On April 12, 2023 Dalton Investments LLC started its activist campaign against Aizawa Securities Group Co., Ltd. with the announcement of making important proposals according to circumstances : (i) in order to avoid potential conflicts of interest, seeking a more transparent management system and requesting the appointment of independent directors who respect the opinions of minority shareholders in general, (ii) changes in dividend policy such as increase in dividend to improve stock value, changes to capital policy such as own stock purchase, (iii) and any other reasonable measures that other submitters believe will lead to an increase in shareholder value of the Company.