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2024 Japan Exchange Group, Inc., and/or its affiliates Compiling a List of Companies Listed on the Growth Market That Wish to Have More Active Contact from Institutional Investors November 28, 2024 Listing Department Tokyo Stock Exchange, Inc. 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates Outline (1) Apply through the application form (3) Using the list as a reference to contact and communicate with the companies of their choice (2) Clearly indicate on its list Tokyo Stock Exchange (Reference) Using the List to Promote Communication Between Companies and Investors ◆Companies listed on the Growth Market are expected to make efforts to achieve growth while gaining recognition from investors through proactive information disclosure and IR activities. ⃰Please also refer to the May 31, 2024 announcement,“Measures to Expand and Improve the Dissemination of Information to Investors in the Growth Market”. ◆While representatives of listed companies have said that ...
2025 Japan Exchange Group, Inc., and/or its affiliates 55% 70% 48% 45% 49% 45% 30% 52% 55% 51% 全体40億円未満40～100億円100～250億円250億円以上 Reference: Status of Applications Regarding Companies Wishing to Have More Active Contact from Institutional Investors(Growth Market) （337） （274） Market Cap. Note: As of the end of Feb. 2025. Overall Less than JPY 4 billionJPY 25 billionor more JPY 10 billion- 25 billion JPY 4 billion- 10 billionApplied Not Applied ⚫As of the end of Feb. 2025, 274 listed companies (45% of the Growth Market) wish to have more active contact from institutional investors(an increase of 21 companies compared to the end of the previous month). （n=611）（n=217）（n=201）（n=72）（n=121）...
2025 Japan Exchange Group, Inc., and/or its affiliates January 22, 2025 Tokyo Stock Exchange, Inc. Listing/New Listings Department Japan Exchange Regulation Listing Examination Department First Cooperative Meeting on IPO Practicalities 1 ©2025 Japan Exchange Group, Inc., and/or its affiliates Position and Purpose of the Cooperative Meeting on IPO Practicalities 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates Position and Purpose of This Meeting ⚫While an IPO is one way for a company to grow, in light of recent developments surrounding IPOs, market stakeholders have stated the opinion that“the purpose of an IPO may have become an end in itself.” ⚫In addition, we have also received feedback from the management of companies preparing for IPOs that“there is a lot of information flying around during the IPO preparation process, and it is often confusing”. There are also occasions where people actually see or hear inaccurate ...
Appendix List of members of the Cooperative Meeting on IPO Practicalities Members：Masaya Ariyoshi Partner, KPMG AZSA LLC Atsushi Ichigaya Executive Director, IPO Dept, Nomura Securities Co.,Ltd. Kazuyuki Ebihara Executive Director, IPO Division, Investment Banking Business Unit, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Takanori Ogata Partner, IPO Service Unit, Grant Thornton Taiyo LLC Yoshihisa Kato Partner, Financial Reporting Advisory, PricewaterhouseCoopers Japan LLC Jun Kimura Vice President, Private Corporate AdvisoryⅠDept, SMBC Nikko Securities Inc. Takuya Shoji Joint Head of IPO Department, Mizuho Securities Co., Ltd. Toshiharu Sugiyama Managing Director, Head of GroupⅡ, Initial Public Offering Dept.Ⅰ, Daiwa Securities Co. Ltd. Noriyoshi Tomita Senior Vice President, IPO Dept, SBI SECURITIES Co.,Ltd. Hiroaki Miyamoto Senior Manager, IPO Audit Services Division, Deloitte Touche Tohmatsu LLC Yosuke Yoshida Partner, IPO Group Management Office, Growing Enterprise Support, Ernst & Young ShinNihon LLC Observers：Financial Services Agency Japan Securities Dealers Association Secretariat：Listing Department, ...
1 Cooperative Meeting on IPO Practicalities Summary of Proceedings of the First Meeting １. Date and Time: January 22, 2025, from 3:00 p.m. to 4:30 p.m. ２. Venue: TSE, 3rd Floor, Room 301 ３. Attendees: see list of members ４. Summary of Proceedings Factors that prevent IPOs from being realized There are mainly four factors that prevent IPOs from being realized. The first is that the business plan is not well crafted. In some cases, the key performance indicators (KPIs) and other metrics are not meticulously planned, and in other cases, the plans are made based on target sales and profits, making post-analysis difficult. The second is the departure of key personnel. It seems that companies whose CFO or head of accounting resign during preparation for an IPO tend not to grow. The third is its organizational management in terms of administration or control....
2025 Japan Exchange Group, Inc., and/or its affiliates March 10, 2025 Current Initiatives at Tokyo Stock Exchange Tokyo Stock Exchange, Inc. Listing Department Document 1 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates Overview of Current Initiatives Promoting the Growth of Startup Companies ⚫Consider and promote approaches for encouraging companies to boldly take on the challenge to grow after their IPOs in order to produce startups that will drive the growth of the Japanese economy in the future ➢Discussion on specific measures [around February 2025] * Continue to promote the understanding of the preparation for listing and the viewpoints of institutional investors after listing (e.g. holding IPO Practitioner Liaison Meetings) Issues amid the promotion of Management that is Conscious of Cost of Capital and Stock Price Issues amid the increasing number of MBOs and Subsidiary Conversions by Controlling Shareholders Action to Implement Management that is Conscious of ...
2025 Japan Exchange Group, Inc., and/or its affiliates March 10, 2025 Revisions to Q&A on Upfront Investment Type Biotech Startups Tokyo Stock Exchange, Inc., New Listings Department/Listings Department Japan Exchange Regulation, Listing Examination Department Document 2 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates ◼Due to the diversification of biotech startup business models, Tokyo Stock Exchange, Inc. (TSE) revised the Q&A entries in the New Listing Guidebook last November. The revisions changed the entries that treated“platform-type business models”and business models that form post-listing alliances as exceptions and added new Q&A entries on drug discovery biotech startups to the Listing Examination FAQ. Revisions to Q&A on Upfront Investment Type Biotech Startups（Nov. 2024） Ｑ48: What exactly do you mean by“situation where the efficacy of a developed product is reasonably evaluated based on objective data, etc.”? Ａ48: As it ...
1 Cooperative Meeting on IPO Practicalities Summary of Proceedings of the Second Meeting 1. Date and Time: March 10, 2025 (Monday), from 3:00 p.m. to 4:30 p.m. 2. Venue: TSE, 3rd Floor, Room 301 3. Attendees: see list of members 4. Summary of Proceedings (1) Future themes in this meeting for discussion and information to be disseminated (such as topics about the Growth Market, MBO re-listing, subsidiary listings, and IR systems) based on the Current Initiatives at Tokyo Stock Exchange (including matters discussed in Follow-up Council) ⚫It seems that auditing firms are not particularly interested in continuous disclosure of “Matters Relating to Business Plans and Growth Potential”after listing in the Growth Market. Since auditing firms remain involved with companies even after listing (though not directly involved in disclosure materials), there is value in disseminating information to enhance their understanding of the system. ⚫Since ...
Appendix List of members of the Second Cooperative Meeting on IPO Practicalities Members：Masaya Ariyoshi Partner, KPMG AZSA LLC Atsushi Ichigaya Executive Director, IPO Dept, Nomura Securities Co.,Ltd. Kazuyuki Ebihara Executive Director, IPO Division, Investment Banking Business Unit, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Takanori Ogata Partner, IPO Service Unit, Grant Thornton Taiyo LLC Yoshihisa Kato Partner, Financial Reporting Advisory, PricewaterhouseCoopers Japan LLC Jun Kimura Vice President, Private Corporate AdvisoryⅠDept, SMBC Nikko Securities Inc. Takuya Shoji Joint Head of IPO Department, Mizuho Securities Co., Ltd. Toshiharu Sugiyama Managing Director, Head of GroupⅡ, Initial Public Offering Dept.Ⅰ, Daiwa Securities Co. Ltd. Noriyoshi Tomita Senior Vice President, IPO Dept, SBI SECURITIES Co.,Ltd. Hiroaki Miyamoto Senior Manager, IPO Audit Services Division, Deloitte Touche Tohmatsu LLC Yosuke Yoshida Partner, IPO Group Management Office, Growing Enterprise Support, Ernst & Young ShinNihon LLC Observers：Financial Services Agency Japan Securities Dealers Association Secretariat：Listing ...
別紙 「IPO連携会議」参加者リスト （2025年4月8日開催） ○参加者（12名敬称略・社名五十音順） ⚫SMBC日興証券株式会社 坪井均常務執行役員プライベート・コーポレート・ファイナンス本部長兼コーポレート・ファイナンス・グループ／大阪プライベート・コーポレート部担当 古株貴プライベート・コーポレート・ファイナンス本部副本部長兼コーポレート・ファイナンス・...