Thank you very much for attending today's financial result briefing session for our company today. We are delighted to have such a big audience participating online. We are discussing Q1 results. Instead of Mr. Kitao, I am going to explain our results for the first quarter. Let me start. We have already disclosed the earnings summary, and we would like to take this opportunity to explain. For the first quarter of fiscal year 2025, consolidated performance is as follows: Revenue was JPY 443.189 billion and profit before income tax expense was JPY 90.352 billion. Profit for the period was JPY 81.968 billion. Profit attributable to owners of the company was JPY 84.605 billion. On all levels of profits and revenue, we have recorded the record high numbers.
Particularly profit attributable to owners of the company, compared to last fiscal year, it's about quadruple, JPY 84.6 billion, which has demonstrated very robust results for the first quarter. These numbers are a comparison of quarterly net profit attributable to owners of the company with major securities group. Daiwa Securities Group excluded, and we are ranked number two. This is the consolidated performance overview and the profit before tax expense. Because of the robust financial services business which have contributed, PE investment business, which recorded negative results last year, because of the variation profit from the investees, we have been able to turn this business into the black ink. Regarding, there used to be the loss-making business. Because of Mynavi, which has joined our group, it has turned positive.
The net profit for the period quadrupled, and the annualized ROE is calculated by quadrupling the first quarter result. As has been announced under the medium-term vision, 15% ROE has been exceeded largely by 24% achieved during the first quarter. This shows the performance by segment. Financial service business and the PE investment business revenue and profits were record high numbers. Given these strong results, what are they going to be? Consolidated result for our fiscal year 2025, positive impacts are shown here. What can be the potential positive impacts going forward? These are listed here. As has been already disclosed, SBI Sumishin Net Bank shares are sold to NTT DOCOMO. The gains from the sale of the share will be recorded as JPY 140 billion in the third quarter of this fiscal year.
On top of that, the third place insurance company in South Korea, Kyobo Life Insurance, as has been already disclosed, the voting right holding ratio of us is 20.4%, and it will be turned to an equity-method affiliate company. We have already concluded a contract with the regulatory authorities. We have already applied as the largest shareholder of this company. If that is approved, then this will become an equity-method affiliate. As a result, negative goodwill gain will be incurred. It is going to be about JPY 30 billion according to our current calculation. This Kyobo Life Insurance net asset will be the basis for calculating this goodwill gain of the negative goodwill after this company has become the equity-method affiliate of our group. Annually, about JPY 60 billion or so of profits are being recorded, and part of which will be recorded this fiscal year.
On annualized basis, with 20% and JPY 12 billion-JPY 13 billion per year of the equity method investment income from this company is estimated. On top of that, this Kyobo Life Insurance was released in press release. At the same time, we made a release on the SBI SAVINGS BANK regarding sales of this, and it is going to be October 2026. This will be removed from our consolidation. This subsidiary will be removed from our consolidation from October 2026. Up until 2026, this company's profit will be recorded 100% on a consolidated basis. After October 2026, about 70% of the profits will be recorded on our consolidation basis because of the shareholders agreement. JPY 14 billion in profit was recorded last fiscal year, and I will explain this later.
This has shown the further improvement, so we expect to see further upside to the profits to be recorded by this SBI SAVINGS BANK. As for SBI Shinsei Bank, on July 11th this year, listing application was filed, and today the public funds have been fully repaid. Considering all these, the other day, we made a medium-term vision to commemorate the 30th anniversary for FY 2028. JPY 500 billion in consolidated profit before tax expense. This may potentially be achieved by the end of this fiscal year. Therefore, based upon the full-year result for fiscal year 2025 results, we may review the vision as well. I would like to present to you the details for each segment. First, financial service business.
Revenue and profit before income tax expenses recorded at the record high numbers and JPY 70 billion in terms of the profit before income tax expenses recorded for the first quarter. Each segment under this service business, banking, securities, and insurance businesses, compared to the last fiscal year, the profits improved. Particularly during the first quarter at the SBI Shinsei Bank, there was a JPY 19.9 billion special gain resulting from Shinsei Bank's liquidation of a subsidiary. JPY 41.7 billion in banking businesses, that has overcome the impact recorded last fiscal year. SBI Shinsei Bank JGAAP-based performance are shown. On all levels of the profits, we have recorded the increase in both revenue and profit, and a JPY 44.2 billion was recorded as the profit attributable to owners of the company. This was quite a strong result for the first quarter. Factors, operating assets balance has been increased.
In the PE Investment business, there was a return increasing. Also after acquisition of us, the profit has been stabilized. Therefore, the possibility of a recoverability of the deferred tax asset was reviewed, therefore, deferred tax assets were increased. On top of that, IFRS on the pre-tax income on Shinsei Bank, compared to the previous year, it was recorded at JPY 42.6 billion, increased by 22%. Regarding the IFRS on the various items, there are mark-to-market evaluation, so it depends on that evaluation. For this fiscal year, investment trust and asset management assets have been evaluated higher when it was translated to IFRS. JPY 36.6 billion profit before income tax expense on the JGAAP, but on the IFRS basis, it has been JPY 42.6 billion.
Usually, when we reported to you SBI Sumishin Net Bank, as has been mentioned earlier, this has been decided to be sold to NTT DOCOMO. At the same time as the sales from NTT, Inc. as well, we are going to receive the investment from it, we have signed the capital and the business alliance agreement with NTT, Inc. SBI SECURITIES and SBI Sumishin Net Bank. After the sale of the shares, there will be continuing to be the alliance relationship. Regarding the results of the SBI SAVINGS BANK, based on the IFRS, a 21% increase year-on-year, JPY 5.2 billion was recorded as IFRS profit for the first quarter. This number, we were able to record over JPY 5 billion during the first quarter of last year.
Although Korean economy has not recovered fully, there has been a curtailment of the investment in the real estate business. Therefore, there has been a recovery in the SBI SAVINGS BANK, the capital adequacy ratio has been reaching to the record high level of 17.95%. Regarding the overall non-performing loan ratio, 51.6% was the ratio when we acquired, but currently, it has been reduced to 4.1%. At the end of March, it was 4.6%, so we have seen further improvement since then. Next, this is about the securities business. This shows the JGAAP standard numbers. Revenue and ordinary profit, also profit for the firm attributable to the owners of the company, all recorded record high numbers. Operating profit was slightly down from the previous year. Transaction volume is getting larger and larger, transaction-related costs were slightly increased.
Because of this, regarding the operating profit, we recorded a slightly smaller number this year. Regarding the ordinary profit and non-operating revenue related to the real estate silent partnership was recorded, also the liabilities for transaction of financial instruments were included. Therefore, there was the extraordinary loss of JPY 2 billion was recorded. However, we could achieve the record high profit. This shows the breakdown of the SBI SECURITIES and the impact of the Zero Revolution, about JPY 10 billion revenue lost. However, overcoming it, we have been able to achieve increase in the revenue. The financial revenues increased significantly year-on-year. Next, insurance business. This shows insurance group's JGAAP-based preliminary figures are shown here. On all revenue and profit, we achieved increase. Regarding the profit attributable to owners of the company, we recorded the JPY 2.168 billion. We have made a steady growth.
Regarding the number of in-force contracts, it exceeded 3 million contracts on the CAGR. We could maintain the ratio of 15.4%. That means that we have been able to securely increase the number of contracts in force. The other day, we made an announcement, the Hoken Ichiba insurance comparison site operated by Advance Create Co., Ltd., it is scheduled to be accounted for under the equity method. This site is being visited by over 3 million per month, this is one of the largest insurance comparison site. We are pursuing the synergy effect with it in order to further deepen the evaluation of the insurance business. Next, I would like to talk about asset management business. The tariff policies under the Trump administration in the U.S. has affected negatively on the share prices in April, therefore, AUM has slightly temporarily declined.
Therefore, that has led to the decrease in profit. Having said that, based upon the numbers of the IFRS, there was a unique feature of the IFRS, the investment securities, and also that has been affected by the mark-to-market evaluation. This year, we had a negative impact while we had a positive impact of that, and there is about JPY 1 billion as a gap. Subtracting that impact, the number was slightly decreased from a year earlier. SBI Global Asset Management, our listed company, which already announced its results. For all the lines of profit and the net sales, they hit the record highs. Meanwhile, SBI Rheos Hifumi and SBI Okasan Asset Management, their profits decreased. I have already covered the reasons for that. SBI Rheos Hifumi or SBI Okasan, they incurred some of the decreases.
Here, we have the illustration of asset management business and investment education advisory services and the synergy between them. Middle office, back office, they should be more efficient through the synergy. By seeking such synergy, we expect the stronger profitability. SBI Group's AUM reached over JPY 11 trillion. As was mentioned before, we target that AUM of JPY 20 trillion by the end of FY 2027. PE investment business, which is performing very well, minus JPY 4.6 billion previous year, plus JPY 30 billion this year. Very good result. As I touch upon later on, in the advanced area that we started to make investment, for example, SAKURA internet group and ITRO. The significant fair value increase was recorded. This is the track record of IPOs and M&As. We are expecting 25 other companies. Next, crypto asset business. Pre-tax income, JPY -531 million, so decrease in profit.
The market maker, B2C2 in this area, the flow from some institutional investors is increasing, but the flow from the retail customers has decreased somewhat, but the profit level, it is still stable. The big negative factor is the domestic crypto asset players. Those are the coin inventory to be sold to the other customers in the future, and there is market value impact about JPY 2 billion, and that is the major reason behind this negative number. The trends in the number of customers on the crypto asset exchanges. Currently, we see trade Bitcoin together, 1.7 million accounts. Year-on-year, a little bit less than doubled. Along with that, the deposit balance increased to JPY 870 billion, and the synergy between securities and the banking, we aim at becoming Japan's number one crypto asset exchange. The measures for that are as follows.
SBI Holdings and SBI Global Asset Management. As to the other shareholder benefit, we present crypto asset XRP, and as announced in July this year, Aplus Points, we introduce Bitcoin XRP as redemption options. In each of these options, it is mandatory to open SBI VC Trade account. We are trying to expand the crypto asset business customer base through these initiatives.
NextGen business, JPY -5.4 billion as to profit for the period. Because of the environment and the equity method associated issues, there are some temporarily negative factors. In Web3 related business, cost was reduced. In addition, Mynavi, we applied equity method to this entity in November 2024. Here, we had positive JPY 1.8 billion, contributing greatly to the profitability. Next, key topics impacting our current results, six of them. First of all, SBI Shinsei Bank. As released today, as planned today on July 31st, we paid off completely JPY 230 billion public funds. It was in 1998, the public funds were injected, and since then 27 years have passed. Since our acquisition, three and a half years have passed. Back then, the public fund remaining amount was JPY 350 billion, and only in three and a half years that we paid off everything.
The method of repayment, on March the 7th, we had this agreement on definitive repayment scheme concluded in March. Based on that agreement, that we converted all common stock held by the government to preferred stock, which was purchased by SBI HD, paying JPY 230 billion. With that, we completed the repayment of all the public funds. In that process, with this completion, SBI Shinsei Bank has now have much increased the flexibility in the management for M&As, for example. As announced already, the relisting in the market. Through such initiatives, we are going to take much more progressive, aggressive growth strategy. With the completion of repayment of public funds, SBI Shinsei Bank, as discussed before, will promote aggressively the fourth megabank concept. The method is as follows. SBI Shinsei Bank will be the core, and aim at becoming a wide area regional platform.
SBI Shinsei Bank had the various alliances like Money Plaza, joint stores or DX services. Also we operate the VC fund and they are investing in it. In that context, SBI Shinsei being the core, that we are going to present the various products and services to regional financial institutions, so that we can support to solve the social issues. For example, business succession, aging infrastructure, DX promotion and so on. Especially when it comes to regional banks, more than 90 of them, together, the total deposit is JPY 406 trillion, loans JPY 324 trillion. That is a huge amount. Against it, for example, the strengths of SBI, the Shinsei, project financing or the origination of syndicated loan can be provided. Also, digital finance knowhow or the human resources could also be provided. The fourth megabank concept. SBI Shinsei Bank will work on origination as well as distribution.
Origination has been their strength. They will capitalize on that strength, and also the improving the capital efficiency. This origination distribution cycle will be repeated so that the bank's profitability can be improved as well. In addition, in the SBI Group, the cloud-based account system was developed jointly with a Future Architect. Following Fukushima Bank, the Shimane Bank also started to use it in July this year. Usually for regional banks, the account system is a very heavy challenge or issue. By providing the annual fee model, where we could change the cost from fixed to variable cost. In the Fukushima Bank, part of the administrative work can be reduced by 30%. All the account programs can be connected through API, which will facilitate future product development. The period of the product development has been reduced to [1/6], and also the over-the-counter process has been simplified.
The efficiency of administration and the human resources can be freed up to be reallocated to other areas. That is the expected effectiveness in the profitability as well. Next, second method, the PE investment business. 10 years ago, we started to make concentrated investment in advanced technology, and we are coming to the recovery phase, redemption phase, driving the consolidated results. Harvesting investment returns. On the left-hand side, for example, FinTech fund. At very early, we started to invest in fintech area. As to commitment, we started with JPY 30 billion, and ultimately, the DPI is expected to be over 3x of that. Next, we also invested in a [B Fund] with JPY 60 billion of commitment amount. Taimi and Heartseed have already been IPO'd.
Sowing seeds for the future, SBI 4+5 Fund, total capital commitment, JPY 100 billion, and SBI Digital Space Fund, most recently, that we have released the completion of the investment with total capital commitment of JPY 100 billion. In the first quarter, the mostly promising companies had been IPO'd. Circle Internet Group, with the alliance with them, issuance of US-pegged stablecoin and handling of it, that started in Japan as well. At the time of IPO, it was $31 per share, but temporarily it went up to $300. Now $181 as of the end of June. I think that it remained on the same level or similar level, that they are maintaining very good share price. Another example is ITRO group . Here, the current market cap is about JPY 740 billion, contributing to the valuation of this year.
In the advanced technology area, internet, AI, IoT, digital assets or blockchain and fintech services, in these areas, compared to what it was in 2019, we have increased the significant reinvestment amount in these areas. On the other hand, since days ago, we have continued to explain the Ripple. Ripple, we have a stake of about 9% in this company. During this current quarter under review, we have not included the valuation gain. XRP, recently value has increased sharply to JPY 497. As we have explained earlier, XRP, compared to the max supply of XRP, the yellow and the blue portion of the bar here, about 40% of the total max supply. These are the XRPs held by Ripple. As of 28th of July, on a market value, it's about JPY 20 trillion. When Ripple becomes listed, I think that a part of this value will be reflected.
Digital Space Fund of us. Recently, we completed the total capital commitment offering of JPY 100 billion, and the largest invested company is Preferred Networks, AI infrastructure and AI semiconductors are the businesses conducted by this company. This fund, plus in direct investment made by us, SBI Group, exceeding in the amount of JPY 10 billion. We have high expectation to this unicorn company. Thirdly, in order to achieve the 30 million securities accounts, we needed to establish a secure and a safe trading environment and vigorously promoting the expansion of customer base through the open alliance strategy. First, what we have been doing in order to take measures against unauthorized access or phishing scams at the SBI SECURITIES. On a time chronological order since 2021 onward, already we have been doing business on the internet, therefore, we have taken initiative in the industry in order to introduce various measures.
Also, caution and warnings were issued in order to prevent the usage of a password many times, as well as the password needs to be made more complicated. Such warnings have been made. We have taken initiative ahead of the industries, and device authentication was introduced in July 2021. FIDO authentication utilized public key infrastructure. As the first-ever in industry, we already implemented this authentication, FIDO authentication, in October 2021. We are still only one company in the industry who have adopted this authentication. Those people who do not have email address or smartphones, for those customers, phone number authentication has started to be implemented in May this year. Furthermore, in order to further enhance security level, next-generation authentication technology called FIDO2 or passkey authentication is to be introduced by fall. We have taken initiative in introducing these measures.
However, still, we are seeing some customers who are affected by scams. On July 25, we announced how to compensate for the damages. A cash compensation based on 50% of damages incurred will be paid to such customers. Regarding the full, there will be a full refund of all fees and commissions related to fraudulent transactions, and a flat condolence payment of JPY 10,000 per person will be paid. Our approach to compensation is written as follows. On top of this, all the damages to be compensated, including those incurred in July this year. By implementing this compensation, then there will be a loss of approximately JPY 8 billion, which is expected to be recorded in the second quarter of this year. However, we believe that the overall impact on business performance is expected to be minimal.
At SBI SECURITIES, this is what we are going to do for compensation, which is different from major face-to-face securities companies. In general, fraudulently traded shares will be restored to their original state, against which we, at the SBI SECURITIES, we are going to provide some cash compensation for losses from unauthorized trade. So approach is different. Major face-to-face securities companies are dealing with customers by the sales rep, and they are understanding customers' transactions and account activity as well. On the other hand, we are online securities company, therefore, customers are managing their own accounts and investment and transactions on their own, in principle. Because of this, as I explained earlier, security measures were recommended and implemented from early days, and we have issued warnings and alerts related to the security measures.
We haven't been able to monitor the customers in a face-to-face interaction, therefore, we have come up with these measures to be taken for compensation for the damages. On the other hand, elderly customers and some customers who are having difficulties in setting securities measures, so hybrid channel or face-to-face channel like SBI Money Plaza, we are going to deal with these customers individually. Under the medium-term vision, we said that SBI Group will endeavor to achieve 30 million securities accounts as soon as possible. Currently, it stands at about 14 million accounts. But through the further expansion of the existing alliance and also acquisition of new and young alliance partners and also M&As, by the end of March 2029, we would like to achieve 30 million accounts. The number of securities accounts within SBI Group have continued to increase to reach 14,411,000 accounts.
After the announcement that fees will be eliminated in June 2019, we have increased the number of accounts. Further expansion was seen in the share of individual stock trading value as well as individual margin trading value. The share has reached about 60%. Next, let me talk about how to expand the new alliance partners. As I have been explaining several times, SBI SECURITIES, SBI Sumishin Net Bank will be sold to NTT DOCOMO. At the same time, from NTT, Inc., the third-party allotment of shares will be done, and we have concluded the capital and the business alliance with them. SBI Sumishin Net Bank sales is done, and after that, for the intermediary service customers of SBI SECURITIES, d POINT investment and also the accumulation of the investment trust using d CARD, such services will be implemented. Let me change gear a little bit.
Together with NTT Group. NTT Group is researching and developing IOWN. Fusion of optics and electronics. We would like to utilize these technologies to be introduced into, for example, PTS, private trading system. Low power consumption, large capacity, low latency network will be provided, which will allow easier transactions. Costs will be reduced, and the speed for settlement and payment will be increased. Therefore, this kind of revolutionary, innovative PTS can be possible by using this technology. Regarding the expansion of the new alliance, on July 30, we announced this. Together with au Financial Group, we are going to start the studying of the alliance in business with them. au Jibun Bank, which has 6.737 million accounts, and au Financial Services, au PAY Card, and so forth, has the active members of 10.2 million members. SBI will work with them.
For example, real-time bank transfer can be conducted, and from au Jibun Bank, SBI SECURITIES account procedure can be done through au Jibun Bank. Other than that, real-time bank transfer is one set with some customers, and for those customers, preferential interest rates can be offered. Next, let me talk about how to deepen existing alliance at SBI SECURITIES with financial intermediary accounts with the SMBC Group. With the spread of Olive, the number of accounts has spread and rapidly grown. Sumitomo Mitsui Card and SBI SECURITIES, a simultaneous application for securities and Olive was expanded. The number of Olive accounts exceeded 6 million recently. Through this alliance, SBI SECURITIES, number of securities accounts reached 1.47 million, and the CAGR has been 155.6%. In addition, with Sumitomo Mitsui Card, we ally with them for set accumulation amount type service.
JPY 87.7 billion a month or close to JPY 1 trillion per annum accumulation amount. This is also announced the other day, namely, further alliance with SMBC Group for asset management side. The Olive customers, the demand consulting, and other digital service with added value are provided. On top of that, financial products and services, trading infrastructure, and tools are provided so that the alliances will go deeper. As announced the other day, this is about JAL and SBI Liquidity Market are going to buy Money Square, the 66.6% from us and 33.4% from Japan Airlines. Money Square will be jointly operated. The mileage, the members are in the picture. In other words, those services are provided to their customers. Next, asset management business. Through alliance with overseas, the strong player, we are providing lots of alternative products. NISA program and Zero Revolution, they cover many new investors.
For those investors as well, various products, very profitable ones or low profitability but stable products, they would like to choose from various products. To make that happen, we ally with global players. One example is products from Man Group. They are using trend follow strategy. Investment trust fee is less than 1%. This way, we are providing this product to our customers. The performance compared to 5.9% liquid trend, has 8.6%. Another example, this is provided only in private placement. This is alliance with KKR. It is about private debt, the private placement product with private debt.
The Bloomberg US Aggregate Bond Index is about 6.59% annual rate, but KKR kit annual rate is 11.83%. We would like to provide such product to retail customers, as announced most recently, SBI Alternative High Income Selective Fund, quarterly dividend type is such product. Here, KKR's private debt, Blackstone or Franklin Templeton's products, which are rather difficult for retail customers to reach, are included, and the risk is well diversified. Only 1.5% or so of fees. Still, after that fee, the return is like 7.25%. This is SBI Next Generation Technology Equity Fund. For example, Web3, other digital asset, the nuclear fusion quantum computer, or the other digital wallet e-payment companies holding crypto assets. Microsoft, Alphabet, and Coinbase, and other players. Through this other network, we would like to provide various investment opportunities for our customers.
This is something that we would like to launch as soon as possible, but we need to wait for the other approval. This is the crypt asset embedded product. The digital asset, especially Bitcoin, is combined with gold. That is the one idea of product. With that, the high volatility of crypt asset can be contained. At the same time, we can expect the big return coming from crypto asset investment. Or we can provide a product at a ETF or Bitcoin or XRP and so on. Once the legal framework is ready, we would like to launch such product immediately. Next, stablecoin. Another crypt asset. In the U.S., the week of July 14th was designated as Crypto Week, and three important bills were enacted. The clarification of regulatory framework with stablecoins, that is the GENIUS Act, which was already signed into law.
In addition, in the previous U.S. government, the crypt asset segment was struggling with which can be defined as security and which cannot. The SEC regulation became tougher with very vague definition. Given such situation, this CLARITY Act was written, which crypto asset can be defined as security and which cannot. So the investor protection and regulatory framework are set by this act. Thirdly, under CBDC Anti-Surveillance State Act to disseminate the other stablecoin, this is about perpetual prohibition of Federal Reserve-issued CBDC, and it was passed by the lower house. So why the U.S. wants to spread U.S. dollar-pegged stablecoins? As is stipulated in the GENIUS Act, to issue stablecoin, you should be underlying assets which are safe and secured, and one of them is U.S. Treasuries. So the demand of U.S. Treasuries is to be increased.
In addition, the dollar and the stablecoin, it is one versus one, so it is very likely that the stablecoin can be used as the replacement of reserve currency. With that, against the other movements and developments in the BRICS, the position of USD as reserve currency will be maintained. Under such circumstances, the SBI Group is planning to do business with USD-pegged stablecoin as well as JPY-pegged stablecoin. For the USD-pegged stablecoin, for the first time in Japan, the VC Trade has a license as the payment provider and the service provider. With that, we started the dealing with the other USDC-related business. As to RLUSD issued by Ripple, although we are seeking to begin handling it within this fiscal year.
There is some regulation that we need to think about, that there is the upper limit of JPY 1 million for transfer limit for overseas issued stablecoins. With such the transfer limit, it will be difficult to use it as the key currency. JPY-pegged stablecoin. In Japan, the issuing entities are limited to banks, funds transfer service providers, and trust companies, and intermediaries are required to register as electronic payment instrument service providers. SBI Group is the only group who has all of them, all of those other segments. So we would like to start yen-pegged stablecoin as soon as possible. Focusing on the stablecoin, we would like to start new financial service by connecting securities and banking functions. Right now, in the U.S., there are various developments in the regulatory side, the clarification or deregulation.
In Japan, there are some issues to be cleared. When it comes to crypto asset, crypto assets are defined as payment instruments as the Payment Services Act, but actually are treated as investment asset class in practice, and the cumulative progressive tax of up to 55.95% is applied as miscellaneous income to capital gains from crypto assets. As to the deregulation of this area, we are making aggressive stance. So for example, the separate taxation is one idea we are trying to encourage to eliminate and apply the separate taxation. Also, we are working to ease regulations on overseas-issued stablecoins, namely JPY 1 million transfer limit. Lastly, new media business and the full establishment of a new media ecosystem. As Mr. Kitao explained before, the diffusion of finance and media, and we have been thinking about the SBI Neo Media Holdings for such entertainment and other media strategies.
Mr. Kitao is the Chairman and CEO for SBI Neo Media Holdings, and Mr. Kondo is the Vice Chairman and Representative Director. He is the President and Representative Director of any [XYZ Group]. We are going to work on media, talent agency, advertising agencies, production companies, and event companies and IP. We have already made two announcements for talent agency about alliance with TWIN PLANET , and we acquired 37% of their stake and made it an equity method affiliate. BLISSOO, which is a famous Korean talent office, another affiliation. The talent agency, IP production company, advertising company, we are negotiating with multiple number of entities, and we are going to make announcements once the deals are done. About TWIN PLANET , especially their IP management function, marketing function, everything is defined as IP. So through media mix, the marketing will be done, and that is their strength.
IP of various companies or via the human resources that we will acquire will be added as additional values. JPY 100 billion level content fund that will be established. Currently, we are in the process of discussion, negotiation with various companies so that we will start up JPY 100 billion size content fund to make the areas as shown here. Lastly, I would like to talk about the book issued or published by Mr. Kitao in August. "The Day Finance, Media, and IT Converge" is the title. Here in this book, the future fusion or conversion of finance, media, and IT is described. If you are interested, please read it. Thank you