{
 "as_of": "2026-11-06",
 "cmr": "jp-cm-kg/TSE-GROWTH/4425",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# Kudan Inc. (Growth Market: 4425) — research page\n\nAs of 2026-11-06 · jp-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is Kudan Inc., listed on the Growth Market under ticker 4425. The ISIN is not on the record and the LEI is not on the record. The security type is Corporate, the sector is 5250 Information & Communication, and the jurisdiction is Japan (EDINET domestic filer). The segment is not on the record. The listing status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 10 filings in the twelve months to 2026-11-06, across 5 filing days. Of these, 5 are ad hoc, 3 are regulatory filings and 2 are results. The median gap between filing days is 69.0 days, against a Growth Market median of 42 days and a 5250 Information & Communication median of 38 days. The latest filing is dated 2026-08-13 and is an ad hoc filing, 85 days before the record date. The Growth Market median latency is 85.0 days and the sector median latency is 85.0 days. The Growth Market median filings per issuer is 8.0 and the sector median is 8.0.\n\n## Auditor\n\nThe auditor of record is 東光有限責任監査法人. Its location is not on the record. Auditor changes are not on the record.\n\n## Events and halts\n\nListing, delisting, name change, domicile change and segment move are not on the record, because this register has no lifecycle type map yet. The halt flag is listed, not halted.\n\n## Orderability\n\nFor the client category Qualified Institutional Investors the outcome is not determinable. The rule states a product scope, the subject's class carries no CFI to place on the scope bridge, and no scope object names the class, so the subject is not shown within the scope. The rule version is acm-68000/jp/suitability-principle-fiea-article-40/r1, and the chapter is as of 2026-11-04.\n\n## Coverage\n\nNo research houses were found on the issuer's investor-relations pages.\n\n## Open research\n\nThe record holds 2 openly published research notes, both by FISCO Ltd., dated 2020-07-17 and 2020-06-18.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe market's vintage is not sealed. No issuer years are sealed, the market's earliest sealed date is not on the record, and the live record began is not on the record.\n\n## Sources\n\n9 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.jpx.co.jp/english/markets/statistics-equities/misc/tvdivq0000001vg2-att/data_e.xlsx (identity.exchange)\n- https://disclosure2dl.edinet-fsa.go.jp/searchdocument/codelist/Edinetcode.zip (identity.jurisdiction)\n- https://mcp.jp-cm-kg.ai/events/TSE-GROWTH/4425 (the disclosure lines)\n- https://www.jpx.co.jp/markets/equities/suspended/index.html (the halt flag)\n- https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKS (the auditor)\n- https://mcp.jp-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://www.fisco.co.jp/wordpress/wp-content/uploads/Kudan20200717_e.pdf (open research)\n- https://www.fisco.co.jp/wordpress/wp-content/uploads/Kudan20200618.pdf (open research)\n- https://mcp.jp-cm-kg.ai/record/TSE-GROWTH/4425 (the record)\n",
 "market": "JP",
 "node": "jp-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": null,
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "the JP vintage is not sealed; the record is the live record as of 2026-11-06",
   "record_version": 1,
   "sealed": false
  },
  "auditor": {
   "auditor": {
    "read_by": "EDINET XBRL-to-CSV facts (API v2 type=5, 有価証券報告書 docTypeCode 120) — element jpcrp_cor:AuditFirm1Consolidated",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKS",
    "state": "sourced",
    "value": "東光有限責任監査法人"
   },
   "auditor_firm_id": {
    "market": "JP",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "JP",
    "state": "not_on_record"
   },
   "changes": {
    "market": "JP",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "jp-cm-kg/TSE-GROWTH/4425",
  "coverage": {
   "count": 0,
   "houses": [],
   "pages_checked": [],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": null,
   "state": "none_found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 598,
     "median_cadence_gap_days": 42,
     "median_filings": 8,
     "median_latency_days": 85,
     "name": "Growth Market"
    },
    "sector": {
     "issuers": 644,
     "median_cadence_gap_days": 38,
     "median_filings": 8,
     "median_latency_days": 85,
     "name": "5250 Information & Communication"
    }
   },
   "by_type": {
    "ad_hoc": 5,
    "regulatory_filing": 3,
    "results": 2
   },
   "cadence_median_gap_days": 69,
   "filing_days": 5,
   "filings": 10,
   "latency_days": 85,
   "latest": [
    {
     "category": "臨時報告書 (extraordinary report)",
     "date": "2026-08-13",
     "source": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSQK",
     "title": "臨時報告書",
     "type": "ad_hoc"
    },
    {
     "category": "臨時報告書 (extraordinary report)",
     "date": "2026-06-26",
     "source": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ0Z",
     "title": "臨時報告書",
     "type": "ad_hoc"
    },
    {
     "category": "135",
     "date": "2026-06-26",
     "source": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIM4",
     "title": "確認書",
     "type": "regulatory_filing"
    },
    {
     "category": "235",
     "date": "2026-06-26",
     "source": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YILT",
     "title": "内部統制報告書－第12期(2025/04/01－2026/03/31)",
     "type": "regulatory_filing"
    },
    {
     "category": "有価証券報告書 (annual securities report)",
     "date": "2026-06-26",
     "source": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKS",
     "title": "有価証券報告書－第12期(2025/04/01－2026/03/31)",
     "type": "results"
    }
   ],
   "latest_filing_date": "2026-08-13",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.jp-cm-kg.ai/events/TSE-GROWTH/4425",
   "window": {
    "from": "2025-11-06",
    "to": "2026-11-06"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "JPX listed-issuers workbook (data_e.xlsx, English)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.jpx.co.jp/english/markets/statistics-equities/misc/tvdivq0000001vg2-att/data_e.xlsx",
    "state": "sourced",
    "value": "Growth Market"
   },
   "isin": {
    "market": "JP",
    "reason": "no LEI, so no GLEIF ISIN route",
    "state": "not_on_record"
   },
   "jurisdiction": {
    "read_by": "EDINET code list (Edinetcode.zip, filer master with corporate number) (提出者種別)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/codelist/Edinetcode.zip",
    "state": "sourced",
    "value": "Japan (EDINET domestic filer)"
   },
   "lei": {
    "market": "JP",
    "reason": "no GLEIF record registered as 0100-01-164256 (RA000412)",
    "state": "not_on_record"
   },
   "name": {
    "read_by": "JPX listed-issuers workbook (data_e.xlsx, English)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.jpx.co.jp/english/markets/statistics-equities/misc/tvdivq0000001vg2-att/data_e.xlsx",
    "state": "sourced",
    "value": "Kudan Inc."
   },
   "sector": {
    "read_by": "JPX listed-issuers workbook (data_e.xlsx, English) (33-sector classification)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.jpx.co.jp/english/markets/statistics-equities/misc/tvdivq0000001vg2-att/data_e.xlsx",
    "state": "sourced",
    "value": "5250 Information & Communication"
   },
   "security_type": {
    "read_by": "JPX listed-issuers workbook (data_e.xlsx, English)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.jpx.co.jp/english/markets/statistics-equities/misc/tvdivq0000001vg2-att/data_e.xlsx",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "market": "JP",
    "state": "not_on_record"
   },
   "ticker": {
    "read_by": "JPX listed-issuers workbook (data_e.xlsx, English)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.jpx.co.jp/english/markets/statistics-equities/misc/tvdivq0000001vg2-att/data_e.xlsx",
    "state": "sourced",
    "value": "4425"
   },
   "website": {
    "market": "JP",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": {
    "market": "JP",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
    "market": "JP",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "listing": {
    "market": "JP",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
    "market": "JP",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "segment_move": {
    "market": "JP",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "market": "JP",
  "node": "jp-cm-kg",
  "numbers_hash": "sha256:56a12657e1ddd4c033cf9e349b525b652bd7f6a33d671727bc49227b4321afe7",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [
    {
     "date": "2020-07-17",
     "kind": "independent",
     "publisher": "FISCO Ltd.",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://www.fisco.co.jp/wordpress/wp-content/uploads/Kudan20200717_e.pdf",
     "state": "sourced",
     "title": "COMPANY RESEARCH AND ANALYSIS REPORT"
    },
    {
     "date": "2020-06-18",
     "kind": "independent",
     "publisher": "FISCO Ltd.",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://www.fisco.co.jp/wordpress/wp-content/uploads/Kudan20200618.pdf",
     "state": "sourced",
     "title": "COMPANY RESEARCH AND ANALYSIS REPORT"
    }
   ],
   "state": "found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [
    "Qualified Institutional Investors"
   ],
   "outcomes": {
    "Qualified Institutional Investors": {
     "determinable": false,
     "reason": "the rule states a product scope; the subject's class carries no CFI to place on the scope bridge, and no scope object names the class: the subject is not shown within the scope",
     "signal": null
    }
   },
   "read": {
    "basis": "one live read per instrument class, halt state and client category on this market; this issuer's group",
    "chapter": "https://mcp.jp-cm-kg.ai/book/aio.json",
    "door": "https://mcp.jp-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "rule_version": "acm-68000/jp/suitability-principle-fiea-article-40/r1",
   "section": "jp.aio.v6"
  },
  "record": {
   "as_of": "2026-11-06",
   "url": "https://mcp.jp-cm-kg.ai/record/TSE-GROWTH/4425",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-08",
   "source": "https://www.jpx.co.jp/markets/equities/suspended/index.html",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:56a12657e1ddd4c033cf9e349b525b652bd7f6a33d671727bc49227b4321afe7",
 "path": "/jp/TSE-GROWTH/4425",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is Kudan Inc., listed on the Growth Market under ticker 4425. The ISIN is not on the record and the LEI is not on the record. The security type is Corporate, the sector is 5250 Information & Communication, and the jurisdiction is Japan (EDINET domestic filer). The segment is not on the record. The listing status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 10 filings in the twelve months to 2026-11-06, across 5 filing days. Of these, 5 are ad hoc, 3 are regulatory filings and 2 are results. The median gap between filing days is 69.0 days, against a Growth Market median of 42 days and a 5250 Information & Communication median of 38 days. The latest filing is dated 2026-08-13 and is an ad hoc filing, 85 days before the record date. The Growth Market median latency is 85.0 days and the sector median latency is 85.0 days. The Growth Market median filings per issuer is 8.0 and the sector median is 8.0.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor of record is 東光有限責任監査法人. Its location is not on the record. Auditor changes are not on the record.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "Listing, delisting, name change, domicile change and segment move are not on the record, because this register has no lifecycle type map yet. The halt flag is listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "For the client category Qualified Institutional Investors the outcome is not determinable. The rule states a product scope, the subject's class carries no CFI to place on the scope bridge, and no scope object names the class, so the subject is not shown within the scope. The rule version is acm-68000/jp/suitability-principle-fiea-article-40/r1, and the chapter is as of 2026-11-04.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "No research houses were found on the issuer's investor-relations pages.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "The record holds 2 openly published research notes, both by FISCO Ltd., dated 2020-07-17 and 2020-06-18.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The market's vintage is not sealed. No issuer years are sealed, the market's earliest sealed date is not on the record, and the live record began is not on the record.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "9 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.jpx.co.jp/english/markets/statistics-equities/misc/tvdivq0000001vg2-att/data_e.xlsx"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/codelist/Edinetcode.zip"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.jp-cm-kg.ai/events/TSE-GROWTH/4425"
  },
  {
   "for": "the halt flag",
   "source": "https://www.jpx.co.jp/markets/equities/suspended/index.html"
  },
  {
   "for": "the auditor",
   "source": "https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKS"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.jp-cm-kg.ai/book/aio.json"
  },
  {
   "for": "open research",
   "source": "https://www.fisco.co.jp/wordpress/wp-content/uploads/Kudan20200717_e.pdf"
  },
  {
   "for": "open research",
   "source": "https://www.fisco.co.jp/wordpress/wp-content/uploads/Kudan20200618.pdf"
  },
  {
   "for": "the record",
   "source": "https://mcp.jp-cm-kg.ai/record/TSE-GROWTH/4425"
  }
 ],
 "title": "Kudan Inc. (4425) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}