1. HOME
  2. Equities, Debt, Funds
  3. Listing (Domestic Stocks)
  4. Listing
  5. Initial Listing Criteria
  6. Growth Market

Initial Listing Criteria

Initial Requirements

As of April 1, 2023
Items Initial Listing on Growth Market
  1. Number of Shareholders
    (Estimate at Time of Listing)
150 or more
  1. Tradable Shares
    (Estimate at Time of Listing)
  1. The number of tradable shares: 1,000 units or more
  2. The market capitalization of the tradable shares: JPY 0.5 billion or more
  3. The number of tradable shares: 25% or higher of the listed stocks
  1. Public Offering
500 trading units or more
  1. Years of Business Operation
TThe business has operated continuously as a stock company for one or more years before the date of application
  1. False Statement or Adverse Opinion, etc.
  1. Either an "unqualified opinion" or a "qualified opinion with exceptions" was expressed in the audit report (excluding that of the last year) attached to the "Annual Securities Report for Listing Application"
  2. An "unqualified opinion" was expressed in the audit report, etc. (of the last year) attached to the "Annual Securities Report for Listing Application"
  3. No "false statements" were made in the audit report mentioned above or the annual securities report, etc. with reference to financial statements related to a quarterly review report
  4. Stocks, etc. pertaining to the initial listing application that are listed on other domestic financial instruments exchanges do not fall under the following (a) and (b)

      (a) The internal control report issued in the last year states that "appraisal results cannot be provided"

      (b) The internal control audit report issued in the last year states that "opinion is not expressed".
  1. Audit by a Registered Auditor of Listed Companies
The financial statements, etc. for each business year or consolidated accounting year ending in the last two years as well as the quarterly financial statements, etc. for a quarterly accounting period in the business year or for a quarterly consolidated accounting period in the consolidated accounting year ending in the last year have undergone audit or quarterly review equivalent to that in the provisions of Article 193-2 of the Act by a registered auditor of listed companies (limited to those which have undergone quality control reviews by The Japanese Institute of Certified Public Accountants)
  1. Establishment of a Shareholder Services Agent
Shareholder services have been entrusted to an institution specified as the applicant's shareholder services agent, or an informal consent of undertaking the entrustment of such shareholder services from the shareholder services agent has been received; provided, however, that the same shall not apply to a shareholder services agent approved by the Exchange
  1. Share Unit
The Share Unit shall be expected to be 100 shares
  1. Classes of stock
In the case that a stock, etc. pertaining to the initial listing application, such stock, etc. shall be, as a general rule, any of stocks referenced in the following a. through c. In this case, the initial listing applicant for the stock referenced in b. shall not have securities other than said stock as to which the applicant makes initial listing application
  1. In the case of a company issuing one class of stock with voting rights, said stock with voting rights;
  2. In the case of a company issuing multiple classes of stock with voting rights, a class of stock with voting rights whose value of rights, etc. to receive economic benefits including claim for surplus dividend pertaining to the number of shares that enables exercise of one voting right at a general shareholders meeting with regard to important matters including selection and dismissal of board members is higher than any other class of stock;
  3. Stock with no voting rights
  1. Restriction on transfer of shares
Transfer of shares pertaining to an initial listing application is not restricted or it is expected that there will be no restriction by the time of listing; provided, however, that the same shall not apply to cases where transfer of shares is restricted pursuant to the provisions of special laws at the same time the details of the restriction are deemed not to hinder trading in the market of the Exchange
  1. Handling by the designated book-entry transfer institution
The relevant issue is subject to the book-entry transfer operation of the designated book-entry transfer institution, or is likely to be so by the time of listing

Contents of Examination

Items Growth Market
  1. Appropriateness of Disclosure of Corporate Information, Risk Information, etc.
The applicant company is in a position to appropriately disclose its business details and risk information, etc.
  1. Soundness of Corporate Management
The applicant company carries out its business fairly and faithfully.
  1. Effectiveness of Corporate Governance and Internal Management System
Corporate governance and internal management systems that are commensurate with the size and maturity of the company are appropriately established and functioning.
  1. Reasonableness of the business plan
The applicant company has established a rational business plan and built a business foundation necessary to execute the business plan or has a rational plan to do so.
  1. Other matters deemed necessary by the Exchange from the viewpoint of the public interest or the protection of investors
-

For Securities Listing Regulations and Related Rules etc., please refer to the following.

New Listing Guidebook
Securities Listing Regulations and Related

For New Listings, please refer to the following.

New Listings