Hong Kong fund Oasis asks Nidec to study taking the company private
In short
Hong Kong investment fund Oasis Management, an activist shareholder, said on Oct 7 that it had asked motor maker Nidec to begin studying a take-private of its shares and to solicit initial buyout proposals from domestic and overseas operating companies and investment funds. Oasis, which holds about 8% of Nidec, cited the risk of an unintended delisting after Nidec's securities report for the year to March 2026, filed Sept 30, drew no audit opinion. The documents do not say whether any proposal has been made or how Nidec responded.
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Oasis Management, a Hong Kong investment fund described by the outlets as an activist shareholder, said on Oct 7 that it had asked motor maker Nidec to consider taking its shares private, and called for initial, non-binding buyout proposals to be solicited from private equity funds and others. Asahi and Sankei reported that the request was aimed at outside directors and asked them to seek initial buyout proposals from domestic and overseas operating companies and investment funds. [ 1 , 2 , 4 ]
Nikkei reported that Oasis held 7.97% of Nidec as of Sept 16, while Asahi and Sankei put the stake at about 8%. Oasis said its proposals are intended to protect medium- and long-term corporate and shareholder value and that it plans to increase its holding through on- and off-market transactions, according to Nikkei. [ 1 , 2 , 4 ]
The request followed Nidec's securities report for the fiscal year ending March 2026, submitted on Sept 30, on which the audit opinion was a disclaimer of opinion, or no opinion. Asahi reported that the audit firm, PwC Japan, withheld its opinion for a second consecutive year, citing the company's response after accounting fraud, and that concerns over delisting are growing. Sankei noted that the audit firm did not express an opinion. [ 1 , 2 , 4 ]
Oasis said it was deeply disappointed, and Asahi reported it was also shocked that basic corrective measures had not been completed. Nikkei and Sankei quoted Oasis as saying the risk of an unintended delisting must be faced directly. Asahi quoted Oasis as saying management has a responsibility to prepare options for multiple risk scenarios alongside efforts to keep the listing, and Nikkei reported Oasis arguing that obtaining an unqualified opinion is not something Nidec can secure through its own efforts alone. [ 1 , 2 , 4 ]
Nikkei reported that Oasis had been asking Nidec to consider going private since December 2025; no other document gives that timing. Toyo Keizai described Nidec as shaken by management uncertainty and large losses, without giving figures. The documents do not report any buyout proposal received or any response from Nidec to the request. [ 1 , 3 ]
Why it matters
The request puts pressure on Nidec's board to prepare buyout options while the absence of an audit opinion leaves the risk of delisting open, a question that directly affects the company's shareholders. It also marks another instance of a foreign activist fund pressing a large Japanese manufacturer on governance and listing status, as described by the business outlets covering it.
Key facts
- Oasis Management, a Hong Kong investment fund described by the outlets as an activist shareholder, said on Oct 7 that it had asked Nidec to consider taking its shares private. [ 1 , 2 , 3 , 4 ]
- Oasis asked for initial buyout proposals to be solicited from domestic and overseas operating companies and investment funds, and directed the request at outside directors, according to Asahi and Sankei. [ 2 , 4 ]
- Oasis held 7.97% of Nidec as of Sept 16, according to Nikkei; Asahi and Sankei put the stake at about 8%. [ 1 , 2 , 4 ]
- Nidec's securities report for the fiscal year ending March 2026, filed Sept 30, carried no audit opinion. [ 1 , 2 , 4 ]
- Oasis said it was deeply disappointed and cited the risk of an unintended delisting. [ 1 , 2 , 4 ]
- Asahi reported that audit firm PwC Japan withheld its opinion for a second consecutive year, citing the company's response after accounting fraud. [ 2 ]
- Oasis said its proposals aim to protect medium- and long-term corporate and shareholder value and that it plans to increase its holding through on- and off-market transactions. [ 1 ]
Confirmed by several sources
- Oasis Management, a Hong Kong investment fund, on Oct 7 asked Nidec to consider taking its shares private. [ 1 , 2 , 3 , 4 ]
- Oasis asked for initial buyout proposals from domestic and overseas operating companies and investment funds. [ 1 , 2 , 4 ]
- Oasis held about 8% of Nidec shares, described by Nikkei as 7.97% as of Sept 16. [ 1 , 2 , 4 ]
- Nidec's securities report for the fiscal year ending March 2026, submitted Sept 30, received no audit opinion. [ 1 , 2 , 4 ]
- Oasis said it was deeply disappointed and that the risk of an unintended delisting must be faced. [ 1 , 2 , 4 ]
Still unclear
- Oasis said it had been asking Nidec to consider going private since December 2025. Only Nikkei gives this timing; no other document mentions a prior request.
- Audit firm PwC Japan withheld its opinion for a second consecutive year because of the company's handling after accounting fraud. Named auditor and the accounting-fraud context appear only in Asahi.
- Nidec is described as shaken by management uncertainty and large losses. Only Toyo Keizai's summary uses this wording, without figures or further detail.
- Whether any buyout proposal has been received and how Nidec has responded. The documents do not report a response from Nidec or any proposal received.
What local media are saying
Timeline, local time
- Sept 16 — Oasis holds 7.97% of Nidec shares, according to Nikkei; Asahi and Sankei describe the stake as about 8%. [ 1 , 2 , 4 ]
- Sept 30 — Nidec submits its securities report for the fiscal year ending March 2026; the audit firm expresses no opinion. [ 1 , 2 , 4 ]
- Nikkei reports Oasis's public request that Nidec study a take-private and says Oasis had sought this since December 2025. [ 1 ]
- Asahi reports the request, the approach to outside directors for initial buyout proposals, and names PwC Japan as the auditor that withheld its opinion for a second year. [ 2 ]
- Toyo Keizai reports that Oasis is pressing Nidec, which it describes as shaken by management uncertainty and large losses. [ 3 ]
- Sankei reports the request and Oasis's roughly 8% stake. [ 4 ]