From the 71 issues disclosed on 16 September 2026, 20 were carefully selected for having substantive businesses and the potential to trigger a stock price response. Failing to meet listing maintenance criteria is not the end for shareholders, but a trigger for corporate restructuring.
The list of issues subject to an improvement period published by Japan Exchange Group includes companies that fail to meet listing maintenance criteria and are required to improve within a specified period. This article focuses on 20 of those issues whose businesses are clearly substantive and which may have the potential to prompt a response in the stock market. The reference date and improvement deadline vary by issue, but companies that fail to meet the criteria by the end of September 2026 may be forced to change market segments.
Most of the issues selected fall short of the Prime Market’s free-float market capitalization requirement, and attention is increasingly focused on their stock price movements as the end of the improvement period approaches. Moves from the Prime Market to the Standard Market are occurring one after another, and the number of companies choosing to delist is also expected to rise. In fact, the number of TOB deals has reached its second-highest level on record, and capital policy remains a key focus for shareholders.
Looking ahead, the listing maintenance criteria for the Growth Market itself are scheduled to be reviewed in 2030, with an increase in the market capitalization threshold under consideration. The period allowed for improvement is already being shortened, and for issues subject to an improvement period, IR disclosures around the deadline will provide investors with information on which to base their decisions. This article uses primary information to identify 20 of the 71 companies that may see their share prices respond if they make a move.
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