Japanese version
(Provisional Translation: published March 31, 2026)
March 12, 2026
Securities and Exchange Surveillance Commission

Filing of a Criminal Charge Regarding Market Manipulation Involving Shares of Super Value Co., Ltd. and Four Other Shares

Today, the Securities and Exchange Surveillance Commission filed a criminal charge with the Tokyo District Public Prosecutors Office against one suspect on suspicion of violating the Financial Instruments and Exchange Act (market manipulation). The details of the offenses, subject to criminal charge, are as follows.

１．Details of the Offenses Subject to Criminal Charge

(1) SUPER VALUE CO., LTD.
With respect to the shares of SUPER VALUE CO., LTD., which were listed on the securities market operated by Tokyo Stock Exchange, Inc. (2‑1 Nihonbashi Kabutocho, Chuo‑ku, Tokyo), the suspect, for the purpose of inducing trading in the shares, during the period from January 11 to January 24, 2023 (10 trading days), on the said market, conducted and entrusted a series of trades likely to mislead others into believing that trading in the shares was active and to cause fluctuations in the market price of the shares, including by placing successive sell orders at prices below the prevailing market price so as to drive down the market price through two securities firms under the names of A and five others and selling a total of 268,400 shares, and including by placing successive buy orders at prices above the prevailing market price so as to drive up the market price through two securities firms under the names of A and six others and purchasing a total of 292,600 shares.
In addition, for the purpose of causing others to be misled regarding the trading conditions of the shares, including by making them believe that trading in the shares was active, during the same period, over 9 trading days, on the said market, the suspect sold and simultaneously purchased, through two securities firms, a total of 217,100 shares of the shares under the names of B and six others, thereby engaging in fictitious trades not intended to transfer ownership.
Through the foregoing acts, the share price moved from 927 yen to 1,170 yen.

(2) NC HOLDINGS CO., LTD.  
With respect to the shares of NC HOLDINGS CO., LTD., which were listed on the said market, the suspect, for the purpose of inducing trading in the shares, during the period from January 11 to January 24, 2023 (9 trading days), on the said market, conducted and entrusted a series of trades likely to mislead others into believing that trading in the shares was active and to cause fluctuations in the market price of the shares, including by placing successive sell orders at prices below the prevailing market price so as to drive down the market price through three securities firms under the names of A and seven others and selling a total of 148,500 shares, and including by placing successive buy orders at prices above the prevailing market price so as to drive up the market price through four securities firms under the names of C and nine others and purchasing a total of 146,900 shares.
In addition, for the purpose of causing others to be misled regarding the trading conditions of the shares, during the same period, over 9 trading days, on the said market, the suspect sold and simultaneously purchased, through four securities firms, a total of 102,500 shares of the shares under the names of D and nine others, thereby engaging in fictitious trades not intended to transfer ownership.
Through the foregoing acts, the share price moved from 1,907 yen to 2,095 yen.

(3) AVIX, Inc. 
With respect to the shares of AVIX, Inc., which were listed on the said market, during the period from January 31 to February 2, 2023 (3 trading days), on the said market, the suspect, for the purpose of inducing trading in the shares, conducted and entrusted a series of trades likely to mislead others into believing that trading in the shares was active and to cause fluctuations in the market price of the shares, including by placing successive sell orders at prices below the prevailing market price so as to drive down the market price through five securities firms under the names of A and nine others and selling a total of 1,908,800 shares, and including by placing successive buy orders at prices above the prevailing market price so as to drive up the market price through five securities firms under the names of E and nine others and purchasing a total of 1,824,400 shares.
In addition, for the purpose of causing others to be misled regarding the trading conditions of the shares, during the same period, over 3 trading days, on the said market, the suspect sold and simultaneously purchased, through four securities firms, a total of 864,400 shares of the shares under the names of D and seven others, thereby engaging in fictitious trades not intended to transfer ownership.
Through the foregoing acts, the share price moved from 91 yen to 111 yen.

(4) NanoCarrier Co., Ltd.
With respect to the shares of NanoCarrier Co., Ltd., which were listed on the said market, during the period from February 3 to February 14, 2023 (6 trading days), on the said market, the suspect, for the purpose of inducing trading in the shares, conducted and entrusted a series of trades likely to mislead others into believing that trading in the shares was active and to cause fluctuations in the market price of the shares, including by placing successive sell orders at prices below the prevailing market price so as to drive down the market price through five securities firms under the names of E and eight others and selling a total of 900,900 shares, and including by placing successive buy orders at prices above the prevailing market price so as to drive up the market price through five securities firms under the names of E and eight others and purchasing a total of 912,200 shares.
In addition, for the purpose of causing others to be misled regarding the trading conditions of the shares, during the same period, over 5 trading days, on the said market, the suspect sold and simultaneously purchased, through five securities firms, a total of 436,700 shares of the shares under the names of F and eight others, thereby engaging in fictitious trades not intended to transfer ownership.
Through the foregoing acts, the share price moved from 200 yen to 234 yen.

(5)  KYORITSU Co., LTD.
With respect to the shares of KYORITSU Co., LTD., which were listed on the said market, during the period from March 10 to March 27, 2023 (10 trading days), on the said market, the suspect, for the purpose of inducing trading in the shares, conducted and entrusted a series of trades likely to mislead others into believing that trading in the shares was active and to cause fluctuations in the market price of the shares, including by placing successive sell orders at prices below the prevailing market price so as to drive down the market price through three securities firms under the names of G and six others and selling a total of 1,637,200 shares, and including by placing successive buy orders at prices above the prevailing market price so as to drive up the market price through three securities firms under the names of G and six others and purchasing a total of 1,694,100 shares.
In addition, for the purpose of causing others to be misled regarding the trading conditions of the shares, during the same period, over 9 trading days, on the said market, the suspect sold and simultaneously purchased, through three securities firms, a total of 1,051,100 shares of the shares under the names of B and six others, thereby engaging in fictitious trades not intended to transfer ownership.
Through the foregoing acts, the share price moved from 130 yen to 152 yen.

２．Relevant Provisions

Financial Instruments and Exchange Act
Article 197, paragraph (1), item (v) (prior to amendment by Act No. 68 of 2022)
Article 159, paragraph (2), item (i), and paragraph (1), item (i)

3. Other Matters

Japan Exchange Regulation provided support in this matter.