TOKYO, May 19 (Pulse News Wire) – Rock Field CO.,LTD. (2910.T) resolved at its board meeting held, to dissolve and liquidate its subsidiary, Iwata (Shanghai) Catering Management Co., Ltd., due to ongoing sales declines and challenging market conditions in China.
Iwata (Shanghai) was established in August 2012 to operate ready-to-eat food stores and engage in manufacturing and selling prepared meals in Shanghai. However, despite efforts to revitalize operations, the company's performance continued to decline amid a sluggish consumer market and intense competition, leading management to conclude that future prospects were bleak. Key details of the dissolved subsidiary include: - Capital: ¥900 million - Business Activities: Manufacturing and retail of ready-to-eat foods - Largest Shareholder: Rock Field CO.,LTD. with a holding ratio of 100% Human relations indicate that a Rock Field executive serves as chairman, while another executive holds a concurrent position.
Additionally, two employees are seconded to the subsidiary. Regarding financial performance, the latest three fiscal years show: | Fiscal Year | Total Assets | Net Assets | Revenue | Operating Profit | Net Profit | |-------------|--------------|------------|---------|------------------|------------| | 2023 | ¥173 million | ¥154 million | ¥334 million | --¥35 million | --¥39 million | | 2024 | ¥99 million | ¥78 million | ¥333 million | --¥67 million | --¥76 million | | 2025 | ¥345 million | ¥330 million | ¥246 million | --¥49 million | --¥98 million | The exchange rate used for conversion is 1 Yuan = ¥23 (as of April 30, 2026). Following local regulations, the company anticipates completing necessary procedures but has yet to finalize a timeline for the dissolution process. An assessment of potential losses and their impact on the consolidated results for the fiscal year ending April 2026 is currently underway.
Any further developments will be disclosed promptly.
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