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.
  • The criteria for companies listed on the Growth Market to which transitional measures are applied shall be market capitalization of "JPY 0.5 billion or more" in lieu of "JPY 4 billion or more."
  • For the details of Delisting Criteria and Transitional Measures, please see the pages below.
    Delisting Criteria
    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)

Example of Schedule for the Market Capitalization Criteria
  • ・For companies subject to the transitional measures, the regular Continued Listing Criteria shall be applicable from record dates relating to decisions made regarding the Continued Listing Criteria that fall on or after March 1, 2025.