# EDGAR Filing Document

**Accession Number:** 0002030277
**File Stem:** 0001829126-25-007436
**Filing Date:** 2025-9
**Character Count:** 50022
**Document Hash:** 502296b8bcbb52acb316d785fb5f64d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007436.hdr.sgml**: 20250917

**ACCESSION NUMBER**: 0001829126-25-007436

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250917

**DATE AS OF CHANGE**: 20250917

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEIFRAS Co., Ltd.
- **CENTRAL INDEX KEY:** 0002030277
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283712
- **FILM NUMBER:** 251319127

**BUSINESS ADDRESS:**
- **STREET 1:** EBISU GARDEN PLACE TOWER FLOOR 17
- **STREET 2:** 4-20-3, EBISU, SHIBUYA-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 150-6017
- **BUSINESS PHONE:** 03-6451-1341

**MAIL ADDRESS:**
- **STREET 1:** EBISU GARDEN PLACE TOWER FLOOR 17
- **STREET 2:** 4-20-3, EBISU, SHIBUYA-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 150-6017

**As filed with the U.S. Securities and Exchange Commission on September 17, 2025.**

**Registration No. 333-283712**

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549**

 **AMENDMENT NO. 7**

**TO**

**FORM F-1** **<br>REGISTRATION STATEMENT <br>UNDER<br>THE SECURITIES ACT OF 1933**

**** 

<br> **LEIFRAS Kabushiki Kaisha** <br>(Exact name of registrant as specified in its charter)

**LEIFRAS Co., Ltd.**<br>(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **Japan** | **8200** | **Not Applicable** |
| (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

---

**Ebisu Garden Place Tower Floor 17<br>4-20-3, Ebisu, Shibuya-ku <br>Tokyo, Japan<br>+81-30-6451-1341**<br>(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**<br>(Name, address, including zip code, and telephone number, including area code, of agent for service)

***With a Copy to:***

---

| | |
|:---|:---|
| **Ying Li, Esq.**<br>**Brian B. Margolis, Esq.<br>Hunter Taubman Fischer & Li LLC<br>950 Third Avenue, 19<sup>th</sup> Floor<br>New York, NY 10022<br>212-530-2206** | **Mitchell S. Nussbaum, Esq.<br> Angela Dowd, Esq.<br> Vivien Bai, Esq.**<br>**Loeb & Loeb LLP**<br>**345 Park Avenue**<br>**New York, NY 10154**<br> **212-407-4000** |

---

**Approximate date of commencement of proposed sale to the public:** Promptly after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

**EXPLANATORY NOTE**

LEIFRAS Co., Ltd. (the "Company") is filing this Amendment No. 7 (this "Amendment No. 7") to the Registration Statement on Form F-1 (Registration No. 333-283712), originally filed on December 10, 2024 (the "Registration Statement"), as an exhibit-only filing, solely to replace an English translation of the Company's articles of incorporation, referenced as Exhibit 3.1, and the consent of WWC, P.C., referenced as Exhibit 23.1. Accordingly, this Amendment No. 7 consists only of the facing page, this explanatory note, Part II of the Registration Statement, the signature pages to the Registration Statement, and the exhibits being filed, and is not intended to amend or delete any part of the Registration Statement except as specifically noted herein.

**PART II<br>INFORMATION NOT REQUIRED IN PROSPECTUS**

---

| | |
|:---|:---|
| **ITEM 6.** | **INDEMNIFICATION OF DIRECTORS.** |

---

Article 330 of the Companies Act makes the provisions of Part III, Chapter 2, Section 10 of the Civil Code of Japan applicable to the relationship between us and our directors. Section 10 of the Civil Code, among other things, provides in effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any director of a company may demand advance payment of expenses which are considered necessary for the management of the affairs of such company entrusted to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if a director of a company has defrayed any expenses which are considered necessary for the management of the affairs of such company entrusted to him, he may demand reimbursement therefor and interest thereon after the date of payment from such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if a director of a company has assumed an obligation necessary for the management of the affairs of a company entrusted to him, he may require such company to perform it in his place or, if it is not due, to furnish adequate security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if a director, without any fault on his part, sustains damage through the management of the affairs of a company entrusted to him, he may demand compensation therefor from such company.

Pursuant to Article 430-2, paragraph 1 of the Companies Act, we may enter into an agreement with our directors providing that we promise to indemnify our directors for all or part of the expenses set forth below by a resolution of the board of directors meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) expenses disbursed by the officers, etc. to address alleged violations of the provisions of laws and regulations concerning the execution of duties or requests received in relation to pursuing liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the losses set forth below when our directors are liable to pay compensation for damage caused to a third party in relation to the execution of duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) losses arising as a result of paying compensation for the damage by the relevant directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a settlement is reached between the parties in relation to a dispute concerning compensation for damage, losses arising as a result of paying monies pursuant to the settlement by the relevant directors, etc.

Pursuant to Article 430-3, paragraph 1 of the Companies Act, we may enter into an insurance policy with an insurer under which the insurer promises to pay compensation for damage arising from our directors bearing liability in relation to the execution of duties or the receipt of a demand pursuing relevant liability where our directors are the insureds (excluding policies specified by the applicable Order of the Ministry of Justice as policies where there is no likelihood of substantial impairment of the appropriateness of the execution of duties by directors, etc. who are insured as a result of the execution of the insurance policies) by a by a resolution of the board of directors meeting.

Pursuant to Article 427, paragraph 1 of the Companies Act and our articles of incorporation, we may enter into an agreement with each of our non-executive directors providing that such director's liability for damages to us shall be limited to the higher of either the amount we have determined in advance, or the amount prescribed by applicable laws and regulations, provided that such director has acted in good faith and without gross negligence.

Further, pursuant to Article 426, paragraph 1 of the Companies Act and our articles of incorporation, we may, by resolution of the board of directors, release any of our directors from liability for damages to us, provided that such director has acted in good faith and without gross negligence to the extent permitted by applicable laws and regulations.

The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our officers and directors.

---

| | |
|:---|:---|
| **ITEM 7.** | **RECENT SALES OF UNREGISTERED SECURITIES.** |

---

During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

During the fiscal year ended December 31, 2021 and 2022, we issued a total of 1,576,000 Ordinary Shares to certain investors, for a total consideration of JPY394 million.

---

| | |
|:---|:---|
| **ITEM 8.** | **EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.** |

---

**(a)** **Exhibits** 

See Exhibit Index beginning on page II-5 of this registration statement.

**(b)** **Financial Statement Schedules** 

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or the notes thereto.

---

| | |
|:---|:---|
| **ITEM 9.** | **UNDERTAKINGS.** |

---

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act (15 U.S.C. 77j(a)(3)) need not be furnished, provided that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the issuer is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the undersigned issuer pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offerings described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the issuer is relying on Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offerings required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offerings prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offerings containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offerings made by the undersigned Registrant to the purchaser.

(b) The undersigned Registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
|  | **Description** |
| 1.1\*\* | [Form of Underwriting Agreement](https://www.sec.gov/Archives/edgar/data/2030277/000182912625001693/leifras_ex1-1.htm) |
| 3.1\* | [Articles of Incorporation of the Registrant (English translation)](leifras_ex3-1.htm) |
| 4.1\*\* | [Form of the American depositary receipt (included in Exhibit 4.2)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625001693/leifras_ex4-2.htm) |
| 4.2\*\* | [Form of Deposit Agreement among the Registrant, The Bank of New York Mellon, as depositary, and the owners and holders of ADSs issued thereunder](https://www.sec.gov/Archives/edgar/data/2030277/000182912625001693/leifras_ex4-2.htm) |
| 4.3\*\* | [Form of the Representative's Warrants (included in Exhibit 1.1)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625001693/leifras_ex1-1.htm) |
| 5.1\*\* | [Opinion of City-Yuwa Partners regarding the validity of Ordinary Shares being registered](https://www.sec.gov/Archives/edgar/data/2030277/000182912625003832/leifras_ex5-1.htm) |
| 5.2\*\* | [Opinion of Hunter Taubman Fischer & Li LLC regarding the enforceability of Representative's Warrants](https://www.sec.gov/Archives/edgar/data/2030277/000182912625003832/leifras_ex5-2.htm) |
| 10.1\*\* | [Form of Franchise Agreement (English translation)](http://www.sec.gov/Archives/edgar/data/2030277/000182912624008192/leifras_ex10-1.htm) |
| 10.2\*\* | [Agreement, between the Company and the Nagoya City Board of Education, dated May 20, 2021 (English translation)](http://www.sec.gov/Archives/edgar/data/2030277/000182912624008192/leifras_ex10-2.htm) |
| 10.3\*\* | [Agreement, between the Company and the Nagoya City Board of Education, dated August 6, 2024 (English translation)](http://www.sec.gov/Archives/edgar/data/2030277/000182912624008192/leifras_ex10-3.htm) |
| 10.4\*\* | [Outsourcing Agreement, between the Company and the Japan Sports Agency, dated April 1, 2024 (English translation)](http://www.sec.gov/Archives/edgar/data/2030277/000182912624008192/leifras_ex10-4.htm) |
| 10.5\*\* | [Agreement, between the Company and the Nagoya City Board of Education, dated April 1, 2025 (English translation)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625004474/leifras_ex10-5.htm) |
| 10.6\*\* | [Agreement, between the Company and the Nagoya City Board of Education, dated April 1, 2025 (English translation)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625004474/leifras_ex10-6.htm) |
| 10.7\*\* | [Agreement, between the Company and the Nagoya City Board of Education, dated April 1, 2025 (English translation)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625004474/leifras_ex10-7.htm) |
| 10.8\*\* | [Agreement, between the Company and the Nagoya City Board of Education, dated April 1, 2025 (English translation)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625004474/leifras_ex10-8.htm) |
| 10.9\*\* | [Agreement, between the Company and the Suita City Board of Education, dated February 22, 2024 (English translation)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625004474/leifras_ex10-9.htm) |
| 10.10\*\* | [Agreement, between the Company and the Suita City Board of Education, dated February 21, 2025 (English translation)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625004474/leifras_ex10-10.htm) |
| 21.1\*\* | [Subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/2030277/000182912625001693/leifras_ex21-1.htm) |
| 23.1\* | [Consent of WWC, P.C.](leifras_ex23-1.htm) |
| 23.2\*\* | [Consent of City-Yuwa Partners (included in Exhibit 5.1)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625003832/leifras_ex5-1.htm) |
| 23.3\*\* | [Consent of Hunter Taubman Fischer & Li LLC (included in Exhibit 5.2)](https://www.sec.gov/Archives/edgar/data/2030277/000182912625003832/leifras_ex5-2.htm) |
| 23.4\*\* | [Consent of China Insights Consultancy Limited](http://www.sec.gov/Archives/edgar/data/2030277/000182912624008192/leifras_ex23-4.htm) |
| 24.1\*\* | [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/2030277/000182912625003832/leifras_f1a4.htm#poa) |
| 99.1\*\* | [Code of Business Conduct and Ethics of the Registrant](https://www.sec.gov/Archives/edgar/data/2030277/000182912625001693/leifras_ex99-1.htm) |
| 107\*\* | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/2030277/000182912624008192/leifras_ex107.htm) |

---

\* Filed herewith

\*\* Previously filed

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Tokyo, Japan, on September 17, 2025.

---

| | |
|:---|:---|
| **LEIFRAS Co., Ltd.** | **LEIFRAS Co., Ltd.** |
| By: | /s/ Kiyotaka Ito |
|  | Mr. Kiyotaka Ito |
|  | Representative Director and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Kiyotaka Ito | Representative Director and Chief Executive Officer | September 17, 2025 |
| Name: Kiyotaka Ito | (Principal Executive Officer) |  |
| \* | Director and Chief Financial Officer | September 17, 2025 |
| Name: Mitsuharu Yazawa | (Principal Financial and Accounting Officer) |  |
| \* | Director | September 17, 2025 |
| Name: Takamichi Kon |  |  |
| \* | Director | September 17, 2025 |
| Name: Hitoshi Kawabata |  |  |
| \* | Director | September 17, 2025 |
| Name: Michio Nagatsu |  |  |
| \* | Director | September 17, 2025 |
| Name: Kazuma Inoue |  |  |
| \* | Independent Director | September 17, 2025 |
| Name: Mitsunobu Kawaharada |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Kiyotaka Ito |
| Name: | Kiyotaka Ito |
|  | Attorney-in-fact |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of LEIFRAS Co., Ltd., has signed this registration statement or amendment thereto in New York, NY on September 17, 2025.

---

| | | |
|:---|:---|:---|
| Cogency Global Inc. | Cogency Global Inc. | Cogency Global Inc. |
| Authorized U.S. Representative | Authorized U.S. Representative | Authorized U.S. Representative |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

**Articles of Incorporation** 

---

| | |
|:---|:---|
| **Chapter 1** | **General Provisions** |

---

(Trade name)

Article 1 The Company shall be known as LEIFRAS CO., LTD. in English.

(Purpose)

Article 2 The purpose of the Company shall be to engage in the following businesses.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Management of sports clubs, sports schools and cultural schools and operation of them on commission

&nbsp;&nbsp;&nbsp;&nbsp;(2) Sale of sports equipment and sports clothing

&nbsp;&nbsp;&nbsp;&nbsp;(3) Sports coaching services for individuals

&nbsp;&nbsp;&nbsp;&nbsp;(4) Sports coaching services mainly for middle-aged and older people for anti-ageing purposes

&nbsp;&nbsp;&nbsp;&nbsp;(5) Community-based service activities under the Long-Term Care Insurance Act

&nbsp;&nbsp;&nbsp;&nbsp;(6) Comprehensive activities for care prevention and daily life support based on the Long-Term Care Insurance Act

&nbsp;&nbsp;&nbsp;&nbsp;(7) After-school child sound upbringing services under the Child Welfare Act

&nbsp;&nbsp;&nbsp;&nbsp;(8) Day-care support services for children with disabilities under the Child Welfare Act

&nbsp;&nbsp;&nbsp;&nbsp;(9) Health equipment and equipment sales

&nbsp;&nbsp;&nbsp;&nbsp;(10) Worker dispatch business

&nbsp;&nbsp;&nbsp;&nbsp;(11) Fee-based employment placement business

&nbsp;&nbsp;&nbsp;&nbsp;(12) Management consultancy services

&nbsp;&nbsp;&nbsp;&nbsp;(13) Travel agency services under the Travel Agency Act

&nbsp;&nbsp;&nbsp;&nbsp;(14) Travel service arrangement business under the Travel Services Act

&nbsp;&nbsp;&nbsp;&nbsp;(15) Supporting services related to school classes, extracurricular activities, etc.

&nbsp;&nbsp;&nbsp;&nbsp;(16) Management of public facilities under the designated manager system in accordance with the Local
 Autonomy Act and commissioning of its operational services

&nbsp;&nbsp;&nbsp;&nbsp;(17) Ryokan business under the Ryokan Business Act

&nbsp;&nbsp;&nbsp;&nbsp;(18) Planning, operation and management of various facilities, including accommodation, sports facilities, leisure facilities, hot spring bath facilities and campsites

&nbsp;&nbsp;&nbsp;&nbsp;(19) Management of restaurants

&nbsp;&nbsp;&nbsp;&nbsp;(20) Planning, production, implementation and operation of various training and events

&nbsp;&nbsp;&nbsp;&nbsp;(21) Planning, manufacture, sale and lease of various goods

&nbsp;&nbsp;&nbsp;&nbsp;(22) Provision of tourist information and various other information services

&nbsp;&nbsp;&nbsp;&nbsp;(23) Planning, development and operation of e-sports (competitions using computer games)

&nbsp;&nbsp;&nbsp;&nbsp;(24) Operations to recruit or solicit sponsors for sponsorship of education funding for education services

&nbsp;&nbsp;&nbsp;&nbsp;(25) Recruiting or soliciting investors for sponsorship of various events

&nbsp;&nbsp;&nbsp;&nbsp;(26) Planning, production, operation and management of internet content

&nbsp;&nbsp;&nbsp;&nbsp;(27) Internet-based advertising business

&nbsp;&nbsp;&nbsp;&nbsp;(28) All businesses incidental to the above items

(Location of head office)

Article 3 The Company has its head office in Shibuya Ward, Tokyo.

(Institutional design)

Article 4 In addition to the General Meeting of Shareholders and the Board of Directors, the Company has the following bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Audit and Supervisory Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accounting Auditor

(Method of public notification)

Article 5 Public notices of the Company shall be given electronically. However, if electronic public notices cannot be made due to an accident or other unavoidable reasons, public notices shall be given by publication in the Nihon Keizai Shimbun.

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|:---|:---|
| **Chapter 2** | **Company's stock** |

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(Total number of shares authorized to be issued)

Article 6 The total number of shares authorized to be issued by the Company shall be 80 million shares.

(Restrictions on transfer of shares)

Article 7 Any transfer of shares in the Company must be approved by the Board of Directors.

(Issuance of share certificates)

Article 7-2 The Company shall issue share certificates for its shares.

(Acquisition of treasury stock)

Article 8 The Company may acquire its own shares by resolution of the Board of Directors pursuant to Article 165(2) of the Companies Act.

(Number of Shares Constituting One Unit)

Article 9 The number of shares constituting one unit of the Company shall be one (1) share.

(administrator of shareholders' register)

Article 10 The Company has a shareholder register administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The administrator of the shareholder register and its place of business shall be determined by resolution of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The preparation of the register of shareholders and the register of subscription rights of the Company and the keeping of the register of shareholders and the register of subscription rights of the Company are entrusted to the administrator of the register of shareholders and are not handled by the Company.

(Stock handling rules)

Article 11 The handling and fees relating to the shares and subscription rights of the Company and the procedures for the exercise of shareholders' rights are governed by the Share Handling Regulations established by the Board of Directors, in addition to the laws and regulations or these Articles of Incorporation.

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|:---|:---|
| **Chapter 3** | **General meeting of shareholders** |

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(Convocation)

Article 12 An ordinary general meeting of shareholders of the Company shall be convened within three months from the day following the last day of the business year, and an extraordinary general meeting shall be convened whenever necessary.

(Record date for annual general meeting of shareholders)

Article 13 The record date for voting at the Company's annual general meeting of shareholders is December 31 each year.

(Convening authority and chairperson)

Article 14 The General Meeting of Shareholders is convened and chaired by the President of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In the absence or disability of the President of the Board of Directors, another director shall convene and preside at the General Meeting of Shareholders in the order previously determined by the Board of Directors.

(Method of resolution)

Article 15 Except as otherwise provided by law or these Articles of Incorporation, resolutions of the General Meeting of Shareholders shall be adopted by a majority of the votes of the shareholders present who are entitled to exercise their voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Resolutions stipulated in Article 309(2) of the Companies Act shall be adopted by two-thirds or more of the voting rights of shareholders present at a meeting where shareholders holding one-third or more of the voting rights of shareholders entitled to exercise their voting rights are present.

(Exercise of voting rights by proxy)

Article 16 A shareholder may exercise his voting rights by proxy of one other shareholder entitled to vote in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The shareholder or proxy must submit to the Company a document evidencing his/her power of representation at each general meeting of shareholders.

(Minutes)

Article 17 Minutes of the proceedings of the General Meeting of Shareholders shall be prepared as required by law and kept at the Company's head office for ten years.

(Internet disclosure and deemed provision of reference documents for the General Meeting of Shareholders)

Article 18 When convening a general meeting of shareholders, the Company may be deemed to have provided information relating to matters to be stated or indicated in the reference documents for the general meeting of shareholders, the business report, the financial statements and the consolidated financial statements to the shareholders by disclosing such information by means of the internet in accordance with the provisions of the Ordinance of the Ministry of Justice.

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|:---|:---|
| **Chapter 4** | **Directors and Board of Directors** |

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(Number of members)

Article 19 The Company's directors (excluding directors who are members of the Audit Committee) shall not exceed ten (10) persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There shall be no more than five directors who are members of the Company's Audit Committee.

(Method of appointment)

Article 20 Directors shall be elected by resolution of the General Meeting of Shareholders, distinguishing between those who are members of the Audit Committee and other directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Resolutions for the election of directors are adopted by a majority of the votes of shareholders present at a meeting where shareholders holding at least one-third of the voting rights of shareholders entitled to vote are present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The resolution for the election of directors shall not be by cumulative voting.

(Term of office)

Article 21 The term of office of directors (excluding directors who are members of the Audit Committee) shall expire at the conclusion of the ordinary general meeting of shareholders relating to the last fiscal year ending within one year after their election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The term of office of directors who are members of the Audit Committee shall expire at the conclusion of the ordinary general meeting of shareholders relating to the last of the fiscal years ending within two years of their election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The term of office of a director who is a member of the Audit Committee appointed to fill in for a director who retires before the expiry of his or her term of office shall expire at the end of the term of office of the retiring director.

(Representative director and executive directors)

Article 22 Representative directors are selected by resolution of the Board of Directors from among the directors (excluding directors who are members of the Audit Committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Board of Directors may, by resolution, select a Chairman of the Board of Directors, a President, a Vice President, a Senior Managing Director and a few Managing Directors from among the Directors (excluding Directors who are members of the Audit Committee).

(Persons authorized to convene and chair Board of Directors meetings)

Article 23 Except as otherwise provided by law, meetings of the Board of Directors are convened by the President of the Board of Directors and are chaired by a director previously appointed by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In the absence or disability of such director, another director shall convene and preside at meetings of the Board of Directors in the order previously determined by the Board of Directors.

(Notice of Board of Directors meetings)

Article 24 Notice of a meeting of the Board of Directors is given to each director at least three days before the date of the meeting. However, this period may be shortened if urgently required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With the consent of all directors, a meeting of the Board of Directors may be held without the convening of a meeting.

(Method of resolution of the Board of Directors)

Article 25 Resolutions of the Board of Directors shall be adopted by a majority of the directors present at a meeting where a majority of the directors who are entitled to vote are present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company shall be deemed to have passed a resolution of the Board of Directors on any matter for the purposes of the resolution of the Board of Directors if the requirements of Article 370 of the Companies Act are met.

(Minutes of board meetings)

Article 26 The proceedings of the Board of Directors, their results and other matters stipulated by law are entered or recorded in the minutes, and the directors present at the meeting either affix their names and seals or sign them electronically.

(Board of Directors' Regulations)

Article 27 Matters relating to the Board of Directors are governed by the Regulations of the Board of Directors established by the Board of Directors in addition to the law or these Articles of Incorporation.

(Remuneration and other benefits)

Article 28 The remuneration, bonuses and other benefits received by the Company in consideration of the performance of their duties ('remuneration etc.') shall be determined by resolution of the General Meeting of Shareholders, distinguishing between Directors who are Audit Committee members and other Directors.

(Exemption from directors' liability)

Article 29 The Company may, pursuant to Article 426(1) of the Companies Act, exempt directors (including persons who were previously directors) from liability for damages due to negligence of their duties by a resolution of the Board of Directors to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company may enter into contracts with directors (excluding those who are executive directors, etc.) to limit their liability for damages due to negligence of their duties, pursuant to Article 427, paragraph 1, of the Companies Act. However, the limit of liability under such contracts shall be the minimum liability limit stipulated by law.

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|:---|:---|
| **Chapter 5** | **Audit Committee** |

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(Full-time audit committee member)

Article 30 The Audit Committee may, by resolution, select a full-time Audit Committee member.

(Persons authorized to convene meetings of the Audit Committee)

Article 31 Each member of the Audit Committee convenes a meeting of the Audit Committee.

(Notice of meetings of the Audit Committee)

Article 32 Notice of a meeting of the Audit Committee shall be given to each member of the Audit Committee at least three days prior to the date of the meeting. However, this period may be shortened in urgent cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With the consent of all members of the Audit Committee, a meeting of the Audit Committee may be held without the convening procedure.

(Method of resolution of the Audit Committee)

Article 33 Unless otherwise provided for by law, resolutions of the Audit and Supervisory Committee shall be made by a majority vote when a majority of the Audit and Supervisory Committee members eligible to vote are present.

(Minutes of Audit Committee meetings)

Article 34 The proceedings and results of meetings of the Audit Committee and other matters required by law are entered or recorded in the minutes, and the Audit Committee members present at the meeting either affix their names and seals or sign them electronically.

(Audit Committee Regulations)

Article 35 Matters relating to the Audit Committee are governed by the Audit Committee Regulations, except as otherwise provided by law or the Articles of Incorporation.

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|:---|:---|
| **Chapter 6** | **Accounting Auditor** |

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(Election to office)

Article 36 Accounting auditors are appointed by resolution of the General Meeting of Shareholders.

(Term of office)

Article 37 The term of office of the accounting auditor shall expire at the conclusion of the ordinary general meeting of shareholders relating to the last of the fiscal years ending within one year after its appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The accounting auditor shall be deemed to have been reappointed at such annual general meeting of shareholders if no other resolution has been passed at the preceding annual general meeting of shareholders.

(Remuneration, etc.)

Article 38 The remuneration of the accounting auditor is determined by the representative director with the consent of the Audit Committee.

(Exemption of accounting auditors from liability)

Article 39 Pursuant to Article 426(1) of the Companies Act, the Company may, by resolution of the Board of Directors, exempt the accounting auditors (including persons who were accounting auditors) under Article 423(1) of the same Act from liability for damages to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company may enter into contracts limiting liability for damages under Article 427, paragraph 1, of the Companies Act. However, the limit of liability under such contracts shall be the amount stipulated by law.

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|:---|:---|
| **Chapter 7** | **Fiscal Period** |

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(Fiscal Year)

Article 40 The Company's fiscal year is one year, from January 1 to December 31 each year.

(Record date for the payment of dividends from retained earnings)

Article 41 The record date for the year-end dividend of the Company is December 31 each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In addition to the preceding paragraph, a record date may be set for the distribution of surplus

(Interim dividends)

Article 42 The Company may, by resolution of the Board of Directors, pay interim dividends with a record date of June 30 each year.

(Exclusion period for dividends)

Article 43 If the dividend property is in cash, the Company shall be discharged from its obligation to pay it if it is not received after a period of three full years from the date of commencement of its payment.

(supplementary provisions)

(Transitional measures, including exemption from liability of auditors before transition to a company with an audit committee)

Article 1 The exemption from liability for damages under Article 426, paragraph 1 of the Companies Act in relation to the acts of the auditors (including former auditors) prior to the conclusion of the Extraordinary General Meeting of Shareholders held on December 15 2022, by a resolution of the Board of Directors, is still subject to the provisions of the Articles of Incorporation before the amendment at the conclusion of that Extraordinary General Meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The agreement to limit liability for damages under Article 427, paragraph 1 of the Companies Act in relation to the acts of the auditors (including persons who were previously auditors) prior to the conclusion of the extraordinary general meeting of shareholders held on December 15 2022 is still subject to the provisions of the Articles of Incorporation prior to the amendment at the conclusion of the said extraordinary general meeting of shareholders.

(Condition for Effective Date)

Article 2 Among the amendments to the Articles of Incorporation, the deletion of the provision in Article 7 (Restrictions on Transfer of Shares) shall become effective upon the execution and effectiveness of the Deposit Agreement to be entered into between the Company and the depositary. Upon such deletion becoming effective, Article 7-2 of the Articles of Incorporation shall be renumbered as Article 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the condition set forth in the preceding paragraph is not satisfied, the amendment to Article 7 (Restrictions on Transfer of Shares) shall not become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Article 2 of the Supplementary Provisions shall be deleted upon the effectiveness of the amendment to Article 7 (Restrictions on Transfer of Shares) as set forth in Paragraph 1 above.

(Revised on December 25, 2024)

I certify that this copy of the Articles of Incorporation does not differ from the original.

Kiyotaka Ito,

President and Representative Director, REIFRAS Co. Ltd.

20-3, Ebisu 4-chome, Shibuya-ku, Tokyo, Japan

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the inclusion of our report dated May 20, 2025, except for Notes 23 and 24, for which the date is June 13, 2025 in Amendment No. 7 to the Registration Statement on Form F-1 (No. 333-283712), under the Securities Act of 1933 with respect to the consolidated balance sheets of LEIFRAS Co., Ltd. (the "Company") as of December 31, 2023 and 2024, and related consolidated statements of income, changes in shareholders' equity and cash flows, for each of the years in the two-year period ended December 31, 2024, and the related notes included herein.

We also consent to the reference to our firm under the heading "Experts" in the Prospectus.

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|:---|:---|
|  | /s/ WWC, P.C. |
| San Mateo, California<br>September 17, 2025 | WWC, P.C.<br>Certified Public Accountants<br>PCAOB ID: 1171 |

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![](ex23-1_002.jpg)