Group 1 - The London Stock Exchange (LSE) has a mature and flexible IPO listing rule system, divided into the Main Market and the Alternative Investment Market (AIM) [2] - The Main Market is suitable for larger, mature companies with stable profits or assets, while AIM targets high-growth companies, especially in technology and innovation sectors, with lower listing thresholds [2][4] - The Main Market is further divided into Premium Listing and Standard Listing, with Premium Listing adhering to stricter regulatory standards [4] Group 2 - Core listing conditions for the Main Market include financial and market capitalization requirements, public shareholding requirements, and management stability [3][5] - AIM has no mandatory profitability, market capitalization, or public shareholding requirements, allowing for greater flexibility in governance [5][6] Group 3 - The IPO process involves several key steps, including pre-listing preparation, due diligence, prospectus preparation, regulatory submission and review, roadshow and pricing, and listing on the exchange [7][8] - Continuous obligations include regular reporting, timely disclosure of significant events, and adherence to corporate governance standards [8]

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]