Listing

Main Markets (1st /2nd Section)

Formal Requirement (Companies listing only on TSE)

Foreign companies applying to list only on TSE shall fall under Items 1 through 7 and Item 12, Rule 205 of Securities Listing Regulations (or (1) through (7) and (12) of the formal requirement of domestic companies) as well as the following conditions. (Paragraph1, Rule 206 of Securities Listing Regulations)

Criteria for Listing | Main Markets
Handling by a book-entry transfer institution The issue is eligible for handling by a designated book-entry transfer institution in its custody and book-entry transfer operation for foreign stocks, etc. or book-entry transfer operation, or it is expected that they will become eligible by the time of listing
Restriction on transfer of stocks, etc. There is no restriction on transfer of the issue pertaining to an initial listing application(excluding the case where a transfer restriction is deemed necessary to receive application of law in the home country, etc. and it is not deemed to hinder trading in the Exchange market.)
Deposit agreement, etc. In the case of listing a foreign stock depositary receipt, etc., the deposit agreement and any other necessary agreement shall be those entered into pursuant to the provisions of the Enforcement Rules.

Formal Requirement (Cross-Listing)

Foreign companies applying for cross-listing on TSE shall fall under Item 1, Item 2, Sub-item a., Items 3 through 7, and Item 12, Rule 205 of Securities Listing Regulations (or (1), (2)a, (3) through (7) and (12) of the formal requirement for domestic companies) as well as the following conditions. (Paragraph 2, Rule 206 of Securities Listing Regulations)

Criteria for Listing | Main Markets
Status of distribution of a foreign stock, etc. A remarkably large number of shares is deemed not to be held by specific shareholders or holders of a foreign stock depositary receipt, etc.
Handling by a book-entry transfer institution
Restriction on transfer of stocks, etc.
Deposit agreement, etc.
Same as the case of the companies listing only on TSE(see above)

Eligibility Requirement (Contents of listing examination)

Listing examination is conducted in accordance with the provisions of Rule 207 of Securities Listing Regulations, and the details are provided in “Guidelines Concerning Listing Examination, etc.” For more information, please refer to “Guidelines Concerning Listing Examination, etc.”

Rules | Tokyo Stock Exchange, Inc.

Mothers

Formal Requirement (Companies listing only on TSE)

Foreign companies applying to list only on TSE Mothers shall fall under Items 1 through 6, Rule 212 of Securities Listing Regulations (or (1) through (4) and (7) of the formal requirement for domestic companies) as well as the following conditions. (Paragraph 1, Rule 213 of Securities Listing Regulations)

Criteria for Listing | Mothers
Handling by a book-entry transfer institution The issue is eligible for handling by a designated book-entry transfer institution in its custody and book-entry transfer operation for foreign stocks, etc. or book-entry transfer operation, or it is expected that they will become eligible by the time of listing
Restriction on transfer of stocks, etc. There is no restriction on transfer of the issue pertaining to an initial listing application(excluding the case where a transfer restriction is deemed necessary to receive application of law in the home country, etc. and it is not deemed to hinder trading in the Exchange market.)
Deposit agreement, etc. In the case of listing a foreign stock depositary receipt, etc., the deposit agreement and any other necessary agreement shall be those entered into pursuant to the provisions of the Enforcement Rules.

Formal Requirement (Cross-listing)

Foreign companies applying for cross-listing on TSE Mothers shall fall under Item 1, Item 2, Sub-item a., and Items 3 through 6, Rule 212 of Securities Listing Regulations (or (1), (2)a and (3) through (6) of the formal requirement for domestic companies) as well as the following conditions. (Paragraph 2, Rule 213 of Securities Listing Regulations)

Criteria for Listing | Mothers
Handling by a book-entry transfer institution
Restriction on transfer of stocks, etc.
Deposit agreement, etc.
Same as the case of the companies listing only on TSE (see above)

Eligibility Requirement (Contents of listing examination)

Listing Examination is conducted in accordance with the provisions of Rule 214 of Securities Listing Regulations and the details are provided by “Guidelines Concerning Listing Examination, etc.” For more information, please refer to “Guidelines Concerning Listing Examination, etc.”

Rules | Tokyo Stock Exchange, Inc.

JASDAQ(Standard/Growth)

Formal Requirement

Foreign companies applying to list on JASDAQ Standard shall fall under Items 2 through 4 of Rule 216-3 and Item 6 of Rule 212 of Securities Listing Regulations (or (2) through (5) of the formal requirement for domestic companies) as well as the following conditions. (Rule 216-4 of Securities Listing Regulations)

JASDAQ Growth companies shall fall under Item 2 of Rule 216-3, Item 1 of Rule 216-6 and Item 6 of Rule 212 of Securities Listing Regulations (or (2), (3) and (5) of the formal requirement for domestic companies as well as the following conditions. (Rule 216-7 of Securities Listing Regulations).

Criteria for Listing | JASDAQ
Share distribution
  1. . A public offering or secondary offering shall be conducted for at least the higher of either the number of shares specified in the following (a) through (f), according to the classifications provided in such items, or 10% of the number of listed shares (This requirement shall apply only to the companies listing only on TSE)
     (a)Issues with a trading unit of 1,000 shares    1 million shares
     (b)Issues with a trading unit of 500 shares      500,000 shares
     (c)Issues with a trading unit of 100 shares      100,000 shares
     (d)Issues with a trading unit of 50 shares       50,000 shares
     (e)Issues with a trading unit of 10 shares       10,000 shares
     (f)Issues with a trading unit of 1 share        1,000 shares
  2. The number of domestic investors is expected to reach at least 300 by the time of listing.
Handling by a book-entry transfer institution The issue is eligible for handling by a designated book-entry transfer institution in its custody and book-entry transfer operation for foreign stocks, etc. or book-entry transfer operation, or it is expected that they will become eligible by the time of listing
Restriction on transfer of stocks, etc. There is no restriction on transfer of the issue pertaining to an initial listing application(excluding the case where a transfer restriction is deemed necessary to receive application of law in the home country, etc. and it is not deemed to hinder trading in the Exchange market.)
Deposit agreement, etc. In the case of listing a foreign stock depositary receipt, etc., the deposit agreement and any other necessary agreement shall be those entered into pursuant to the provisions of the Enforcement Rules.

Eligibility Requirement (Contents of listing examination)

Listing Examination is conducted in accordance with the provisions of Rule 216-5(JASDAQ Standard) and Rule 216-8(JASDAQ Growth) of Securities Listing Regulations and details are provided by “Guidelines Concerning Listing Examination, etc.”. For more information, please refer to “Guidelines Concerning Listing Examination, etc.”

Rules | Tokyo Stock Exchange, Inc.