东证2025年124家企业退市，连续2年创新高

Group 1 - The core viewpoint of the article highlights a trend of increasing delistings from the Tokyo Stock Exchange (TSE) as companies seek greater operational freedom amid pressure to enhance corporate value from both the exchange and investors [2][4][6] - It is projected that the number of delisted companies in 2025 will increase by 30 compared to 2024, reaching a total of 124, marking a consecutive two-year record high [2][4] - The number of new listings on the TSE is expected to decrease by 21 in 2025, totaling only 60 new companies, reflecting a broader trend of declining listings [4][6] Group 2 - Companies opting for Management Buyouts (MBOs) account for 20% of the delisted firms, with notable examples including Aohata and AEON MALL, which have been taken private by their parent companies [5][6] - The TSE's shift towards prioritizing quality over quantity in listed companies is influencing this trend, as emphasized by the CEO of Japan Exchange Group [5][6] - As of December 10, 104 companies are in a transition period to meet new listing standards, with potential delistings for those failing to comply by October 2026 [7] Group 3 - The TSE has raised the standards for maintaining listings, including market capitalization requirements, which has led to increased scrutiny on companies, particularly those with dual listings [6][7] - The issue of small market capitalization among listed companies in Japan is highlighted, with calls for more aggressive restructuring to attract foreign investment [7]