Or this, actually:
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Wednesday, October 13, 1999
Nasdaq Japan Planning Unveils Listing Requirements
TOKYO (Nikkei)--Nasdaq Japan Planning Co. announced on Tuesday two sets of listing requirements for the new Japanese electronic stock market being planned by the U.S. National Association of Securities Dealers and Japan's Softbank Corp. (9984)
"The requirements are almost at the same level as the U.S. Nasdaq Stock Market," says Softbank's president, Masayoshi Son.
Both sets of requirements put a spotlight on market liquidity. Under the standard set, which divides companies into three levels by scale, all listing firms must have a minimum public float of 1,100 shares not held by any shareholder who controls more than 10% of the company or any director.
The total market value of a firm's public float, depending on the scale of the firm, must be a minimum 800 million, 1.8 billion or 2 billion yen.
Under the requirements for entrepreneurial companies backed by venture capital, listing companies must meet at least one of three minimum thresholds: net tangible assets of 400 million yen, market capitalization of 5 billion yen, or net income of 75 million yen. The market value of the public float must be at least 500 million yen.
(The Nikkei Financial Daily Wednesday edition) |
