News Release

Dec. 17, 2021 JPXTSE Details of Proof of Concept Testing for HTML Disclosure of Earnings Reports (Kessan Tanshin)


As previously announced, Tokyo Stock Exchange, Inc. (TSE) will start Proof of Concept (PoC) testing in conjunction with the upcoming replacement of TDnet scheduled for December 18, 2021, to enable disclosure in HTML format of listed companies* annual and quarterly earnings reports and listed REITs' annual and interim earnings reports (listed companies and listed REITs are hereinafter collectively referred to as “Listed Companies, etc.”) with the cooperation of PRONEXUS Inc. and TAKARA PRINTING CO., LTD. (in alphabetical order; hereinafter, the “Printing Companies.”)
Participation of Listed Companies, etc. in this PoC and disclosure in HTML format are optional. Continued disclosure in conventional PDF and XBRL format are possible, but we would appreciate your cooperation in this endeavor.
We also hope information users such as investors and information vendors will make use of the HTML-formatted files.

  • "Listed companies" includes issuers of preferred equity investment securities.

Objective of the PoC

On the new TDnet, TSE will enable disclosure in HTML format, in addition to the conventional PDF format, of qualitative information that is included in earnings reports but has not been converted to XBRL format, namely "Outline of Operations and Business Results," "Notes on uncertainties of entity's ability to continue as going concern," "Segment information," "Per share information," and "Significant events after reporting period."
TSE will conduct the PoC testing from the following main perspectives.

  • Whether information users such as investors, information vendors, translation companies, and start-ups that process and distribute timely disclosure information can expect greater convenience and creation of innovation.
  • Whether Listed Companies, etc. can disclose information in HTML format without excessive operational burdens. Also, whether the opinions of shareholders of Listed Companies, etc. and investors are positive.

Expected benefits from HTML conversion

HTML format makes conversion into text and mechanical processing easier compared to PDF format. PDF files, in some instances, cannot recognize characters or do not allow text copying, but HTML files solve these issues, making it possible for information users to extract and analyze information in text.
Furthermore, overseas investors can copy text to perform machine translation from Japanese to English smoothly. In addition, for companies developing machine translation engines, for example, use of HTML files may make it easier to develop translation services specializing in IR documents. We can expect that if Listed Companies, etc. and various investors, including overseas investors, use translation services developed using the HTML files, this will lead to broader use of earnings reports in general.


All pages of earnings reports from the table of contents onward (table of contents + qualitative information + financial statements, etc. (including notes on financial statements)) are eligible for HTML formatting.
Of these pages, only those created by Listed Companies, etc. using the Printing Companies’ tools for generating earnings reports are eligible. Pages not generated with the Printing Companies' tools (for example, pages created in Word or other formats by Listed Companies, etc. such as supplementary materials in the appendix) are not eligible.

Scope of HTML formatting

Scope of HTML formatting

HTML file specifications

The format of HTML files to be distributed through TDnet is as follows.
For Listed Companies, etc., HTML files created using the Printing Companies’ tools are compatible with this format, so please upload those files to TDnet without making any changes.
Please refer to the sample file attached at the bottom of this page.

Format of HTML files distributed through TDnet

No. Item Details to be checked for TDnet upload
1. File size The maximum HTML file size is 2Mbytes.
2. File name The name of the HTML file is as follows: “qualitative.htm”
3. Number of files A zip file contains only one HTML file.
4. Restriction on use of image files For reducing the file size, HTML files are set to disallow the use of image files.
5. Restriction on use of programming For security, HTML files are set to disallow programming.
6. Creator/creation tool The HTML file is created by the Printing Companies’ tools.

Method of disclosure of HTML files

HTML files will be disclosed by including them in the same zip file that contains the XBRL file. The zip file consists of a "Summary" folder containing an XBRL file related to summary information and an "Attachment" folder containing an XBRL file related to financial statements. The "Attachment" folder contains the HTML file.
Information users can use the Company Announcements Disclosure Service and the Listed Company Search to retrieve and view the zip files which include the HTML files.

Company Announcements Disclosure Serviceicon-block
Listed Company Search

Viewing HTML files


Nov. 2020 Announcement of overview of PoC testing
Dec. 2020 Notification of details of PoC to Listed Companies, etc. by TSE and the Printing Companies
Aug. 2021 Notification of operational details of PoC to Listed Companies, etc. by TSE and the Printing Companies
Dec. 2021 Announcement of details of PoC (this release)
Dec. 18, 2021 Start of PoC
Dec. 2022 First verification
We will verify the effects of the PoC and consider whether to put the service in place permanently, based on the feedback received from all related parties, i.e., information users and Listed Companies, etc.

Sample Files

Please see the following HTML sample files.

PRONEXUS INC. icon-zip


Tokyo Stock Exchange, Inc. Service Development Group, Information Services
TEL:03-3666-0141 (Operator)