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  5. Transitional Measures

Outline of Delisting Criteria

Transitional Measures

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.

Company to which transitional measures can be applied

Listed companies that fall under the following categories will have transitional measures related to the Continued Listing Criteria applied.
  • Companies listed as of April 3, 2022, excluding companies that fall under the following items:
    • Companies that underwent examination procedures on the same level as the initial listing examination when selecting a new market segment
    • Companies that transfer to a different market segment on or after April 4, 2022
    • Companies designated as Securities on Alert as of April 3, 2022, or companies designated as Securities on Alert or Securities on Special Alert on or after April 4, 2022
  • In cases of companies that fail to meet the Continued Listing Criteria, companies that disclose a plan stating their actions towards meeting the Continued Listing Criteria and the implementation schedule of those actions, and report on the progress of this plan within three months from the end of the fiscal year.

Continued Listing Criteria Applied as Transitional Measures

The Continued Listing Criteria to be applied as transitional measures are as follows.

Items *1 Continued Listing Criteria Applied as Transitional Measures
Prime Market Standard Market Growth Market
Number of Shareholders 800 or more 150 or more 150 or more
Tradable Shares
  1. Number of tradable shares: 10,000 units or more
  2. Tradable share market capitalization: JPY 1 billion or more
  3. Tradable share ratio: 5% or higher
  1. Number of tradable shares: 500 units or more
  2. Tradable share market capitalization: JPY 0.25 billion or more
  3. Tradable share Ratio: 5% or higher
  1. Number of tradable shares: 500 units or more
  2. Tradable share market capitalization: JPY 0.25 billion or more
  3. Tradable share ratio: 5% or higher
Trading Volume Monthly average trading volume: 40 units or more Monthly average trading volume: 10 units or more Monthly average trading volume: 10 units or more
Market Capitalization - - JPY 0.5 billion or more
(applicable from 10 years after initial listing)
Amount of Net Assets The amount of net assets is a positive figure.

  • For more details on each item, please see the page below.

Details of Continued Listing Criteria


If a listed company continues to fail to meet the Continued Listing Criteria applied as transitional measures for one year (six months in the case of the trading volume of the Continued Listing Criteria, see below in the case of the for the tradable share ratio), it shall be delisted.

If the tradable share ratio falls below 5%, the listed company shall be delisted after TSE confirms this fact.