Envalith Co., Ltd. Terms of Use

These Terms of Use (hereinafter referred to as the "Terms") set forth the conditions for the distribution of corporate research reports (hereinafter referred to as the "Reports") and related services (hereinafter referred to as the "Service") provided by Envalith Co., Ltd. (hereinafter referred to as the "Company"). All users of the Service shall use the Service upon agreeing to these Terms. At the time a user agrees to these Terms, a contract for the use of the Service in accordance with the provisions of these Terms (hereinafter referred to as the "Usage Contract") is established between the member and the Company.

The Company conducts exclusive research coverage operations with the objective of contributing to the development of global and Japanese capital markets (hereinafter referred to as the "Purpose") by providing necessary information to domestic and international institutional investors, as well as domestic individual investors, when they consider investing in Japanese listed companies.

The Company performs these operations primarily through exclusive research coverage fees paid by the research subjects and sponsors. In light of the Purpose, the Company creates the Reports independently from the research subjects based on its analysis of corporate information, etc., and distributes/disseminates the Reports at its sole discretion. Furthermore, the Reports are prepared in the name of the Company as the Company’s opinions. Users shall agree to these points before using the Service.

Article 1 (Application)

  1. These Terms apply to all relationships between the user and the Company regarding the use of the Service.
  2. The "Privacy Policy," "Guidelines," etc., posted by the Company on the Service shall constitute a part of these Terms.

Article 2 (Definitions)

The terms used in these Terms are defined as follows:

  1. "User": All individuals or corporations that use or browse the Service, regardless of whether they have registered as a member.
  2. "Member": Users who have applied for membership registration in accordance with the procedures in Article 3 and have been approved by the Company.
  3. "Visitor": Users who use only the browsing functions without registering as a member.
  4. "Content": Information provided on the Service, such as the Reports, summaries, text, images, graphs, audio (podcasts), videos, data, and software.
  5. "Member-Only Functions": Functions determined by the Company provided only to members, such as the AI agent function and clip function.

Article 3 (Service Usage Categories and Member Registration)

1. Usage Categories

  • Visitors can browse the Reports and corporate information pages published on the Service free of charge.
  • Members can use the member-only functions separately determined by the Company, in addition to the functions available to Visitors. Details of member-only functions are defined in the help page or guidelines on the Service; please refer to those contents.
  1. Persons wishing to register as a member to use the member-only functions (hereinafter referred to as "Registration Applicants") may apply for registration by agreeing to comply with these Terms and providing certain information determined by the Company (hereinafter referred to as "Registration Information") via the method determined by the Company.
  2. Applications for registration must be made by the Registration Applicant themselves; as a rule, applications by proxy are not permitted. Registration Applicants must provide true, accurate, and up-to-date information to the Company upon application.
  3. The Company may refuse registration if a person who applied under Paragraph 2 falls under any of the following items: (1) If the Company reasonably determines there is a risk of violating these Terms. (2) If all or part of the Registration Information provided to the Company contains falsehoods, errors, or omissions. (3) If the person has had their registration for the Service canceled in the past. (4) If the person is a minor, adult ward, person under curatorship, or person under assistance and has not obtained the consent of a legal representative, guardian, curator, or assistant. (5) If the Company reasonably determines the person is an Anti-Social Force (meaning organized crime groups, members, quasi-members, those for whom five years have not passed since they ceased to be members/quasi-members, related companies, corporate racketeers, etc.) or is involved with such forces. (6) Any other case where the Company reasonably determines that registration is inappropriate.
  4. The Company will determine whether to approve the registration in accordance with the preceding paragraph and other Company standards. If registration is approved, the Company will notify the Registration Applicant. Registration as a member is completed upon such notification.
  5. If there are changes to the Registration Information, the member shall notify the Company of such changes without delay via the method determined by the Company and submit any documents requested by the Company.

Article 4 (Nature of the Service and Disclaimers)

1. Purpose of Information

The Reports are prepared solely for informational purposes and do not constitute a solicitation to acquire, sell, or hold securities or other financial instruments. They also do not constitute specific investment, financial, or tax advice. Any opinions, judgments, or recommendations contained in the Reports are not intended to induce investment activities; investment decisions should be made based on the user's own responsibility and judgment.

2. Information Sources, Accuracy, and Disclaimer of Warranty

The Reports are prepared based on formal requests from subject companies, utilizing interviews and information provided by said companies. Users shall use the Service, including browsing the Reports, upon confirming and accepting the following points:

  • Information Sources: The Company treats the information disclosed and provided by the subject companies as factual (correct) and reliable. The Company does not perform independent factual confirmation or verification regarding the truthfulness of this information.
  • Accuracy: Interpretations, analyses, hypotheses, and conclusions in the Reports are derived independently by the Company using its unique perspective and analytical methods based on the provided information.
  • Disclaimer of Warranty: If there are errors or omissions in the information disclosed by the subject company, the Company shall bear no responsibility for resulting errors in the Report. The Company makes no warranties, express or implied, regarding the accuracy, safety, validity, or completeness of the Reports.

3. Limitation of Liability

The Company shall not be liable for any costs, damages, or losses (including direct, indirect, incidental, consequential, or punitive damages) arising from the use of the Reports or information obtained from them. Users use the Reports at their own risk.

4. Potential Conflicts of Interest

The Company may have or may have in the future investment banking, other financial services, or business relationships with the companies analyzed in the Reports. Investors should recognize that conflicts of interest may exist that could affect the objectivity of the Reports.

5. No Obligation to Change or Update Content

The contents and opinions of the Reports are as of the date of preparation and are subject to change without notice. The Company is under no obligation to update the contents of previously distributed Reports to the latest information.

6. Language Priority

The Reports are prepared in Japanese, English, Chinese, and other languages specified by the Company. In the event of any discrepancies or differences in interpretation between the language versions, the Japanese version shall be treated as the original and shall prevail.

7. Disclaimer Regarding AI Functions

Responses generated by the AI Agent (e.g., "Ask AI" function), which is a member-only function, are generated probabilistically using large language models. The Company does not guarantee their completeness, accuracy, or timeliness. Please refrain from acting solely based on AI responses.

8. About the Company

The Company does not fall under the category of a "Financial Instruments Business Operator" or "Investment Advisory and Agency Business Operator" under the Financial Instruments and Exchange Act. This Service does not provide investment advice.

9. Copyright

All rights (including copyrights) regarding the Content belong to the Company. Users are only permitted to browse and perform other acts allowed under these Terms; the reproduction, redistribution, or other use of all or part of the Content is prohibited without the prior written permission of the Company.

Article 5 (User Obligations)

Users shall bear the following obligations when using the Service:

  1. Principle of Self-Responsibility: Users shall bear all responsibility for all acts performed using the Service and the results thereof (including, but not limited to, damages resulting from investment decisions).
  2. Guarantee of Authenticity of Registration Information: Members guarantee that information provided to the Company (survey responses, questions to AI, etc.) is true, accurate, and up-to-date.
  3. Responsibility for Account Management: Members shall strictly manage their ID and password (hereinafter "Account Information") at their own risk. The Company shall deem any use where the Account Information matches as use by the member themselves.
  4. Maintenance of Usage Environment: Users shall prepare the necessary equipment and communication lines at their own expense and responsibility.
  5. Proper Use of AI and Interactive Functions: Members must avoid inputs that violate public order and morals or place excessive burdens on the Company’s servers or AI models.

Article 6 (Acquisition and Use of Behavioral Data)

  1. The Company acquires, accumulates, and analyzes usage status (pages viewed, time spent, etc.) and specific behavioral data from members, including:
  • Text selection and highlighted parts within reports (clip information)
  • Content of questions to the AI Agent and dialogue history
  • Survey response contents
  1. The Company has the authority to monitor, delete, or edit usage status at its discretion.
  2. The Company may process acquired data into statistical data that cannot identify individuals and use it (or provide it to third parties such as subject companies) for the following purposes:
  • Analysis of investor insights and feedback to companies (visualization of interests).
  • Quality improvement of the Service and training/optimization of AI models.
  • Marketing and development of new services.

Article 7 (Handling of Personal Information)

  1. The Company shall properly handle personal information acquired through the Service in accordance with the separately established "Privacy Policy."

Article 8 (Intellectual Property Rights, etc.)

  1. All intellectual property rights related to the Service belong to the Company or the legitimate right holders who have granted licenses to the Company.
  2. Users may only use the Service (viewing, clipping, PDF downloading, sharing) within the scope of private use.
  3. Users shall not perform the following without prior written consent:
  • Reproducing, selling, publishing, distributing, or modifying the Service.
  • Crawling or scraping the Service for AI training data.
  • Disassembling, decompiling, or reverse engineering the Service.

4. Rights to User-Posted Content

  • Intellectual property rights for text, images, etc., posted by users (hereinafter "User-Posted Content") are reserved by the user.
  • Users grant the Company a royalty-free, non-exclusive, perpetual, irrevocable, and sublicensable right to use User-Posted Content within the scope necessary for the operation and improvement of the Service and the Company’s business activities.
  • Users shall not exercise moral rights of authorship against the Company or third parties authorized by the Company.

Article 9 (Prohibited Matters)

Users must not engage in the following acts. If the Company determines an act falls under these, it may delete information or suspend transmission without prior notice:

  1. Acts that violate laws or public order and morals.
  2. Acts that infringe on the intellectual property, privacy, or honor of the Company or others.
  3. Acts that destroy or interfere with the Service’s servers or networks.
  4. Intentionally inputting false information for AI learning.
  5. Inputting personal, confidential, or material non-public information (insider info) into AI functions.
  6. Illegally manipulating or obtaining "Achievements" (badges, ranks, etc.).
  7. Providing benefits to Anti-Social Forces.
  8. Other acts deemed inappropriate by the Company.

Article 10 (Withdrawal)

  1. Withdrawal Procedure: Members may withdraw from the Service (cancel registration) at any time through the Company's prescribed procedures.
  2. Loss of Membership and Data: Upon withdrawal, membership is lost, and member-only functions become immediately unavailable. Saved clips, bookmarks, and AI dialogue history will be deleted or anonymized and cannot be restored.
  3. Data Use After Withdrawal: Personal info is deleted/anonymized within a reasonable period. Behavioral data (insights) generated during the usage period may continue to be held/used by the Company as statistical data.
  4. Survival of Debts: Any debts owed to the Company at the time of withdrawal remain the responsibility of the member.

Article 11 (Discretion Regarding Report Publication and Coverage)

  1. Publication Decisions: The Company may, at its discretion and in accordance with the "Sponsored Research Policy," determine the selection of subject companies (start/continuation/termination of coverage) and the publication of reports.
  2. Suspension of Publication: The Company may suspend or delete reports on specific companies without notice if contracts end, policies are violated, or contents are found to be inaccurate/inappropriate.
  3. Disclaimer: The Company is not responsible for damages arising from a user's inability to view information due to the suspension of publication or termination of coverage.

Article 12 (Changes, Interruption, and Termination of Service)

  1. The Company may change, add, or abolish all or part of the Service without prior notice.
  2. The Company may temporarily interrupt the Service for system maintenance or due to force majeure (natural disasters, power failure, etc.).
  3. The Company may terminate the Service at its discretion with prior notice.
  4. The Company is not liable for damages caused to users by measures taken under this Article.

Article 13 (Usage Restrictions and Deregistration)

  1. The Company may restrict use or delete a User ID without notice if:
  • The user violates these Terms.
  • Registration items are found to be false.
  • There is no response to communication for 6 months.
  • There is no use of the Service for 6 months.
  • The user dies.
  • The user interferes with the operation of the Service.
  1. The Company is not liable for damages caused by measures taken under this Article.

Article 14 (User Liability for Compensation, etc.)

  1. If a user causes damage to the Company by violating these Terms, the user must compensate the Company for such damage.
  2. If a user becomes involved in a dispute with a third party regarding the Service, the user must handle it at their own expense and report the result to the Company.

Article 15 (Confidentiality)

  1. "Confidential Information" means all information regarding the Company's technology, business, finance, etc., provided by the Company. Publicly known information or information developed independently is excluded.
  2. Users shall use Confidential Information only for the Purpose and shall not disclose it to third parties without written consent.
  3. Users may disclose information if required by law/court order, provided they notify the Company promptly.
  4. Confidentiality obligations survive for 3 years after the termination of the Usage Contract.

Article 16 (Effective Term)

The Usage Contract becomes effective on the date the user agrees to the Terms and remains in effect until registration is canceled or the Service is terminated.

Article 17 (Changes to the Terms)

The Company may change these Terms. In such cases, the Company will announce the content and effective date of the changes. If member consent is required by law, the Company will obtain it via prescribed methods.

Article 18 (Assignment of the Terms, etc.)

  1. Users may not assign their status or rights/obligations under these Terms to a third party without prior written consent.
  2. If the Company transfers the business related to this Service, it may transfer its status and user information to the transferee.

Article 19 (Entire Agreement)

These Terms constitute the entire agreement between the Company and the user, superseding all prior agreements or understandings.

Article 20 (Severability)

If any provision of these Terms is found invalid or unenforceable, the remaining provisions shall continue in full force.

Article 21 (Surviving Provisions)

Articles 4, 5(2-3), 6, 8, 10(2-4), 11(3), 12(4), 13(2), 14, 15, and 17 through 23 shall survive the termination of the Usage Contract.

Article 22 (Governing Law)

These Terms shall be governed by and interpreted in accordance with the laws of Japan.

Article 23 (Agreed Jurisdiction)

The Tokyo District Court shall be the exclusive court of first instance for all disputes arising out of or related to the Service or these Terms.