The rise of the Asian activist investor

Not many companies whose profits have in essence flatlined over the past decade have seen their share price more than triple. By that measure Fujitec, a Japanese lift manufacturer, is a rare beast. The reason for its bull run is not past performance, but a growing expectation of change through investor activism, once anathema to Asian boardrooms. The company has faced a years-long campaign from activist investors, which led to the dismissal of three board members earlier this year. This was soon followed by the replacement of Fujitec’s chairman, the son of the firm’s founder.

Shaking up elderly, conservative and family-dominated firms in parts of Asia is getting easier. The number of companies subjected to activist demands across the region has risen markedly in recent years, from 102 in 2017 to 188 last year and 167 in only the first half of 2023, according to Diligent Market…