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💹 | Investing for the first time with 30 yen saved from a part-time job Melting in 2 weeks ... Somehow inspiring!


Hiroshi Endo, Representative of Photo Key Prime (Photo provided)

Investing for the first time with 30 yen saved from a part-time job Melting in 2 weeks ... Somehow inspiring!

 
If you write the contents roughly
A company that operates the travel comparison site "Travelco", which was unlisted when Mr. Endo joined the company, but became a TSE Mothers in 2015 and is now a TSE Prime listed company.
 

[Hiroshi Endo "The Road to Investors"] Mr. Endo recently published "Living Freely While Investing" (Diamond) ... → Continue reading

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Mothers

TSE Mothers Market(British: Mothers,Market of the high-growth and emerging stocksThe name derived from) isTokyo Stock ExchangeFor start-up companies that was opened byStock marketIs. As of February 2022, 2, 2 companiesListingWas[1].2022/4/4Abolished in[2],JASDAQグロース市場と統合して1社の例外[3]を除いて東証グロース市場に引き継がれる[4].

Overview

Osaka Stock Exchange(CurrentOsaka Exchange) At that timeNASDAQ・ Japan (laterHercules market→CurrentJasdaqIn the form of countering (integrated into)1999/11Was opened in.same year12/22ToInternet Research Institute (IRI) and Liquid Audio Japan (currently)New Deal)ButListingBecame the first company[Annotation 1].. In addition,2013/7/16With the integration of physical market transactions with the Osaka Securities Exchange, OSE has been operating until now.JasdaqSince TSE will manage and operate the market, TSE will operate two markets for start-up companies.

Regulations regarding listing/delisting

However, TSE First Section, TSE Second Section,JASDAQCompanies that have just started a business are also newly listed because they are much looser.

Listing examination criteria include the number of shareholders, shares in circulation, years of business continuity, false statements or inappropriate opinions, etc., audited by a listed company audit office, establishment of a stock administration agency, types of stock certificates, handling by designated transfer institutions If the requirements are met, a new listing will be possible.Unlike TSE First Section, TSE Second Section, and JASDAQDebt overrunCompanies can also be listed[6].

On the other hand, Mothers-listed companies have even higher management transparency than some or two-part listed companies.DisclosureContinues to be required.マザーズ上場企業は、一部や二部で求められる法定開示やタイムリーMothers-listed companies have legal disclosure and timely requirements for some or two partsDisclosureIn addition, it is obligatory to hold disclosure of first and third quarter results and investment at least twice a year.

Companies that have applied for a new listing on Mothers after November 2020, 11 are obliged to disclose "Matters related to business plans and growth potential" at least once in one business year after listing, and the market capitalization of shares in circulation is 1 If the ratio is less than 1 million yen or the ratio of shares in circulation is less than 1%, it is required to disclose the efforts for early improvement and the progress.[7].

The delisting criteria for Mothers are the number of shareholders, the number of shares in circulation, the market capitalization of shares in circulation, the ratio of shares in circulation, the market capitalization, the stock price (only for companies listed after November 2009, 11), debt excess for the second consecutive term, and sales. High, trading volume, false statements or inappropriate opinions, etc.Special attention market stocksEtc., violation of listing contract, etc. (bankruptcy,antisocial forcesInvolvement of ), etc.[8].

The number of companies listed on the Mothers market (including companies that have changed their designation from Mothers to the First and Second Sections of the Tokyo Stock Exchange) is the second largest after the JASDAQ listed companies.Most companies have been de-designated as special caution market stocks because their internal control system has improved.Keio HoldingsとHood planet(Redesignated from Mothers to the Second Section of the Tokyo Stock Exchange) According to the examination results of the internal control system confirmationDelisted(Keio's Holdings was delisted in 2015 due to the delisting standards before the revision of the securities listing regulations, and Food Planet was delisted in 2017 after the revision of the securities listing regulations), and Food Planet was delisted 9 The bankruptcy proceedings have been decided to start one day later.

Regulations on market changes / selection

The criteria for changing the market from Mothers to the First Section of the Tokyo Stock Exchange are the number of shareholders, market capitalization of shares in circulation, market capitalization, years of business continuity, profit or sales, and consolidated net assets of 50 billion yen or more (non-consolidated debt excess). ), False statements or inappropriate opinions, etc., establishment of a stock administration agency, number of shares constituting one unit, restrictions on the transfer of shares, types of stock certificates, handling at designated transfer institutions, prospects for merger, etc. If so, it will be possible to change the market to the first section of the Tokyo Stock Exchange.The criteria for changing the market from Mothers to the Second Division of the Tokyo Stock Exchange are the number of shareholders, market capitalization of shares in circulation, years of business continuity, amount of profit or sales, amount of consolidated net assets is positive, false statement or inappropriate opinion, etc. The market can be changed to the Second Section of the Tokyo Stock Exchange if the requirements such as the establishment of shares, the number of shares constituting one unit, the restrictions on the transfer of shares, the types of share certificates, the handling at designated transfer institutions, and the prospect of implementation of mergers, etc. are met.In addition, the market change standard was standardized with JASDAQ on November 2020, 11.[9].

A listed company that changed the market from Mothers to the First and Second Sections of the Tokyo Stock Exchange after the same day due to the revision of the securities listing regulations implemented on February 2020, 2, and made a serious false statement in the application documents. When designated as a special caution market issue and when requested to submit an improvement report (excluding cases specified by the enforcement regulations), when the special caution market issue is designated and an improvement report is requested to be submitted. At the same time, due to special cases such as redesignation and market change, the market will be changed to Mothers or the market to other markets.[10].Hyas & Co.とEduLabThe two companies have been re-marketed from the First Section of the Tokyo Stock Exchange to Mothers due to special provisions such as redesignation and market changes.[11][12].

In March 2014, in order to further clarify its position as a market for growing companies with a view to stepping up to the first section of the Tokyo Stock Exchange, a market that encourages a review of delisting standards and market changes 3 years after listing. A new selection system was introduced and started to be applied.Specifically, the same delisting criteria as in the second section market are applied (companies listed on Mothers after November 10, 2009 also apply the delisting criteria based on stock prices).Choose to change to the second section market or continue listing on the Mothers marketThere is a need to.If you choose to be listed on the Second Section of the Tokyo Stock Exchange, the beginning of the fifth month from the month following the month to which the end of the fiscal year, which arrives for the first time after 10 years have passed since the listing, (the month to which the start date of the market selection period belongs) The market will change to the Second Section of the Tokyo Stock Exchange at the beginning of the following month.If you choose to continue listing on the Mothers market, you will have to choose between changing to the second section market or continuing listing on the Mothers market five years later.時価総額5億円未満の上場企業がマザーズ市場への上場継続を選択した場合は、市場選択申請書、上場企業が作成した「高い成長可能性に関する説明書面」、上場企業以外の者であって、企業価値又は株価の評価に係る専門的知識及び経験を有するものが作成した「高い成長可能性に係る確認書」の添付が義務付けられるIf a listed company with a market capitalization of less than 5 billion yen chooses to continue listing on the Mothers market, it must be a market selection application, a "statement regarding high growth potential" prepared by the listed company, or a person other than the listed company. , It is obligatory to attach a "confirmation of high growth potential" prepared by a person who has specialized knowledge and experience in valuing corporate value or stock price.[13].

The selection period is as follows.

  • Listed companies listed on Mothers by March 2004
    2014 years if the first market selection is made within 3 business days of the day following the day 3 months have passed since the end of the first fiscal year since March 10 and the company chooses to continue listing on Mothers. Later, he chose to change to the second section market or continue listing on the Mothers market.
  • Listed companies listed on Mothers since April 2004
    If you make your first market selection within 10 business days of the day following the day 3 months have passed since the end of the fiscal year to which the day 10 years have passed since listing, and choose to continue listing on Mothers, 5 Choose to change to the second section market again or continue listing on the Mothers market a year later.

Transition to new market segment

TSE announced on February 2020, 2 and July 21, 2020, an overview of the new market segment scheduled to take effect on April 7, 29.[14][7]..Regarding the transition to the new market (Prime Standard Growth), a market selection system was introduced, and the selection period was from September 2021, 9 to December 1, 12.If no application for selection is made during the selection period, the growth market will be treated as if it were selected, similar to JASDAQ growth listed companies.[15]..TSE Mothers and JASDAQ Growth A total of 460 companies, of which 459 have moved to TSE Growth, and one company (Co., Ltd.)Interspace) Selected TSE Standard[4]..EduLab, which was re-marketed to Mothers due to special provisions such as redesignation and market changes, initially selected TSE Standard, but due to the re-market change to Mothers, the application for selection to TSE Growth was re-applied. went[16].

The market choices for TSE Mothers and JASDAQ Growth listed companies are as follows.

Current listing market segmentSelect PrimeSelect StandardSelect growth
TSE Mothers
JASDAQ Growth
Examination procedure similar to initial listing
1 company selected
Market selection procedures
459 company selected

History

  • 1999/November --Opened TSE Mothers Market.
  • 2000/November --New listing system for foreign companies.
  • 2003/September 9-Start of calculation of TSE Mothers Index.
  • 2011/March --Establishment of adaptation standards 3 years after listing on TSE Mothers.
  • 2016/August 7- TSE Mothers Index FuturesListing.
  • 2022/4/4 --Abolished the TSE Mothers market[2]..The TSE Mothers Index will continue to target stocks that were previously listed on the TSE Mothers market and stocks that are newly listed on the TSE Growth market.[17]..However, the TSE Growth Market Index will be created separately from the TSE Mothers Index.[18].
  • 2023/4/3 --Abolished the TSE Mothers Core Index.[18]

TSE Mothers Index

The entire marketMarket capitalizationAs an indicator ofStock indexAsTSE Mothers IndexBut,2003/Calculated from September 9th. 16年2016月7日には、東証マザーズ指数を原資産とするOn July 19, XNUMX, the TSE Mothers Index will be the underlying asset.Stock index futuresOf the productTSE Mothers Index Futures Osaka ExchangeToListingWas done.

The Mothers Index is calculated on the First Section of the Tokyo Stock Exchange.TOPIXThe same as above, with all common stocks as constituent stocksMarket capitalization weighted average stock price indexIt is done in the form of.数値はThe numbers are2006/It peaked at 1 points on January 16th, but after thatLivedoor shockFollow the descending line,2008/On October 10, it dropped to 10 points, which was less than one-tenth of the peak at one point.The rate of increase / decrease in the stock index, which falls to less than one-tenth in less than three years, is unusual in the markets of developed countries.この要因として、マザーズにおいて圧倒的な取引額・時価総額を誇り、269.41年代半ばのマザーズのブームの牽引役であったAs a factor for this, it boasted an overwhelming transaction amount and market capitalization in Mothers, and was the driving force of the Mothers boom in the mid-10s.Live door(AfterLivedoor Holdings → LDH)ButLive door caseIn April 2006, after causing the stock price to plummet.DelistedAnd the fact that the Livedoor incident caused a deep-seated distrust of Mothers as a whole among investors and market participants.And like any other emerging market in Japan, in MothersDay traderBecause transactions by individual investors such as TSE were more active than those on the First Section of the Tokyo Stock Exchange.Subprime loan problemWhen individual investors have a loss likeProofIt is also because the environment was vulnerable to the effects of the decrease in trading volume.It had been in the 2012-point range until 300, but began to recover in 2013, and recovered to 2014 points, which was about 2006% of the peak in 4, which was in 1,000.

reliability

Even among the individual stocks that make up Mothers, companies that were newly listed in the mid-2000s of the Mothers boom were successfully raised a large amount of funds with an excessive expected price of 100 times or more of the net assets per share at the time of listing. In many cases, the highest price (sometimes the initial price) immediately after listing peaked, and then the price continued to decline.Among them, there are many stocks whose prices have fallen to about 10/1 of the temporary highest price, and even less than 100/1 of the highest price (some of which are 1 minutes). It is not uncommon for stocks to have experienced an extreme decline of 1 or less) and have seen only low price movements since then.

Listed in November 2009 after the Livedoor incidentFO eyeHowever, in reality, almost all of the amount declared as salesFinancial resultsThe stock has passed the listing examination and is listed, and this was discovered six months later.DelistedIs causing a scandal that the business will go bankrupt as soon as it is decided.Furthermore, the market was listed on April 2016 and changed to the first section of the Tokyo Stock Exchange in July 4.Hyas & Co.However, it became clear that the stock was listed and the market was changed by making false answers in the listing examination and market change application, and the market was changed to Mothers again 5 months after the market change to the First Section of the Tokyo Stock Exchange. The situation is also happening.Due to these events, the credibility of the Mothers market has been shaken by criticisms from market participants and experts that the listing examination system is not functioning properly in Mothers.

footnote

[How to use footnotes]

注 釈

  1. ^ IRI was delisted in 2007 and New Deal was delisted in 2009[5].

Source

  1. ^ Number of Listed Companies / Listed Shares | Japan Exchange Group
  2. ^ a b Review of market structure | Japan Exchange Group
  3. ^ Interspace TheTSE Standard市場を選択。
  4. ^ a b Results of selection of new market categories by listed companies | Japan Exchange Group
  5. ^ Former Liquid Audio, Delisted Mothers No. 1 Company, Both Companies Disappear
  6. ^ Overview of Listing Examination Criteria (Mothers)Japan Exchange Group (Retrieved September 2020, 11)
  7. ^ a b Revision of listing system to improve fund supply function through capital market (first revision of system related to reorganization of market segment)Tokyo Stock Exchange February 2020, 7
  8. ^ Outline of delisting criteria (Mothers)Japan Exchange Group (Retrieved September 2020, 11)
  9. ^ Market change criteria (partial and second part from Mothers)Japan Exchange Group (Retrieved September 2020, 11)
  10. ^ Partial Amendment of Securities Listing Regulations, etc. Concerning Improvement of Listing System for Improving Governance of Listed SubsidiariesTokyo Stock Exchange February 2020, 2
  11. ^ Regarding de-designation of supervised stocks (under review), designation of special caution market stocks, change of listed market (change from first section of market to Mothers) and collection of listing contract penalty: Hyas & Co., Ltd.Tokyo Stock Exchange February 2020, 11
  12. ^ Request for improvement report, change of listed market (change from market first part to Mothers) and collection of listing contract penalty: EduLab Co., Ltd.Tokyo Stock Exchange February 2022, 1
  13. ^ Selection of listed market by Mothers listed companies 10 years after listingJapan Exchange Group (Retrieved September 2018, 9)
  14. ^ Overview of new market categoriesTokyo Stock Exchange February 2020, 2
  15. ^ Partial amendment of securities listing rules, etc. due to the development of the listing system for the review of market classification (second system amendment)Tokyo Stock Exchange February 2021, 4
  16. ^ Notice regarding selection of new market category "Growth Market"EduLab February 2022, 2
  17. ^ Tokyo Stock Exchange Index Calculation Procedure (Tokyo Stock Exchange Mothers Index Edition)
  18. ^ a b Review of Stock Index | Japan Exchange Group

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