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    8697   JP3183200009

JAPAN EXCHANGE GROUP, INC.

(8697)
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Delayed Japan Exchange  -  05/20 02:00:00 am EDT
1885.00 JPY   +3.60%
05/20MAY 20, 2022TSE DESIGNATION OF SECURITIES UNDER SUPERVISION (CONFIRMATION) : Mutual Corporation
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05/20MAY 20, 2022OSE SPECIAL QUOTATIONS UPDATED (CONTRACT MONTH : 3rd week May 2022): Nikkei 225
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05/18MAY 18, 2022OSE SPECIAL QUOTATIONS UPDATED (CONTRACT MONTH : May 2022): TAIEX
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Tokyo bourse chief says SPACs possible in Japan but only with safeguards

01/20/2022 | 12:38am EDT
FILE PHOTO: TV camera men wait for the opening of market in front of a large screen showing stock prices at the Tokyo Stock Exchange in Tokyo

TOKYO (Reuters) - Japan could open up to blank-cheque listings but with its own safeguards for investors, the head of the Tokyo bourse said, as the government scrambles to grow startup firms as a way to revitalise the world's third-largest economy.

The Tokyo Stock Exchange (TSE) has set up a study group to discuss the possibility of allowing SPACs, or special purpose acquisition companies. The vehicles raise money in an initial public offering (IPO), put it in a trust and then aim to merge with a private company and take it public.

"I think it's possible to introduce a SPAC listing scheme (in Japan)," Hiromi Yamaji told Reuters in an interview.

"But we'll need our own rules to protect investors," he said, adding that a U.S.-style SPAC regime wouldn't work in Japan due to a limited pool of investors willing to take risks in startups.

Rival Asian financial hubs Singapore and Hong Kong have recently opened up to SPACs, though the pace of capital raising through SPACs in the U.S. has fizzled out due partly to a regulatory crackdown.

Yamaji said how to involve institutional investors in the SPAC framework would be key to making it work in Japan. The TSE's study group is likely to compile a report in a few months wrapping up the current discussions, he said.

From the perspectives of startups, it will be better to have diversified fund-raising routes including SPACs, Yamaji said.

The TSE, which is owned by Japan Exchange Group Inc, discussed a potential SPAC scheme back in 2008, but concluded at that time that there would be little demand for such vehicles in Japan.

The SPAC talks revived last year as the government placed support for startups as one of policy initiatives to promote innovation.

Japan has less than a dozen unicorns - startups with a valuation in excess of $1 billion - partly because the relaxed listing criteria of the Tokyo bourse's emerging market section allows startups to go public in their early stages.

(Additional reporting by Mayu Sakoda,; Daniel Leussink, Scott Murdoch and Alun John; Editing by Kim Coghill)

By Makiko Yamazaki and Yuki Nitta


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FOR STARTUPS, INC. 1.77% 1781 Delayed Quote.-59.01%
JAPAN EXCHANGE GROUP, INC. 3.60% 1885 Delayed Quote.-25.14%
MSCI SINGAPORE (GDTR) 1.76% 5645.21 Real-time Quote.-11.35%
NITTA CORPORATION 0.73% 2774 Delayed Quote.-5.87%
All news about JAPAN EXCHANGE GROUP, INC.
05/20MAY 20, 2022TSE DESIGNATION OF SECUR : Mutual Corporation
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05/20MAY 20, 2022OSE SPECIAL QUOTATIONS U : 3rd week May 2022): Nikkei 225
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05/18MAY 18, 2022OSE SPECIAL QUOTATIONS U : May 2022): TAIEX
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05/16MAY 16, 2022TOCOM FINAL SETTLEMENT P : June 2022): LNG (Platts JKM)
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05/11MAY 11, 2022OSE SPECIAL QUOTATIONS U : May 2022): Nikkei 225 VI
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05/06MAY 06, 2022OSE SPECIAL QUOTATIONS U : 1st week May 2022): Nikkei 225
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05/02MAY 02, 2022OSE SPECIAL QUOTATIONS U : April 2022): FTSE China 50 Index
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04/28APR. 28, 2022OSE SPECIAL QUOTATIONS : 5th week April 2022): Nikkei 225
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04/27Japan Exchange's Attributable Net Income Falls 3% in FY22 on Higher Operating Expenses
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04/27Nikkei 225 Down 1.2% on Wall Street Cues, Pandemic
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Financials
Sales 2022 136 B 1 060 M 1 060 M
Net income 2022 50 250 M 393 M 393 M
Net cash 2022 99 243 M 776 M 776 M
P/E ratio 2022 19,9x
Yield 2022 3,82%
Capitalization 994 B 7 777 M 7 777 M
EV / Sales 2022 6,60x
EV / Sales 2023 6,10x
Nbr of Employees 1 197
Free-Float 96,7%
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Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 1 885,00 JPY
Average target price 2 397,50 JPY
Spread / Average Target 27,2%
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Managers and Directors
Akira Kiyota Group Chief Executive Officer & Director
Atsushi Tabata Chief Financial Officer & Head-Investor Relations
Hiroki Tsuda Chairman
Ryusuke Yokoyama Chief Information Officer & Head-IT Planning
Koichiro Miyahara Group Co-COO & Director
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