TSE News

Extension of Implementation Period for Partial Revision to Criteria for Market Capitalization pertaining to Listed Stocks

Update : Dec. 13, 2011

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[Tokyo Stock Exchange, Inc.]

With regard to the criteria for reassignment to the 2nd Section from the 1st Section and the delisting criteria, TSE partially revised the handling of the criteria for market capitalization and market capitalization of tradable shares and applied such handling during the period from the end of Jan. 2009 to the end of Dec. 2011. However, in light of current market conditions, TSE shall extend such implementation period to the end of Dec. 2012.

  Criteria before revision Criteria after revision
(until end of Dec. 2012)
Criteria for Reassignment
to the 2nd Section from the 1st Section
Criteria for Market Capitalization Less than JPY 2 billion Less than JPY 1.2 billion
Criteria for Market Capitalization of Tradable Shares Less than JPY 1 billion Less than JPY 600 million
Delisting Criteria for Main Market
(1st / 2nd Section)
Criteria for Market Capitalization Less than JPY 1 billion Less than JPY 600 million
Criteria for Market Capitalization of Tradable Shares Less than JPY 500 million Less than JPY 300 million
Delisting Criteria
for Mothers
Criteria for Market Capitalization Less than JPY 500 million Less than JPY 300 million
Criteria for Market Capitalization of Tradable Shares Less than JPY 250 million Less than JPY 150 million

(Note)

  • (*) In cases where an event that TSE deems inappropriate to continue the application of the "Criteria after revision" occurs, TSE may stop applying such criteria before the end of Dec. 2012 or revise the content.

<Summary of Criteria for Market Capitalization in the Securities Listing Regulations (before revision)>

Criteria Content
Criteria for Reassignment to the 2nd Section from the 1st Section
(Rule 311, Paragraph 1, Item 4 of the Securities Listing Regulations)
Where the market capitalization is less than 2 billion yen and does not reach at least 2 billion yen within 9 months (or 3 months if the company does not submit a document specified by TSE within 3 months)
Delisting Criteria for Main Markets
(1st/ 2nd Section)
(Rule 601, Paragraph 1, Item 4, Sub-item a of the Securities Listing Regulations)
Where the market capitalization is less than 1 billion yen and does not reach at least 1 billion yen within 9 months (or 3 months if the company does not submit a document specified by TSE within 3 months)
Delisting Criteria for Mothers
(Rule 603, Paragraph 1, Item 5, Sub-item a of the Securities Listing Regulations)
Where the market capitalization is less than 500 million yen and does not reach at least 500 million yen within 9 months (or 3 months if the company does not submit a document specified by TSE within 3 months)

- A "document specified by TSE" means a document containing the present status of the business, future development, improvement of business plan and other matters deemed necessary by TSE.

- For the criteria for market capitalization of tradable shares, please refer to the following.
Criteria for Number of Tradable Shares (Distribution Status)


(Reference)
This revision shall apply to the relevant provisions of the Securities Listing Regulations (Rule 311, Paragraph 1, Item 4 and those mentioned above). However, if the general market condition sharply deteriorates and TSE deems that these criteria pertaining to market capitalization are inappropriate, TSE shall apply other criteria for market capitalization on a case by case basis.

Contact

Tokyo Stock Exchange, Inc.
Listing Department
Listed Company Services
Tel: +81-3-3666-0141

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