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Sat, 09/30/2023 - 06:14
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177 TSE Prime Section Firms Apply for Moves to Standard Section

   Tokyo, Sept. 29 (Jiji Press)--A total of 177 companies had applied to move from the Tokyo Stock Exchange's top-tier Prime section to the lower Standard section for midsize companies by Friday, to avoid delisting.

   The applicant firms include wig maker Artnature Inc. and casual wear retailer Right-on Co. The market shifts will be conducted on Oct. 20.

   In April 2022, the TSE realigned its four market sections into the Prime and Standard sections as well as the Growth section for startups.

   In January this year, the TSE introduced a relief measure to allow former first-section companies now listed on the Prime section to move to the Standard section without screenings between April and September this year, before the end of transitional measures in March 2025.

   Most of the companies that have applied to move to the Standard section fail to meet market capitalization criteria for shares traded on the market. For example, Artnature gave up remaining on the Prime section as the average daily trading value of its stock stands at 16 million yen, failing to clear the 20-million-yen threshold required under the new criteria.