{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-58b7dc4c42c5", "slug": "6765dc2b452b", "title": "Datasection Inc. (3905)", "subtitle": "Wolfpack Research · 2025-10", "author": "Wolfpack Research", "date": "2025-10-08 00:00:00", "pageCount": 16, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Datasection Inc.", "targetTicker": "3905", "document": { "id": "019dd923-622c-750b-8b9a-58b7dc4c42c5", "slug": "6765dc2b452b", "title": "Datasection Inc. 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Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The document begins with a provocative statement about Datasection's potential wrongdoing.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 2, "name": "Expose Contradiction", "beatId": "0c737332-416c-4724-92ed-c05c314fdd31", "matchId": "f45feacb-af39-4d46-acb0-45a6b6b5823a", "beatType": null, "evidence": "The document presents several contradictions and suspicious 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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5d99590e-5078-4856-a7cf-a18cdb63d191", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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Text-heavy Word-style memo with embedded photos and screenshots rather than a slide deck. CEO-quote-contradiction takes the form of Ishihara's 2022 Keio interview calling NowNaw 'the American TikTok' vs. Datasection's current denial of any NNJ relationship. Report teases follow-ups — Wolfpack states the Japan investigation is ongoing. No explicit price target per firm disclaimer policy. John Ellis Bush Jr. (Jeb Bush's son) sits on Datasection's board, which Wolfpack flags as a likely political accelerant given Trump-era tensions with the Bush family.", "kpisCited": [ { "detail": "¥1,899 (October 8, 2025)", "metric": "Stock price at report date" }, { "detail": "¥42 billion", "metric": "Market capitalization" }, { "detail": "5,000 units (July 2025) + 10,000 units (October 2025) = 15,000 total", "metric": "NVIDIA B200 GPU orders to 'mystery customer'" }, { "detail": "Cut from 9.5% to 3.7% between Sep 29 and Oct 3, 2025", "metric": "KDDI ownership in Datasection" }, { "detail": "Reduced from 6.69% to 0%", "metric": "Nippon Life ownership in Datasection" }, { "detail": "30 per recruitment page; only 4 enrolled in social insurance", "metric": "NNJ employee count claim vs. reality" }, { "detail": "44 million potential shares vs. ~22.1M outstanding (~64% dilution)", "metric": "Potential dilution from First Plus Financial warrant" }, { "detail": "¥1,250 — 44% discount to prior-day close", "metric": "Warrant exercise price" }, { "detail": "90% of shares; located inside Tencent Building, Dalian", "metric": "Dalian Shouying ownership by NNJ director Omi Reika" } ], "closingAsk": "Stay tuned for follow-up Wolfpack reports as the Japan investigation continues, and expect regulatory action that will sever Datasection from Tencent.", "extraction": { "at": "2026-04-22 22:37:26+00", "model": "unknown-legacy", "runId": null, "seconds": 166.94312, "promptVersion": null }, "scqaReward": "Without Tencent, Wolfpack argues Datasection's data-center business has no investable value; combined with the ~64% warrant-driven dilution from First Plus Financial, the equity faces near-total impairment.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Datasection's 'mystery customer' for 15,000 NVIDIA B200 GPUs is US-sanctioned, PLA-linked Tencent", "CEO Ishihara routes the deal through NowNaw Japan; its affiliate sits inside Tencent's Dalian building", "Japanese banks refused funding, forcing ~64% dilutive rescue from a China-linked Singapore firm" ], "scqaSituation": "Datasection (3905.TYO) is a ¥42B Tokyo-listed 'data center' company whose equity story rests on building Japan's largest AI supercluster with 15,000 NVIDIA B200 GPUs for an unnamed 'world's largest cloud provider'.", "thesisSummary": "Wolfpack Research is short Datasection (3905.TYO), a ¥42B Tokyo-listed 'data center' company whose narrative rests on building Japan's largest AI supercluster with 15,000 NVIDIA B200 GPUs for an unnamed 'world's largest cloud provider'. Wolfpack concludes that mystery customer is Tencent — blacklisted by the US Defense Department for PLA ties — routed through NowNaw Japan, a shell founded by CEO Norihiko Ishihara whose Chinese sister entity Dalian Shouying operates inside Tencent's Dalian building. Japanese banks refused to fund the deal once they understood the structure, forcing Ishihara into a ~64% dilutive warrant from China-linked Singapore firm First Plus Financial, while KDDI and Nippon Life quietly dumped their stakes. Wolfpack has filed complaints with US BIS, Homeland Security and Japanese authorities, arguing enforcement will sever Tencent — and without Tencent, Datasection has no investable business.", "primaryDemands": [ "Regulatory investigation by US BIS, Homeland Security, and Japanese authorities into illegal NVIDIA GPU exports to Tencent", "Short or avoid Datasection equity given expected enforcement action and loss of the only real customer" ], "scqaResolution": "Wolfpack has filed complaints with US BIS, Homeland Security, and Japanese authorities, expecting export-control enforcement to forcibly sever the Tencent relationship that drives Datasection's entire supercluster thesis.", "thesisOneLiner": "Datasection is covertly supplying 15,000 export-controlled NVIDIA B200 GPUs to sanctioned Chinese military-linked Tencent via CEO-founded shell NowNaw Japan; already reported to US BIS and Japanese authorities.", "precedentsCited": [ "Hunter Biden / Burisma (analogy for Jeb Bush's son John Ellis Bush Jr. sitting on Datasection's board)", "Singapore AI-chip smuggling indictments (three charged with fraud over NVIDIA chip exports to China)" ], "scqaComplication": "Wolfpack's investigation concludes the mystery customer is Tencent — blacklisted by the US DoD for PLA ties — routed through CEO-founded shell NowNaw Japan, whose Chinese sister entity operates inside Tencent's Dalian building.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 7, 8, 11, 12 ], "peerCompaniesCited": [ "Supermicro", "Fujitsu", "CUDO" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide serves as an opening accusation/short-seller report summary.", "function": "expose_contradiction", "imagePath": 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787, "nDataPoints": 0, "notes": "The slide highlights a discrepancy regarding Bob Xia's presence in a photo and his undisclosed influence, suggesting a hidden connection between DataSection, NowNaw Japan, and Chinese interests.", "elementsJson": [ "photo", "logo_grid", "paragraph", "numbered_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:18.458+00", "seconds": 6.805, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-58b7dc4c42c5/5", "deck": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "元社員の証言によると、データセクションの石原紀彦CEOは、中国の軍事関連企業の関与を隠すためにNowNaw Japanを利用しているとみられます。", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", 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Why is Bob Xia behind Ishihara? 2. Did he play a role in GPU procurement? 3. Is he the reason DataSection claims to secure GPUs faster than competitors?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:18.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "472b1e11-35c7-481e-b129-0d4ee24f6a10", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.845 }, "kind": "paragraph", "text": "NNJ plays a critical role. In August 2024, DataSection and NNJ announced a partnership for AI cloud service development.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:18.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "102b5b51-a1c7-486c-984f-7a305d1658ab", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.764, "x": 0.118, "y": 0.485 }, "kind": "paragraph", "text": "Interesting that Bob Xia's name is not on this photo. Sources claim he is an early investor in Supermicro and NVIDIA. Former employees suggest DataSection leveraged US Department of Commerce ties to secure GPUs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:18.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1ab223b-4c83-4011-b360-bc2f5d31fd22", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.755 }, "kind": "paragraph", "text": "Former employees allege CEO Ishihara uses NowNaw Japan to hide ties to Chinese military-linked firms. NNJ is central to this, with a subsidiary located in a Tencent building.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:18.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdf5b445-f829-440d-b898-9196959fa0f8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9162f998-a893-4099-99fe-8620de01538e", "evidence": "The slide systematically questions the legitimacy of corporate 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"framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:15.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04b02162-9ed8-4c5d-8d5c-88f60dfbdf62", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.75 }, "kind": "paragraph", "text": "データセクションは、NNJが関連当事者であることを明確に否定していますが、それは事実とは考えにくい状況です15。NNJはデータセクションの石原紀彦CEOによって設立された企業ですが、彼のNNJへの個人的関与については、データセクションの経歴欄には一切記載がありません16。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:15.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d5d29b5-2830-45de-834b-8f9d7242b6fa", "parentComponentId": null }, { "bbox": { "h": 0.19, "w": 0.74, "x": 0.13, "y": 0.09 }, "kind": "paragraph", "text": "とした共同開発契約(Joint Development Agreement)を締結したと発表しました13。そして2025年7月、データセクションはNNJを通じて、「世界最大規模のクラウドサービスプロバイダーの一社」との大口のサービス利用契約を締結したと発表しています14。この最初の契約は5,000個のGPUの取引でしたが、10月にはさらに1万個のNVIDIA製GPUをNNJ経由で発注したと主張するプレスリリースを公表しました。さらに、同社はX(旧Twitter)上にGPUとされる機材の写真を投稿しましたが、以下の写真のとおり、箱に貼付された配送ラベル部分は意図的に黒塗り(マスキング)処理されていました：", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:15.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbf0b0be-e8af-45dc-9d28-5a839fafce68", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.3, "y": 0.72 }, "kind": "source-note", "text": "出所: データセクションのX(旧Twitter)投稿", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-58b7dc4c42c5/7", "deck": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "石原紀彦氏がNNJの初代取締役であったことを踏まえると、同氏がアジア各地でNNJのプロモーション活動を行っていたと報じられているのも不自然ではありません。", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, 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21:25:19.29+00", "seconds": 6.893, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-58b7dc4c42c5/9", "deck": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9a-58b7dc4c42c5.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "NNJのような小規模企業に、本当にAIクラウドサービスシステムを構築するためのエンジニアリング能力があるのでしょうか？我々はそうは思いません。", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e5f91ef-9318-48b2-8d3e-73b41fa8d66f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.78 }, "kind": "paragraph", "text": "さらに、NNJがデータセンター向けのAIクラウドサービス開発に十分な経験を持つ企業であるとは到底言えません。なぜなら、同社はこれまでに主要事業の方向性を何度も変更してきたように見えるからです。以下は、NNJの設立時の書類に記載された事業内容の一覧です。さまざまな事業内容が記載されていますが、そこにデータセンターに", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:19.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11331538-c7d4-4f28-96f3-16cd604d45fb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "paragraph", "text": "NNJのような小規模企業に、本当にAIクラウドサービスシステムを構築するためのエンジニアリング能力があるのでしょうか？我々はそうは思いません。しかし、テンセントには確かにその能力があります。おそらくそれゆえに、前述の求人票では応募者に中国語・日本語・英語のうち2言語を話せることが求められているのでしょう。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:19.29+00", "model": 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"name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:16.418+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4722d398-966d-49d1-80ee-52621b79e27b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.79 }, "kind": "paragraph", "text": "中国と深いつながりを持つシンガポール企業「First Plus Financial Holdings」が、日本の銀行が資金提供を渋る中で資金支援に乗り出しました。First Plus Financial Holdingsはシンガポールに本社を置く企業であり、同国はNVIDIA製GPUの密輸拠点として知られているとも報じられています。", "attrs": null, "canon": { "kind": { 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"y": 0.08 }, "kind": "paragraph", "text": "同社のCEOのZhi Bo Li氏は、中国と深い関係を有しています。First Plus Financialに参画する以前、Zhi Bo Li氏は、2019年から2022年までAscent Bridge Ltd.の非独立・非業務執行取締役、2015年から2019年までPing An Trust Co., Ltd.のグローバルキャピタルマーケッツ担当シニアマネージングディレクター、2012年から2015年までSino-Australian International Trust Co., Ltd.の国際業務部ゼネラルマネージャーを務めていました。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"promptVersion": null }, "componentId": "36c00283-8f00-482e-97a2-511a1188ec97", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.4 }, "kind": "paragraph", "text": "First Plus Financialは自らが交渉上優位な立場にあることを理解しており、そのため2025年9月10日に、前営業日の株価の額面比で44%という行使価格で、4,400万株分（潜在的に約64%の希薄化）の新株予約権を取得したと考えられます21。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"我々は、BISがデータセクションにそのようなライセンスを付与したとは考えていません。もしBISがライセンスを承認していたのであれば、同社はそれを大々的に発表し、その後のあらゆるプレスリリースで言及していたはずだと考えます。我々がそれは決して起こらないとみている主な理由は、データセクションの顧客が単なる中国企業ではなく、米国政府が中国軍との関係を指摘しているテンセントであるように見えるからです：", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:17.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "554c3518-c4b9-45a7-86c1-741b4c387653", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.69 }, "kind": "paragraph", "text": "我々の見解では、データセクションがここで行っていることは違法行為にあたります。この件について、我々はすでに米国商務省産業安全保障局(BIS)および国土安全保障(Homeland Security)の関係当局、さらに日本の当局にも通報を行っています。Wolfpackとして、我々は今後も日本での調査を続けていく所存です。続報にご注目ください。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:17.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61815f8a-8b3d-4852-a4e9-d443f4c368ac", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.27 }, 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We sometimes pay former employees indirectly through an expert network to speak with us, and these former employees may hold a grudge against their former employer. In some cases, we directly pay our sources a fixed fee or enter into a profit-sharing agreement with a source. In cases where we believe a whistleblower suit with a regulatory agency is appropriate, we may share a financial interest with a source in the potential award.\n\nWe intend to continue transacting in the Securities featured by and through the Wolfpack Offerings for an indefinite period, and we may be long, short or neutral at any time, regardless of any related information that is published from time-to-time.\n\nTherefore, you should assume that upon publication of this report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the Covered Issuer’s securities. 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