Criteria for Transfers

Formal Requirements( Transfers to 1st Section )

Criteria Securities Listing Regulations
(Formal Requirment)
Number of Shareholders
(As of the day of assignment)
2,200 or more
Tradable Shares
(As of the day of assignment)
  1. Number of tradable shares: 20,000 units or more
  2. Market capitalization of tradable shares: \ 2 billion or more
  3. Ratio of tradable shares to listed shares: 35% or more
Trading Volume The average monthly trading volume for each of the last 3 months and the preceding 3 months shall be at least 200 units
Market Capitalization
(As of the day of assignment)
\ 4 billion or more
Amount of net assets
(As of the day of assignment)
\ 1 billion or more
(net assets on a separate basis should not be negative)
Amount of profits or market capitalization
(The following a. or b. must be satisfied.)
The following a. or b. must be satisfied.
  1. The total amount of profits in the last 2 years shall be at least \ 500 million;
  2. The market capitalization of the listing company shall be at least \ 50 billion excluding cases where sales for the last year are less than \ 10 billion
    (Except cases where sales for the last year are less than \ 10 billion.)
False statement or adverse opinion, etc.
  1. A listed company makes no false statement in the securities report, etc. which contains or makes reference to financial statements, etc. for each business year or each consolidated accounting year or quarterly financial statements, etc. for a quarterly accounting period in each business year or for a quarterly consolidated accounting period in each consolidated accounting year which ended in the last 5 years;
  2. The audit report of a listed company attached to financial statements, etc. for each business year or each consolidated accounting year and a quarterly review report of the listed company attached to quarterly financial statements, etc. for a quarterly counting period in each business year or for a consolidated quarterly accounting period in each consolidated accounting year which ended in the last 5 years contain an "unqualified opinion", a "qualified opinion with exceptions", "an unqualified conclusion" or a "qualified conclusion with exceptions" of certified public accountants or an audit firm; provided;
  3. The listed company shall not fall under the following (a) and (b):
    (a) The internal control report pertaining to a business year ending in the last year contains the fact that "appraisal results cannot be provided"; and
    (b) The internal control audit report regarding an internal control report pertaining to a business year ending in the last year contains the fact that "opinions are not expressed"
Number of Shares in a Share Unit
(As of the day of assignment)
100 shares

Eligibility Requirements

Criteria Eligibility Requirements
Corporate continuity and profitability A business is operated continuously and a stable revenue base is present
Soundness of corporate management A business is carried out fairly and faithfully
Effectiveness of corporate governance and internal management system of an enterprise Corporate governance and internal management system are properly prepared and functioning
Appropriateness of disclosure of corporate information, etc The applicant is in a status where disclosure of the corporate information, etc. may be carried out in an appropriate manner
Other matters deemed necessary by the Exchange from the viewpoint of the public interest or the protection of investors -