The following contains spoilers for Chainsaw Man Chapter 111, "Aha Ha Ha Ha", written by Tatsuki Fujimoto, translated by Amanda Haley, lettering by Sabrina Heep and available through Viz Media.
In the most recent installment of Chainsaw Man, Yuko says her goodbyes to Asa after the former is transformed into a devil. Additionally, she informs Asa that the Justice Devil remains in their school. In addition to that problem, the end of the chapter reveals a new threat that adds more troubles to Denji's plate: a mysterious figure resembling the shadow of Chainsaw Man.
Chapter 111 shows Yuko visiting Asa to say goodbye. Since Yuko is in devil form, she will attempt to visit a relative who's a devil hunter to become human again. She comes clean to Asa, stating she made a contract with the Justice Devil because she wanted to be like Chainsaw Man. She also admits that she only rescued Asa because she assumed they would be friends afterward. Yuko begins doubting herself, seeing as she doesn't know if her thoughts are truly hers or the Justice Devil's. The two share a happy moment before Yuko leaves and travels around town. Suddenly, she gets decapitated by what looks to be Chainsaw Man.
What We Know About Chainsaw Man's Justice Devil So Far
The first encounter with the Justice Devil involved Asa's class president, who made a contract with said devil. She was motivated to do so because she was jealous of Asa. Despite being in a relationship with their teacher, Mr. Tanaka, the class president was aware that he seemed to be interested in Asa. So after the incident with Bucky, the class president reveals her true intentions to Asa and kills her. However, Tanaka and the class president die after Yoru takes over Asa's body. The next contract with the Justice Devil involved Yuko, which granted her the ability to read minds.
Asa initially believed Yuko formed a contract with the devil to help with her bullying problem. Chapter 111, however, revealed this was not necessarily the case. Before they part ways, Yuko warns Asa that the Justice Devil is still in their school. With that, there is an implication that they have a contract with another person. This could go back to the unnamed character from Chapter 108 -- Yoru's supposed older sister.
This devil might have a contract with Asa's bully, the girl with short hair and freckles. Aside from the triangular earrings, a notable trait would be their eyes, which is common among the Four Horsemen. While their appearances are slightly different, this could be a Yoru and Asa situation where there is a distinguishable difference drawn between them to show who's currently in charge of their body. This opens the possibility that they might be targeting Denji as well.
Could the Mysterious Shadow Be Denji - Or an Imposter?
The last part of Chainsaw Man Chapter 111 shows Yuko jumping around the top of various buildings. During this time, it can be assumed she was moving late at night since the previous panel shows Denji and Asa's bully sleeping. Asa herself seems to have a hard time getting some rest. The next panels show a mysterious figure holding the rest of Yuko's body while her head lies on the ground.
What's notable about this is the shadow resembles Chainsaw Man; however, the chances of Denji being the one who attacked Yuko are slim, especially since the previous page showed him sleeping. This chapter could be introducing a new threat -- an imposter of Chainsaw Man.
This imposter could be a new devil since humanity has an extensive list of fears. Chainsaw Man has been pretty popular, and many consider him to be a hero. At the same time, some might still be afraid of him. The imposter might be a devil born from the fear of Chainsaw Man, or something directly related to Yuko. Something or someone might be after her, and it involves a devil with the ability to transform or present an illusion. Either way, these new developments in Chapter 111 add excitement for what's yet to come in the manga. Denji is about to encounter more chaos, and readers can't wait to see how he solves these problems.