Listing

Criteria for Listing(JASDAQ)

Update : Mar. 31, 2014

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Formal Requirements(JASDAQ(Standard・Growth))

As of March 31, 2014
Criteria Standard Growth
(1)Status of distribution of stocks(As of the listing day) a.Number of publicly subscribed shares or publicly offered shares is 10 percent or more of the listed shares or 1,000 trading units, whichever is the larger.
b.Number of shareholders 200 or more
(2)Market capitalization of tradable shares(As of the listing day) 500 million yen or more
(3)Amount of net assets(As of the listing day) 200 million yen or more Not negative
(4)Amount of profits and market capitalization (The following a. or b. must be satisfied.)
a.The total amount of profits in the last year shall be at least 100 million yen
b.The market capitalization as of the listing day is expected to reach at least 5 billion yen
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(5)False statement or adverse opinion, etc.

a.The audit report attached to a "Securities Report for Initial Listing Application" (excluding an audit report attached to financial statements, etc. for the business year or the consolidated business year ending in the last year) shall contain an "unqualified opinion" or a "qualified opinion with exceptions" of certified public accountants, etc.
b. The audit report (limited to an audit report attached to financial statements, etc. for the business year or the onsolidated business year ended in the last year), an interim audit report or a quarterly review report attached to a "Securities Report for Initial Listing Application" shall contain an "unqualified opinion", an "opinion that the interim financial statements, etc. provide useful information" or an "unqualified conclusion" of certified public accountants, etc.
c. No false statement shall be made in a Securities Report, etc. containing or making reference to financial statements, etc., interim financial statements, etc., or quarterly financial statements, etc. pertaining to the audit report, the interim audit report, or the quarterly review report prescribed by a. and the preceding b.
d. Where a stock, etc. pertaining to an initial listing applicant is listed on any other financial instruments exchange in Japan, such stock, etc. shall not fall under the following (a) and (b):
(a) The internal control report pertaining to the business year ending in the last year contains the fact that "appraisal results cannot be provided"
(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"

(6)Audit by a listed company audit firm The financial statement, etc., an interim financial statement, etc. or a quarterly financial statement contained in or attached to a "Securities Report for Initial Listing Application" have undergone audit, interim audit or quarterly review equivalent to that in the provisions of Article 193-2 of the Financial Instruments and Exchange Act by a listed company audit firm.
(7)Establishment of a shareholder services agent Shareholder services have been entrusted to an institution specified as the applicant’s shareholder services agent, or an informal consent of undertaking the entrustment of such shareholder services from the shareholder services agent has been received; provided, however, that the same shall not apply to a shareholder services agent approved by the Exchange
(8)Share Unit

The Share Unit shall be expected to be 100 shares

(9)Classes of stock

In the case that a stock, etc. pertaining to the initial listing application, such stock, etc. shall be, as a general rule, any of stocks referenced in the following a. through c. In this case, the initial listing applicant for the stock referenced in b. shall not have securities other than said stock as to which the applicant makes initial listing application

a. In the case of a company issuing one class of stock with voting rights, said stock with voting rights;
b. In the case of a company issuing multiple classes of stock with voting rights, a class of stock with voting rights whose value of rights, etc. to receive economic benefits including claim for surplus dividend pertaining to the number of shares that enables exercise of one voting right at a general shareholders meeting with regard to important matters including selection and dismissal of board members is higher than any other class of stock;
c. Stock with no voting rights

(10)Restriction on transfer of shares Transfer of shares pertaining to an initial listing application is not restricted or it is expected that there will be no restriction by the time of listing; provided, however, that the same shall not apply to cases where transfer of shares is restricted pursuant to the provisions of special laws at the same time the details of the restriction are deemed not to hinder trading in the market of the Exchange
(11)Handling by the designated book-entry transfer institution The relevant issue is subject to the book-entry transfer operation of the designated book-entry transfer institution, or is likely to be so by the time of listing

Eligibility Requirements (JASDAQ)

As of July 16, 2013
Standard Growth
(1)No obstacles to continuing business operations (1)High growth potential
(2)Establishment of sound corporate governance and effective internal control according to the company's size (2)Establishment of sound corporate governance and effective internal control according to the company's stage of development
(3)Reliability of the corporate behavior
(4)Adequate corporate disclosure
(5)Other matters deemed necessary by the Exchange from the viewpoint of the public

For Securities Listing Regulations and Related Rules etc., please refer to the following webpage:

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