aka STRAIGHT aka the GOAT (44,400 / 0.84%)
7. 則本 真樹 (Maki Norimoto) *Director of tri-Ace aka MASAKING (44,400 / 0.84%)
8. 金井 孟 (Meng Kanai) *Founding family members and Former Representative Director (41,000 / 0.77%)
Of course it is worth pointing out there was a change back on 9, September 2023 over a six month period by the, then largest shareholder as well so we can safely ignore all of the above. Now I could've told you this before you read it, but I decided that if I looked it up, then you had no choice, no chance, to avoid reading about my Cool Shareholder Shenanigans Story bro.
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