Rizap Group Inc. (“Rizap Group”) is a holding company. The group’s core company is Rizap Co., Ltd. (“Rizap Co.”; operates Rizap personal training gyms focused on weight loss). The group has grown through acquisitions, mainly of companies in the self-improvement industry. The company interprets “self- improvement” broadly; subsidiaries’ businesses are diverse, ranging from the sale of shapewear (body-shaping underwear) to the operation of stores selling CDs/DVDs, apparel, and variety goods to the publication of free newspapers.