【锋行链盟】东京证券交易所IPO上市规则核心要点

Market Segmentation - TSE categorizes its listing segments into three tiers to cater to different stages of company development, with significant differences in listing standards [2][3][4] Company Governance Requirements - TSE mandates compliance with the Corporate Governance Code, which, while voluntary, has strong binding effects [5] - Companies must meet specific core standards for profitability, market capitalization, and shareholder structure to qualify for listing [6] Information Disclosure and Prospectus - Companies are required to submit a prospectus detailing business operations, financials, risks, and issuance structure, which TSE will substantively review for adequacy and accuracy [6][7] - Post-listing, companies must regularly disclose quarterly, semi-annual, and annual financial reports and promptly announce significant events [7] Listing Review Process - TSE employs a "formal review + substantive focus" mechanism for the listing process, which includes several stages from preliminary review to final approval by the listing committee [7] Special Provisions for Foreign Companies - Foreign companies seeking to list on TSE must meet additional requirements, including demonstrating sufficient business ties or investor base in Japan [7] Other Key Points - TSE's IPO rules emphasize "tiered adaptation," aligning with company size, profitability, and growth stage while enhancing corporate governance and information disclosure to balance market efficiency and investor protection [7]