Overview
Information & Communication

NETSTARS Co.,Ltd.

NetStars provides multi-QR code payment solutions under the 'StarPay' brand, enabling merchants to accept 40+ domestic and international QR code payment brands, credit cards, and e-money through a single platform — representing one of Japan's largest QR payment brand coverages. The company also offers store digitalization (DX) products including self-checkout and mobile ordering systems to improve operational efficiency for approximately 500,000 merchant accounts in Japan (as of December 2024). Additionally, NetStars supports inbound tourism promotion services targeting Chinese visitors and is expanding its payment infrastructure to overseas markets through OEM partnerships with foreign financial institutions.

Market Cap
¥11.0B
US$69.9M
EV
¥-26.7B
-US$170M
Stock¥647▼-2.12%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
19.5
x
LTM PBR
1.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-70.7%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
11.0BUS$69.9MMarket Cap0.00BUS$0.00M+ Debt37.4BUS$239M− Cash0.27BUS$1.75M− Inv. Sec.-26.7B-US$170MEV
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Performance & Balance
Revenue 5Y (¥B)
3.72US$23.7M'23/123.90US$24.9M'24/124.79US$30.5M'25/12
EBITDA 5Y (¥B)
-0.12-US$0.79M'23/120.13US$0.84M'24/120.54US$3.42M'25/12
Net Income 5Y (¥B)
-0.35-US$2.21M'23/12-0.04-US$0.24M'24/120.49US$3.09M'25/12
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
26.8US$171M'23/1234.2US$218M'24/1236.5US$233M'25/12
Shareholders
Top 10 hold 64.2%
1
Gang LI
19.57%
2
KJP2 L.P. (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
12.10%
3
MLPFS CUSTODY ACCOUNT (Standing Proxy: BofA Securities Japan Co., Ltd.)
7.67%
4
Custody Bank of Japan, Ltd. (Trust Account)
5.14%
5
Kazuo MATSUURA
4.93%
6
Ueda Yagi Tanshi Co., Ltd.
3.95%
7
Koka YOSHIDA
3.54%
8
Kun WANG
3.54%
9
JPMorgan Securities Japan Co., Ltd.
2.09%
10
Gurunavi,Inc.
1.68%
Management
11 officers
Gang LI
Representative Director, President & CEO
Apr 1999 Joined CSK Corporation (now SCSK Corporation) Apr 2005 Joined NS Solutions Corporation Feb 2009 Established the Company; appointed Representative Director, President & CEO (current) Aug 2014 Appointed Representative Director, Wi Japan Co., Ltd. Oct 2018 Appointed Director, NETSTARS ASIA HOLDINGS PTE. LTD., Singapore (current) Oct 2019 Appointed Board Member, Japan-China Tourism Business Association (current)
1974-04-08
Bin CHIN
Director, CTO
Mar 1993 Joined Singapore Airlines Limited, Singapore Oct 1999 Joined Kaiser Foundation Health Plan, Inc., USA Apr 2001 Joined Hitachi Software Engineering, Inc., USA (now Hitachi Solutions, Ltd.) Jul 2004 Joined Abacus International Pte Ltd, USA Feb 2008 Joined Nokia of America Corporation, USA Aug 2009 Joined eBay Inc., USA Apr 2014 Joined Yeepay Co., Ltd., China; appointed Chief Technology Officer Jan 2020 Appointed Director, CTO of the Company (current) Aug 2020 Appointed Director, Netstars (Dalian) Co., Ltd., China (current) Aug 2020 Appointed Chairman, NETSTARS VIETNAM CO., LTD., Vietnam
1966-07-01
Gen ADACHI
Director, CFO
Apr 2013 Joined Citigroup Global Markets Japan Inc. Aug 2015 Joined Goldman Sachs Japan Co., Ltd. Sep 2021 Appointed Director, CFO of the Company (current) Mar 2024 Appointed Outside Director, Evolani Co., Ltd.
1989-04-21
Hisahiro CHOFUKU
Director, COO
Apr 2005 Joined Advantage Co., Ltd. Sep 2006 Joined Magic Ice Japan Co., Ltd. Jun 2008 Joined Turbolinux Co., Ltd. Feb 2009 Joined Livedoor Co., Ltd. Aug 2013 Seconded to LINE Business Partners Co., Ltd. Jan 2015 Appointed Director, AUBE Inc. Oct 2016 Appointed Outside Officer, Demae-can Co., Ltd. Dec 2017 Appointed Director, COO, LINE Pay Corporation Mar 2020 Appointed Director, CEO, LINE Pay Corporation Sep 2021 Joined the Company Oct 2021 Appointed Outside Director, ZORSE Co., Ltd. Feb 2022 Appointed Director, COO of the Company (current) Feb 2022 Appointed Outside Director, Evolani Co., Ltd. May 2022 Appointed Outside Director, Regional Marketing Co., Ltd. (current) Mar 2024 Appointed Director, Netstars (Dalian) Co., Ltd., China (current) Mar 2024 Appointed Chairman, NETSTARS VIETNAM CO., LTD., Vietnam (current) Mar 2024 Appointed Director, NETSTARS ASIA HOLDINGS PTE. LTD., Singapore (current)
1982-12-29
Kun WANG
Director
Jul 1999 Joined Nanjing Ruikang Co., Ltd., China Apr 2001 Joined Weifa System Co., Ltd., China Sep 2004 Joined Xi'an Santong Network Technology Co., Ltd., China Sep 2010 Joined Santong Co., Ltd. Oct 2011 Appointed Director of the Company (current) Aug 2014 Appointed Auditor, Wi Japan Co., Ltd. Aug 2020 Appointed Director, Netstars (Dalian) Co., Ltd., China (current)
1977-06-20
Koka YOSHIDA
Director
Jul 1999 Joined Zhonglian Group, China Apr 2003 Joined Panasonic ITS Co., Ltd. Apr 2005 Joined Fujitsu Frontech Limited Feb 2011 Appointed Director of the Company (current) Aug 2014 Appointed Director, Wi Japan Co., Ltd. Jan 2020 Appointed Chairman, NETSTARS VIETNAM CO., LTD., Vietnam Aug 2020 Appointed Director, Netstars (Dalian) Co., Ltd., China (current) Aug 2024 Appointed Director, Netstars Hong Kong Limited (current)
1976-08-18
Toshiaki HAMADA
Director
Apr 1979 Joined Ministry of Finance Jul 1969 Director, Copenhagen Office, Japan External Trade Organization (JETRO) Jan 2001 Planning Officer, Financial Bureau, Ministry of Finance Jul 2002 Division Chief, Paper and Household Goods Division, Manufacturing Industries Bureau, Ministry of Economy, Trade and Industry Jul 2007 Director-General, Osaka Customs, Ministry of Finance Jul 2010 Deputy Director-General, Fire and Disaster Management Agency, Ministry of Internal Affairs and Communications Jul 2011 Deputy Director-General, Minister's Secretariat, Ministry of Internal Affairs and Communications Aug 2012 Deputy Director-General for Policy Evaluation, Minister's Secretariat, Ministry of Finance Jul 2014 President, National Tax College, National Tax Agency Jul 2015 Retired from Ministry of Finance Jun 2017 Appointed Outside Director, Benefit One Inc. Jun 2019 Appointed Outside Director (Audit and Supervisory Committee Member), Benefit One Inc. Mar 2025 Appointed Director of the Company (current)
1955-04-23
Kosa NAKAMURA
Director
Apr 1981 Joined Nippon Kogyo Bank, Ltd. (now Mizuho Bank, Ltd.) Mar 2018 Joined Mizuho Securities Co., Ltd. Jul 2020 Appointed Vice Chairman, Merrill Lynch Japan Securities Co., Ltd. Jun 2024 Appointed Representative Director, KMA Co., Ltd. (current) Jul 2024 Appointed Representative, One Investment Management Japan LLC (current) Mar 2025 Appointed Director of the Company (current)
1957-04-29
Hitsuyo Goan TOKUGAWA
Full-time Audit & Supervisory Board Member
Mar 1975 Joined Sumisho Kiden Boeki Co., Ltd. (now Sumitomo Corporation Power & Mobility Co., Ltd.) Mar 1992 Joined Kouyukan Gakuin Co., Ltd. (now Visual Vision Co., Ltd.) Apr 1997 Joined Satellite Co., Ltd. Jun 2000 Joined Sumisho Telemate Co., Ltd. (now T-Gaia Corporation) May 2008 Appointed Audit & Supervisory Board Member, Ray Co., Ltd. Jun 2016 Appointed Advisor, Ray Co., Ltd. Aug 2017 Appointed Audit & Supervisory Board Member, Zen Co., Ltd. (now ZEN PLACE Co., Ltd.) Mar 2020 Appointed Audit & Supervisory Board Member of the Company (current)
1951-11-07
Mikito OZAWA
Audit & Supervisory Board Member
Sep 2007 Registered as attorney-at-law Sep 2007 Joined Sato Sogo Law Office Jun 2009 Appointed Audit & Supervisory Board Member, Wellnet Corporation Jul 2009 Joined Minato International Law Office (current) Sep 2009 Appointed Director, Wellnet Corporation Sep 2009 Appointed Director, Nano Media Inc. Jun 2015 Appointed Audit & Supervisory Board Member, Eight-Red Inc. (current) Mar 2020 Appointed Audit & Supervisory Board Member of the Company (current)
1977-08-20
Yukie KISAKI
Audit & Supervisory Board Member
Apr 2008 Joined Merck K.K. May 2012 Joined Niwa Sogo Accounting Office May 2015 Joined Deloitte Touche Tohmatsu LLC Jul 2019 Joined Deloitte Tohmatsu Financial Advisory LLC Aug 2022 Established Godo Kaisha Kajiboshi Jan 2023 Appointed Audit & Supervisory Board Member of the Company (current) Jun 2023 Appointed Outside Director, Abix Corporation (current) Oct 2024 Appointed Audit & Supervisory Board Member, SIGNATE Inc. (current)
1984-07-07
Large Shareholding Reports
Lun Partners Japan Investment
2026-06-17
4.00%→3.95%
Correction filing (name/detail fix only) — ratio carried over from the original filing
LUN Partners Capital Limited
2026-06-17
2.85%→2.85%
Lun Partners Japan Investment
2026-05-22
4.00%→3.95%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
EDINETAmended
2026-06-17
Change Report
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-05-22
Large Shareholding Report
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-14
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-29
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
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