Details of Continued Listing Criteria
Market Capitalization
Market Capitalization in the Continued Listing Criteria
| Market Capitalization | |
| Growth Market | JPY 4 billion or more (applicable after 10 years from initial listing) |
- In the case of technical listings, for the purposes of calculating listing periods, the newly listed company is deemed to be the same company as (and therefore inherits the listing period from) the delisted company.
- When a listed company does not meet the Continued Listing Criteria within one year after failing to meet the Continued Listing Criteria, the listed company becomes subject to the Delisting Criteria. For the details of Delisting Criteria, please see the pages below.
Delisting Criteria
- Transitional measures regarding continued listing criteria will expire and the regular continued listing criteria will be applied from record dates of decisions on the continued listing criteria that fall on or after March 1, 2025. For the details of the the expiration of transitional measures, please see the pages below.
The Expiration of Transitional Measures
Calculation Method
- Market capitalization shall be calculated by multiplying the average daily closing price of the stocks, etc., in auction trading at TSE for the three months up to the end of the fiscal year of the listed company by the number of listed shares as of the end date of the fiscal year (see note).
- ･ In cases where a company has stocks listed on other domestic financial instruments exchanges, or stocks listed or continuously traded on foreign financial instruments exchanges, an amount including the averaged market capitalization of all those other stocks will be additionally included in the examination.
Example of Improvement Period Schedule (for a company whose fiscal year ends in March)
If a company fails to meet the continued listing criteria, it will enter an improvement period, and if it fails to meet with the standards within the improvement period, it will be assigned to Securities Under Supervision or Securities to be Delisted and then delisted.
In addition, the companies that failed to meet the continued listing criteria are required to disclose their plans to meet the continued listing criteria and the timing of implementation of actions to do so within three months of the record date.
- ･However, as of March 31, 2023, if a company has disclosed a plan to meet the Continued Listing Criteria (“Conformance Plan”) with an end date that goes beyond the first record date that falls on or after March 1, 2026, the company’s securities shall be designated as Securities Under Supervision after the end of the improvement period and said designation shall continue until the company is confirmed to meet or not meet the criteria at the end of its plan.
Please see the “List of Companies in an Improvement Period” for companies that fall under the improvement period and the “List of the End Dates of Conformance Plan ” for companies disclosing the conformance plan with an end date that goes beyond the first record date that falls on or after March 1, 2026.