Update : Aug. 17, 2012
TOKYO PRO Market’s regulatory structure is specifically tailored to the needs of growing companies, providing a fast-track and simplified option to raise finance.
Companies can present their disclosure documents in English and/or Japanese. TOKYO PRO Market accepts a number of accounting standards beyond Japanese GAAP, including IFRS, US GAAP or equivalent standards. There are no requirements for quarterly financial reports or internal control reports.
(Documentation and translation related costs are much less than on other Japanese equity markets. )
There are no minimum requirements for market capitalisation or free float for a company to list on TOKYO PRO Market. The listing company structure can be arranged on a case-by-case basis following the advice of the J-Adviser. This opens the market to a range of businesses that would not otherwise have the opportunity to participate in other Japanese capital markets.
As TOKYO PRO Market allows companies to disclose information in Japanese and/or English and accepts a range of accounting standards, it is an attractive market for non-Japanese companies wishing to raise new capital. It gives international investors exposure to the Japanese and wider Asian market, but also allows Japanese companies to broaden their shareholder base beyond their home market.
The market is open to professional investors giving companies access to a steady and well-informed source of capital. All professional (“specified”) investors in Japan have direct access to TOKYO PRO Market, as well as all non-residents of Japan.
A company that trades on TOKYO PRO Market is associated with the Tokyo Stock Exchange which has a solid network in Japan and Asia. Companies listing on TOKYO PRO Market will benefit from a heightened public profile, raising awareness and demand, not only amongst investors but also suppliers, customers and other stakeholders, thereby facilitating further growth. ( Non-Japanese companies, in particular, could find a TOKYO PRO Market listing to be highly beneficial for their business development in Japan and the region. )