Hong Kong activist fund gives locals cover to betray TSE landlord

LIM Advisors questions Heiwa Real Estate's cozy relationship with Tokyo bourse

Stephen Givens

May 18, 2021 05:00 JST

20210516 Tokyo Stock Exchange building.jpg

Headquarters of Tokyo Stock Exchange: the wet relationship between Heiwa Real Estate and TSE extends to deeply discounted rent for the TSE building in Kabutocho. © Sipa/AP

Stephen Givens is a corporate lawyer based in Tokyo.

As Japan's rainy season descends and shareholder proposals for June-end annual general meetings begin to trickle in, Hong Kong-based LIM Advisors' approach to unlocking value in Japanese companies with low price-to-book ratios is, if nothing else, a diverting contrast to the usual menu of activist demands for higher dividends and share buybacks.