Sbi Holdings Inc Ord

Thank you very much for attending today's financial result briefing session for our company today, and we are delighted to have such a big audience participating online. We are discussing Q1 results, so instead of Mr. Kitao, I am going to explain our results for the first quarter. Let me start. We have already disclosed the earnings summary, and we would like to take this opportunity to explain. For the first quarter of fiscal year 2025, consolidated performance is as follows. Revenue was 443,189,000,000 yen. And profit before income tax expense was 90 billion, 352 million. And profit for the period was 81 billion, 968 million yen. Profit attributable to owners of the company was 84 billion, 605 million yen on all levels of profits and revenue. We have recorded the record high numbers, particularly profit attributable to owners of the company. Compared to last fiscal year, it's about a quadruple, 84.6 billion yen, which has demonstrated very robust results for the first quarter. These numbers are a comparison of quarterly net profit attributable to owners of the company with major securities group. Daiwa Securities Group excluded, and we are ranked number two. This is the consolidated performance overview and the profit before tax expense because of the robust financial services business which have contributed and PE investment business which recorded negative results last year. Because of the variation profit from the investees, we have been able to turn this business into the black ink. And regarding... There used to be the loss-making business. Because of the MyNavi, which has joined our group, it has turned positive. And the net profit for the period quadruped, and the annualized ROE is calculated by quadrupling the first quarter result. And as has been announced under the medium-term vision, 15% ROE has been exceeded largely by 24% achieved during the first quarter. This shows the performance by segment. Financial service business and PE investment business revenue and profits were record high numbers. Given these strong results, what are they going to be? And the consolidated result for fiscal year 2025, positive impacts are shown here. And what can be the potential positive impacts going forward? These are listed here. As has been already disclosed, SBI Sumi Shin Net Bank shares are sold to entity Docomo. The gains from the sale of the shares will be recorded as 140 billion yen in the third quarter of this fiscal year. On top of that, the third-placed insurance company in South Korea, Kyobo Life Insurance, as has been already disclosed, the voting right holding ratio of us is 20.4%, and it will be turned to an equity method affiliate company. We have already concluded a contract. With the regulatory authorities, we have already applied as the large shareholder of this company. If that is approved, then this will become an equity method affiliate. As a result, negative goodwill gain will be incurred. It is going to be about 30 billion yen according to our current calculation. But this Kyobo life insurance net asset will be the basis for calculating this goodwill gain of the negative goodwill after this company has become the equity method affiliate of our group. And annually, about 60 billion yen or so of profits are being recorded, and part of which will be recorded this fiscal year. On an annualized basis, with 20% and 12 to 13 billion yen per year of the equity method investment income from this company is estimated. On top of that, this Kyobo Life Insurance company was released in press release. At the same time, we made a release on the SBI Savings Bank regarding sales of this, and it is going to be October 2026. This will be removed from consolidation. So this subsidiary will be removed from consolidation from October 2026. Up until 2026, this company's profit will be recorded 100% on a consolidated basis, but after October 2026, there is the About 70% of the profits will be recorded on our consolidation basis because of the shareholders' agreement. And 14 billion yen in profit was recorded last fiscal year, and I will explain this later. This has shown further improvement, so we expect to see further upside to the profits to be recorded by this SBI Savings Bank. As for SBI CSA Bank, on July 11th this year, listing application was filed, and today the public funds have been fully repaid. Considering all these, the other day we made up a medium-term vision to commemorate the 30th anniversary for FY2028, 500 billion yen in consolidated profit before tax expense. This may potentially be achieved by the end of this fiscal year. Therefore, based upon the full year result for fiscal year 2025 results, we may review the vision as well. I'd like to present to you the details for each segment. First, financial service business. Revenue and profit before income tax expenses were recorded at record high numbers, and 70 billion yen in terms of the profit before income tax expenses recorded for the first quarter. And each segment under this service business, banking, securities, and insurance businesses, compared to the last fiscal year, the profits improved, particularly during the first quarter. At the SBI Shinsei Bank, there was a ¥19.9 billion special gain resulting from Shinsei Bank's liquidation of a subsidiary, but ¥41.7 billion... in banking businesses that has overcome the impact recorded last fiscal year. And SBI Shinsui Bank, JGAP-based performance has shown on all levels of the profits we have recorded the increase in both revenue and profit, and 44.2 billion yen was recorded as the profit attributable to owners of the company. So this was quite a strong result for the first quarter. Factors operating asset balance has been increased, and in the private equity investment business, there was a return increasing, and also after acquisition of us, the profit has been stabilized. Therefore, The possibility of a recoverability of the deferred tax asset was reviewed. Therefore, deferred tax assets were increased. On top of that, IFRS on the pre-tax income on Shinsei Bank, compared to the previous year, it was recorded at 42.6 billion yen, increased by 2%. Regarding the IFRS, the various items, there are a mark-to-market evaluation, so it depends on that evaluation. But for this fiscal year, investment trust and asset management assets have been evaluated higher when it was translated to IFRS and the 36.6 billion yen profit before that. income tax expense on the JGA, but on the first basis, it has been 42.6 billion yen. Usually, when we report it to you, SBI, SMC, NetBank, as has been mentioned earlier, this has been decided to be sold to entity Docomo. At the same time as the sales from the NTT Inc. as well, we are going to receive the investment from it, and we have signed the capital and the business alliance agreement with NTT Inc., and SBI Securities and SBI Sumishi Net Bank. And after the sale of the shares, there will be continuing to be the alliance relationship. And regarding the results of the SBI Savings Bank based on the IFRS, a 21% increase year-on-year and 5.2 billion yen was recorded as IFRS profit for the first quarter. This number, we were able to record over 5 billion yen during the first quarter quarter. Over last year, and although Korean economy has not recovered fully, however, there has been a curtailment of the investment in the real estate business. Therefore, there has been a recovery in the SBI Savings Bank, and the capital adequacy ratio has been reaching to the record high level of 17.95%. Regarding the overall non-performing load ratio, 51.6% was the ratio when we acquired, but currently it has been reduced to 4.1%. At the end of March, it was 4.6%, so we have seen further improvement since then. Next, this is about the securities business. This shows the JGAAP standard numbers. And revenue and the ordinary profit and also profit for the firm attributable to the owners of the company all record high numbers. And the operating profit was slightly down from the previous year. Transaction volume. is getting larger and larger, and transaction-related costs were slightly increased. Because of this, regarding the operating profit, we recorded a slightly smaller number this year. Regarding the ordinary profit, And the non-operating revenue related to the real estate silent partnership was recorded. And also the liabilities for transaction of financial instruments were included. And therefore, there was the extraordinary loss of 2 billion yen was recorded. However, we could achieve the record high profit. And this shows the breakdown of the SPI securities and the impact of the zero revolution, about 10 billion yen revenue lost. However, overcoming it, and we have been able to achieve an increase in the revenue. And the financial revenues increased significantly year on year. Next, insurance business. This shows insurance groups' JGAB-based preliminary figures are shown here. On all revenue and profit, we achieved the increase. And regarding the profit attributable to owners of the company, we recorded 2.168 billion yen. We have made a steady growth. Regarding the number of enforced contracts, it exceeded 3 million contracts. Under CAGR, we could maintain the ratio of 15.4%. That means that we have been able to securely increase the number of contracts enforced. The other day, we made an announcement. The Hokken Ichiba insurance comparison site operated by Advance Create Company Limited, and it is scheduled to be accounted for under the equity method. This site is being visited by over 3 million per month, and this is one of the largest insurance comparison sites. We are pursuing the synergy effect with it in order to further deepen. the evaluation of the insurance business. Next, I would like to talk about asset management business. The tariff policies under the Trump administration in the U.S. has affected negatively on the share prices in April. Therefore, AUM has slightly temporarily declined. Therefore, that has led to the decrease in profit. Having said that, based upon the numbers of the IFRs, there was a unique feature of the IFRs the securities, investment securities, and also that has been affected by the mark-to-market variation. And this year, we had a negative impact while we had a positive impact of that. And there is about 1 billion yen as a gap. And subtracting that impact, the number was slightly decreased from a year earlier.

SBI Global Asset Management, our listed company, which already announced its results for all the lines of profit and the net sales, they hit the record highs. Meanwhile, SBI Leo Sohifumi and SBI Ogasan Asset Management, their profits decreased.

I have already covered the reasons for that.

So SBI Leos, Hifumi, or SBI Okasan, they incurred some decreases. So here we have the illustration of asset management, business, and investment education advisory services and the synergy between them. Middle office, back office, they should be more efficient through the synergy. By seeking such synergy, we expect the stronger profitability SBA Group's AUM reached over 11 trillion yen. As was mentioned before, we target at AUM of 20 trillion yen by the end of FY27. PE investment business, which is performing very well, minus 4.6 billion previous year, plus 30 billion yen this year. Very good result. As I touch upon later on, in the advanced area, we started to make investment, for example, Circle Internet Group and eTroll. And the significant fair value increase was recorded. This is the attack record of IPOs and M&As. We are expecting 25 companies Next, cryptoasset business. Pre-tax income minus 531 million yen, so decrease in profit. The market maker, B2C2 in this area, The flow from some institutional investors is increasing, but the flow from the retail customers has decreased somewhat. But the profit level is still stable. The big negative factor is the domestic crypto asset players. Those are the coin inventory to be sold to the customers in the future. And there is market value impact about 2 billion yen. And that is the major reason behind this negative number. The trends in the number of customers on the crypto asset exchanges currently, we still trade Bitcoin together. 1.7 million accounts year-on-year, a little bit less than doubled. Along with that, the deposit balance increased to 870 billion yen, and the synergy between securities and the banking that we aim at becoming Japan's number one crypto asset exchange. And the measures for that are as follows. SBI Holdings and SBI Global Asset Management. As to the shareholder benefit, we present CryptoAsset XRP and as announced in July this year, Aplus points that we introduce Bitcoin XRP as redemption options. In each of these options, it is mandatory to open SBI VC trade account. and we are trying to expand the crypto asset business customer base through these initiatives. Next. Next, GenBusiness. minus 5.4 billion yen as to profit for the period because of the other environment and the adequate method associated issues there are some temporarily negative factors and web 3 related business cost was reduced in addition my nabi that we applied equity method to this entity in November 2024. Here, we had a positive 1.8 billion contributing greatly to the profitability. Next, key topics impacting our current results, six of them.

First of all, SBI Shinsei Bank.

As released today, as planned, today on July 31st, we paid off completely 230 billion yen public funds. It was in 1998 the other public funds that were injected and over 27 years, since then 27 years have passed. And since our acquisition, three and a half years have passed. Back then, the public fund remaining amount was 350 billion yen, and only in three and a half years did we pay off everything. And the method of repayment on March the 7th, we had disagreement on definitive repayment scheme concluded in March. And based on that agreement, we converted all common stock held by the government to preferred stock, which was purchased by SBIHD paying 230 billion yen. And with that, we completed the repayment of all the public funds. And in that process, with this completion, SBI Shinsei Bank has now have much increased the flexibility in the management for M&As, for example, and as announced already, the listing in the market. Through such initiatives, we are going to take much more progressive, aggressive growth strategy. With the completion of repayment of public funds, SBI Shinsei Bank, as discussed before, will promote aggressively the fourth megabank concept. The method is as follows. SBI Shinsei Bank will be the core and aim at becoming a wide area regional platform platformer, rather. And the Shinsei Bank had the various alliances like Money Plaza joined the stores or DX services. And also we operate the VC fund and they're investing in it. In that context, Shinsei being the core, We are going to present various products and services to regional financial institutions so that we can support to solve the other social issues. For example, business succession, aging infrastructure, DX promotion, and so on. especially when it comes to regional banks, more than 90 of them. Together, the total deposit is 406 trillion yen, loans 324 trillion yen. That's a huge amount. Against it, for example, the strength of SBI, the Shinsei, project financing or the origination of syndicated loan can be provided. Also, digital finance know-how or the human resources could also be presented, provided. The fourth megabank concept, SBI Shinsei Bank, will work on origination as well as distribution. Origination has been their strength. They will capitalize on that strength and also improving the capital efficiency. This origination distribution cycle will be repeated so that the bank's profitability can be improved as well. In addition, in the SBI group, the cloud-based account system was developed jointly with a future architect. And following the Fukushima Bank, the Shimane Bank also started to use it in July this year. Usually, for regional banks, the account system is a very heavy challenge or issue. And by providing the annual fee model, we could change the cost from fixed to variable cost. And in the Fukushima Bank, part of the administrative work can be reduced by 30%. And all the other account programs can be connected through API, which will facilitate future product development The period of the product development has been reduced to one-sixth, and also the over-the-counter process has been simplified. So the efficiency of administration and the human resources can be freed up to be reallocated to other areas. And that is the expected effectiveness in the profitability as well. Next, second method, the PE investment business. Ten years ago, we started to make concentrated investment in advanced technology, and we are coming to the recovery phase, redemption phase, driving the consolidated results. Harvesting investment returns. On the left-hand side, for example, fintech fund. At very early, we started to invest in fintech area. As to commitment, we started with 30 billion yen. And ultimately, the DPI is expected to be over three times of that. Next, we also invested in A and B fund. It's 60 billion yen of commitment amount. Taimi and Hatsi have already been appealed. and sowing seeds for the future. SBI 4 plus 5 fund, total capital commitment 100 billion yen and SBI digital space fund. Most recently, we have released the completion of the investment with total capital commitment of 100 billion yen.

In the first quarter,

The mostly promising companies have been IPO'd, Sarko Internet Group. With the alliance with them, issuance of US-pegged stable coin and handling of it has started in Japan as well. At the time of IPO, it was $31 per share, but temporarily it went up to $300, and now $181. As of the end of June, I think that it remained on the same level, or similar level, that they are maintaining very good share price. Another example is Itro Group. Here, The current market cap is about 740 billion contributing to the devaluation of this year.

So in the advanced technology area, internet, AI, IoT, digital assets or blockchain and fintech services in these areas, compared to what it was in 2019, we have increased significantly investment amounts in these areas. On the other hand, since days ago, we have continued to explain the Ripple. Now, Ripple... We have a stake of about 9% in this company. During this current quarter under review, we have not included the variation gain. But XLP, recently value has increased sharply to 497 yen. As we have explained earlier, XRP, compared to the max supply of XRP, the yellow and blue portion of the bar here, about 40% of the total max supply. These are the XRPs held by Ripple. As of 28th of July, on a market value, it's about 20 trillion yen. So when Ripple becomes listed, I think that part of this value will be reflected. Digital Space Fund of us. Recently, we completed the total capital commitment offering of 100 billion yen. And the largest investing company is Preferred Networks, AI infrastructure and AI semiconductors are the businesses conducted by this company. And this fund plus in direct investment made by us SBI group exceeding in the amount of 10 billion yen. So we have high expectation to this unicorn company. Thirdly, in order to achieve the 30 million securities accounts, we needed to establish a secure and safe trading environment and vigorously promoting the expansion of customer base through the open alliance strategy. First, what we have been doing in order to take measures against unauthorized access or phishing scams at the SBI securities on a time chronological order since 2021 onward, already we have been doing business on the Internet. Therefore, we have taken initiative in the industry in order to introduce various measures. And also, caution and warnings were issued in order to prevent the usage of a password many times, as well as the password needs to be made more complicated. Such warnings have been made. And we have taken initiative ahead of the industries, and device authentication was introduced in July 2021. FIDO authentication utilizes public key infrastructure. As the first ever in industry, we already implemented this authentication. FIDO authentication in October 2021, we are still only one company in the industry who have adopted this authentication. And those people who do not have email address or smartphones, for those customers, Phone number authentication has started to be implemented in May this year. Furthermore, in order to further enhance security level, next-generation authentication technology called FIDO2 or Passkey authentication is to be introduced by fall. We have taken initiative in introducing these measures. However, still we are seeing some customers who are affected by scams. And on the 25th of July, we announced how to compensate for the damages. And a cash compensation based on 50% of damages incurred will be paid to such customers. And regarding the full, there will be a full refund of all fees and commissions related to fraudulent transactions. and a flat condolence payment of Japanese yen of 10,000 yen per person will be paid. An approach to compensation is written as follows. On top of this, all the damages to be compensated, including those incurred in July this year, by implementing this compensation, then there will be a loss of approximately 8 billion yen. which is expected to be recorded in the second quarter of this year. However, we believe that the overall impact on business performance is expected to be minimal. At SBA Securities, this is what we are going to do for compensation, which is different from major face-to-face securities companies. In general, fraudulently, traders' shares will be restored to their original state, against which we at SPS Securities, we are going to provide some cash compensation for losses from unauthorized trade. So approach is different. Major face-to-face securities companies are dealing with customers by the sales rep, and they are understanding customers' transactions and account activity as well. But on the other hand, we are online securities company. Therefore, customers are managing their own accounts and investment and transactions on their own in principle. Because of this, as I explained earlier, security measures were recommended and implemented from early days, and we have issued warnings and alerts related to the security measures. We haven't been able to monitor the customers in a face-to-face interaction. Therefore, we have come up with these measures to be taken for compensation for the damages. On the other hand, elderly customers and some customers who are having difficulties in setting securities measures, so hybrid channel or face-to-face channel like SBCI, Money Plaza, we are going to deal with these customers individually. Under the medium-term vision, We said that SBI Group will endeavor to achieve 30 million securities accounts as soon as possible. Currently, it stands at about 14 million accounts. But through the further expansion of the existing alliance and also acquisition of new and young alliance partners and also MNAs, and by the end of March 2029, we would like to achieve 30 million accounts. The number of securities accounts within SBI Group have continued to increase to reach 14,411,000 accounts. And after the announcement that fees will be eliminated in June 2019, we have increased the number of accounts. And so further expansion was seen in the share of individual stock trading value as well as individual margin trading value. Now the share has reached about 60%. Next, let me talk about how to expand the new alliance partners. As I have been explaining several times, SBI Securities, SBI Sumishi Net Bank will be sold to NTT Docomo, and at the same time from NTT Inc., the third-party allotment of shares will be done, and we have concluded the capital and the business alliance with them. and SBI Smithy Net Bank sales is done. And after that, and for the intermediary service customers of SBI securities, the point investment and also the accumulation of the investment trust using the card, such services will be implemented. Let me change a gear a little bit together with Entity Group. Entity Group is researching and developing IOWN. fusion of optics and electronics. We would like to utilize these technologies to be introduced into, for example, PTS, private trading system. Low power consumption, large capacity, low latency network will be provided, which will allow easier transactions. and then costs will be reduced and the speed for settlement and payment will be increased. Therefore, this kind of revolutionary, innovative PTS can be possible by using this technology. So regarding the expansion of the new alliance, on the 30th of July, we announced this. Together with AU Financial Group, we are going to start studying of the alliance in business with them. At EU, Jibun Bank, which has the 6.737 million accounts, and AU Financial Service, AU Paycard, and so forth, has the active members of the 10.2 million accounts. and SBI will work with them. For example, real-time bank transfer can be conducted, and from AU Gibbon Bank, SBI securities account procedure can be done through AU Gibbon Bank. Other than that, a real-time bank transfer is once set with some customers, and then for those customers, preferential interest rates can be offered. Let me talk about how to deepen existing alliance at SBI Securities with financial intermediary accounts with the SMBC group. With the spread of our leave, the number of accounts has spread and rapidly grown. and Sumitomo Mitsui Credit Card and SBI Securities, a simultaneous application for securities, and Olive was expanded. And the number of Olive accounts exceeded 6 million recently. So through this alliance, SBI Securities, the number of securities accounts reached 1.47 million, and Kager has been 155.6%.

In addition, with Mitama Mitsui card, we align with them for set accumulation amount type service. 87.7 billion per month would get close to 1 trillion yen per annum accumulation amount. This is also announced the other day. namely further alliance with SMBC Group for asset management side. The olive customers, demand consulting and other digital service with added value are provided. On top of that, financial products and services, trading infrastructure and tools are provided. so that the alliances will go deeper. As announced the other day, this is about JAL. SBI liquidity market are going to buy Money Square, the 66.6% from us and 33.4% from Japan Airlines. And Money Square will be jointly operated. The mileage, the members are in the picture. In other words, those services are provided to their customers. Next, asset management business. Through alliance with overseas, the strong, the player, we are providing lots of alternative products. NISA program and Zero Revolution program. to cover many new investors. For those investors as well, various products, very profitable ones, or low profitability but stable products, they would like to choose from various products. And to make that happen, we apply, we ally, rather, with global players. One example is products from Man Group. They are using trend follow strategy. Investment trust P is less than 1%. And this way we are providing this product to our customers and the performance Compared to 5.9%, liquid trend has 8.6%. Another example, this is provided only in private placement. This is alliance with KKR. It's about private debt, the private placement product with private debt. And the Blooming US Aggravate Bond Index is about 6.59% annual rate, but the KKR kit annual rate is 11.83%. And we'd like to provide such product to retail customers. As announced most recently, SBA Alternative High Income Selective Fund quarterly dividend type is such product. and here KKR's private debt, Blackstone, or frankly, Templeton's products, which are rather difficult for retail customers to reach, are included, and the risk is well diversified. And only 1.5% or so of fees. Still, after that fee, the return is like 7.25%. This is SBI, Next Generation Technology Equity Fund, for example, Web3, the digital asset, the nuclear fusion quantum computer, or the digital wallet e-payment companies holding crypto assets, Microsoft, Alphabet, and Coinbase, and other players. Through this other network, we would like to provide various investment opportunities for our customers. This is something that we would like to launch as soon as possible, but we need to wait for the approval. This is the crypt asset embedded product. The digital asset, especially Bitcoin, is combined with gold. That is the one idea of product. With that, the high volatility of crypto assets can be contained. At the same time, we can expect a big return coming from crypto asset investment. Or we can provide a product like an ETF or Bitcoin or XRP and so on. Once the legal framework is ready, we would like to launch such product immediately. Next, stable coin. another crypto asset in the u.s the week of july 14th was designated as crypt week and the three important bills were enacted the gratification of regulatory framework was stable coins that is the genius act which was already signed into law in addition In the previous U.S. government, the crypto asset segment was struggling with which can be defined as security and which cannot. And the other SEC regulation became tougher with very vague definition. Given such situation, this Clarity Act was written, which crypt asset can be defined as security and which cannot. So the investor protection and regulatory framework are set by this Act. And thirdly, under CBDC Surveillance State Act, to disseminate the stable coin. This is about perpetual prohibition of FRB-issued CBDC, and it was passed by the lower house. So why the U.S. wants to spread U.S. dollar-pegged stable coins? As is stipulated in the Genius Act, to issue stable coin, you should be underlying assets which are safe and secured, and one of them is US treasuries. So the demand of US treasuries is to be increased. In addition, The dollar and the stable coin, it is one versus one. So it is very likely that the stable coin can be used as the replacement of reserve currency. And with that, against the movements and developments in the BRICS, the position of USD as reserve currency will be maintained. Under such circumstances, the SBI Group is planning to do business with USD-pegged stablecoin as well as JPY-pegged stablecoin. For the USD-pegged stablecoin, for the first time in Japan, the VC Trade has a license as the E, the payment provider, and the B. service provider. And with that, we started the dealing with the USDC related business. And as to our LUSD issued by the Ripple, we are seeking to begin handling it within this fiscal year. But there's some regulation that we need to think about. that there is the upper limit of 1 million yen for transfer limit for overseas issued stable coins. And without, with such the transfer limit, it will be difficult to use it as the key currency. and JPY-pegged stablecoin. In Japan, issuing entities are limited to banks, funds transfer service providers, and trust companies, and intermediaries are required to register as electronic payment instrument service providers. SBI Group is the only group who has all of them. All of those are the segments. So we would like to start yen-pegged stablecoin as soon as possible. and focusing on the stable coin. We'd like to start new financial service by connecting securities and banking functions. Right now, in the U.S., there are various developments in the regulatory side, like the clarification or deregulation. In Japan, there are some issues to be cleared. when it comes to cryptoasset. Cryptoassets are defined as payment instruments, as the Payment Services Act, but actually are treated as investment asset class in practice. And the cumulative progress tax of up to 55.95% is applied as miscellaneous income to capital gains from cryptoassets. As to the deregulation of this area, we are making aggressive stance. So, for example, the separate taxation is one idea. We are trying to encourage to eliminate and subject and apply the separate taxation. And also, we are working to ease regulations and overseas EC2 stable coins, namely 1 million transfer limit. Lastly, new media business and the full establishment of a new media ecosystem. As Mr. Kitao explained before, the diffusion of finance and media. and we have been thinking about the SBI new media holdings for such entertainment and other media strategies. Mr. Kitao is the chairman and CEO for SBI new media holdings, and Mr. Kondo, the vice chairman and representative director. He is the president and representative director of NEXYZ group. And we are going to work on media, talent agency, advertising agencies, production companies, and event companies, and IP. Already, we have already made two announcements for talent agency about alliance with Twin Planet. and we acquired 37% of their stake and made it an equity method affiliate. and Blisso, which is a famous Korean talent office, another affiliation, and a talent agency, IP, production company, advertising company. We are negotiating with multiple number of entities and we are going to make announcements once the deals are done. About TwinPlanet, especially their IP management function, marketing function. Everything is defined as IP. So through media mix, the marketing will be done, and that is their strengths. So IP of various companies or the other human resources that we will acquire.

will be added as additional values

100 billion yen level content fund that will be established. Currently, we are in the process of discussion, negotiation with various companies so that we will start up 100 billion yen size content fund to make the areas as shown here. Lastly... I would like to talk about the book issued or published by Adamus Takitao in August. The Day Finance, Media and IT Converge is the title.

So here in this book...

the future fusion or conversion of finance, media, and IT is described. If you're interested, please read it. Thank you.