공지 • Dec 12
Beat Holdings Limited announced that it expects to receive ¥11.25 million in funding from Cantor Fitzgerald & Co. Beat Holdings Limited announces a private placement with Lee Yi Han and Cantor Fitzgerald & Co to issue 45,000,000 stock acquisition rights at a price of JPY 0.25 per right for gross proceeds of JPY 11,250,000 on December 10, 2025. Lee Yi Han allotted 9,000,000 units at a price of JPY 0.25 per for proceeds of JPY 2,250,000 and Cantor Fitzgerald & Co. was allotted 36,000,000 units at a price of JPY 0.25 per unit for proceeds of JPY 9,000,000. New Risk • Dec 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.5b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue has declined by 33% over the past year. Shareholders have been substantially diluted in the past year (486% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Revenue is less than US$5m (US$1.5m revenue). Market cap is less than US$100m (JP¥15.5b market cap, or US$99.1m). New Risk • Nov 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue has declined by 33% over the past year. Shareholders have been substantially diluted in the past year (486% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Revenue is less than US$5m (US$1.5m revenue). New Risk • Jul 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$3.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.3m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue has declined by 33% over the past year. Shareholders have been substantially diluted in the past year (486% increase in shares outstanding). Minor Risk Revenue is less than US$5m (US$1.5m revenue). Reported Earnings • May 15
First quarter 2025 earnings released: US$0.067 loss per share (vs US$0.35 loss in 1Q 2024) First quarter 2025 results: US$0.067 loss per share. Revenue: US$235.0k (down 55% from 1Q 2024). Net loss: US$1.22m (loss widened 45% from 1Q 2024). New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.6m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-US$1.1m). Revenue has declined by 9.2% over the past year. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (US$2.2m revenue). 공지 • Jan 10
Beat Holdings Limited (TSE:9399) signed share transfer agreement to acquire 5.64% stake in Beaglee Inc. (TSE:3981) from Lian Yih Hann for approximately ¥630 million. Beat Holdings Limited (TSE:9399) signed share transfer agreement to acquire 5.64% stake in Beaglee Inc. (TSE:3981) from Lian Yih Hann for approximately ¥630 million on January 10, 2025. A cash consideration valued at ¥1785.97 per share will be paid by Beat Holdings Limited for 353,600 shares. The expected completion of the transaction is January 24, 2025. New Risk • Jan 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 5x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.6m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-US$1.1m). Revenue has declined by 9.2% over the past year. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Revenue is less than US$5m (US$2.2m revenue). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$596.0k (down 3.6% from 2Q 2023). Net loss: US$810.0k (loss widened 64% from 2Q 2023). Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Chairman, CEO & CFO Joel Chin was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jan 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: JP¥1.44b (US$9.77m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2015 fiscal period end). Share price has been highly volatile over the past 3 months (30% average weekly change). Shareholders have been substantially diluted in the past year (218% increase in shares outstanding). Market cap is less than US$10m (JP¥1.44b market cap, or US$9.77m). New Risk • Jun 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 122% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2015 fiscal period end). Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (122% increase in shares outstanding). Market cap is less than US$10m (JP¥671.8m market cap, or US$4.69m). Is New 90 Day High Low • Feb 22
New 90-day high: JP¥110 The company is up 12% from its price of JP¥98.00 on 24 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 26
New 90-day low: JP¥70.00 The company is down 32% from its price of JP¥103 on 28 October 2020. The Japanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 9.0% over the same period. 공지 • Sep 19
Lie Wan Chie acquired an additional 16% stake in Xinhua Holdings Limited (TSE:9399) from Esther Mo Pei and others. Lie Wan Chie acquired an additional 16% stake in Xinhua Holdings Limited (TSE:9399) from Esther Mo Pei and others on January 11, 2017. Post acquisition Lie Wan Chie holds 23.02% stake in Xinhua Holdings Limited.
Lie Wan Chie completed the acquisition of an additional 16% stake in Xinhua Holdings Limited (TSE:9399) from Esther Mo Pei and others on January 11, 2017. 공지 • Jul 17
Beat Holdings Limited (TSE:9399) agrees to acquire CoinOtaku, Inc. from Midas Investment Limited Partnership Ltd, Akihiko Shimoyama , Yo Masuda Yokohama, Takashi Sekido Machida and Kazushi Kitaya for approximately ¥570 million. Beat Holdings Limited (TSE:9399) entered into an agreement to acquire CoinOtaku, Inc. from Midas Investment Limited Partnership Ltd, Akihiko Shimoyama , Yo Masuda Yokohama, Takashi Sekido Machida and Kazushi Kitaya for approximately ¥570 million on July 9, 2020. Under the terms of consideration, Payment will be made in two tranches. In First tranche, the first payment will be made in cash for acquiring 81,830 shares at price of ¥4,734 per share which represents 67.96% stake in CoinOtaku. Beat will acquire 57,792 shares from Midas, 19, 222 shares from Akihiko Shimoyama, 3,612 shares from Yo Masuda and 1,204 shares from Kazushi Kitaya. One-third of acquisition price will be paid on July 15, 2020 and then next payment will be made after 30 days of first payment and third payment will be made after 30 days of second payment. In Second tranche, it will acquire 38,570 shares in total from Akihiko Shimoyama and Takashi Sekido and the price paid to Akihiko Shimoyama will be made on whichever is higher that is ¥4,734 per share or the amount obtained by multiplying the average operating profit of company from October to December 2020 by 24 times and the net asset value of company as of the end of December 2020, divided by the total number of issued shares Price per unit price, multiplied by the number of shares acquired above. The payment will be made on January 8, 2021 or the day when both parties agrees. Post completion, CoinOtaku, Inc will become wholly owned subsidiary of Beat Holdings Limited. In order to pay the consideration for the acquisition, Beat Holdings will issue new shares by third party allotment and Stock acquisition rights with exercise price modification clause. For Year ended September 31, 2019, CoinOtaku had total assets of ¥134.1 million, Net asset of ¥53.9 million, Operating income as ¥100.9 million, sales of ¥175 million and Net income of ¥71.3 million.
Japan FA Systems Corp acted as financial advisor and Atlas Accounting Limited acted as Due diligence provider to Beat Holdings Limited in the transaction. 
