BAROQUE JAPAN LIMITED [3548.T]
TOKYO, May 29 (Pulse News Wire) – Baroque Japan Limited (3548.T) disclosed significant influence from its major shareholder, Belle International Holdings Limited. As of February 28, 2026, Belle International Holdings held a 20.11% equity stake in Baroque Japan through its subsidiary Mutual Crown Limited, which itself holds a direct 20.11% stake.
Mutual Crown Limited operates as a Special Purpose Company (SPC) focused on investing in Baroque Japan. Additionally, Baroque Japan supplies goods to Belle’s Shanghai-based subsidiary and grants license permissions to another subsidiary, earning royalty income in return. One of Baroque Japan's directors also serves as an executive director at Belle International Holdings to facilitate joint ventures in China.
Notably, since Mutual Crown Limited is a wholly-owned subsidiary of Belle International Holdings, the latter exercises substantial control over Baroque Japan. Despite Belle International Holdings being delisted from the Hong Kong stock exchange as of July 28, 2017, Baroque Japan continues to engage in discussions to obtain necessary financial information for regulatory compliance. Baroque Japan maintains operational independence, with no prior approval requirements from Belle International Holdings for key decision-making processes.
No additional significant transactions or protections for minority shareholders were reported beyond those mentioned.
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