What is TOKYO PRO Market?

Update : May 30, 2014


TOKYO AIM, the previous form of TOKYO PRO Market, was established in June 2009 as a market operated by TOKYO AIM, Inc., which was created as a joint venture between Tokyo Stock Exchange Group, Inc. and London Stock Exchange, based on the provisions for markets for professional investors introduced in the 2008 amendments to the Financial Instruments and Exchange Act.
The objectives of TOKYO AIM were to provide new opportunities for financing and advantages other markets could not offer to companies with growth potential in Japan and Asia, to offer new investment opportunities to professional investors at home and abroad, and to revitalize and internationalize the financial market in Japan. TOKYO AIM worked to realize agile and flexible market management by adopting the J-Adviser System based on the Nomad System of London AIM operated by London Stock Exchange. In July 2012, TOKYO AIM changed its name to TOKYO PRO Market, and since then Tokyo Stock Exchange, Inc. has continued to operate TOKYO AIM based on the original market concept.
Please see "Initial Listing Guidebook" about the further information.

Comparison of Listing System, etc. of TOKYO PRO Market and Mothers

Item TOKYO PRO Market Mothers
Disclosure English or Japanese Japanese
Listing criteria No numerical criteria Numerical criteria for the number of shareholders and market capitalization, etc.
Period from listing application to listing approval 10 business days (J-Adviser to express intent before listing application) 2 months (standard examination period)
Audit period before listing Last 1 year Last 2 years
Internal control report Optional Mandatory
Quarterly disclosure Optional Mandatory
Investors Specified investors, etc.(i.e., professional investors) No restriction

Overview of Specified Investors, etc.

TOKYO PRO Market, a specified financial instruments exchange market, prohibits stock buying by general investors excluding specified investors, etc. in accordance with the Financial Instruments and Exchange Act and the regulations of TSE. Investors that can buy stocks at TOKYO PRO Market are called "specified investors, etc. (namely "Professional investors")" and mainly classified into specified investors and certain non-residents. In addition, specified investors are classified into those defined as specified investors by relevant laws and those that meet certain requirements and can become specified investors by filing with their securities companies (namely "deemed" specified investors). General investors that own stocks before listing can sell such stocks on TOKYO PRO Market.

Item Example
Specified investor Qualified institutional investor (financial institutions, etc.), national government, Bank of Japan
Specified investor (transferrable to general investor) Listed company, stock company with capital of 500 million yen and more
"Deemed" specified investor Stock company other than a specified investor, individual with financial assets or net assets worth 300 million yen and more
Non-resident Individual who does not have an address or residence in Japan, corporation that does not have a principal place of business in Japan

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