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Listing on YSX takes a 7-step from advance preparation to listing date and the process takes approximately 1year and 6 months from Full-scale preparation (2nd step).
Preliminary preparation(until more than 12 months prior to the listing date)
Appointment of internal teams
An applicant company establishes internal teams to manage listing preparation.
Appointment of experts
Underwriter : To coordinate whole IPO process and underwrite offering shares
Accounting consultant : To support preparing financial disclosure documents
Independent auditor : To audit financial disclosure documents
Public and Investor relation advisor : To build a strategy and guide communications with stakeholders
To develop robust financial and business plan
To adopt leading practice of corporate governance and reporting process
To establish financial reporting procedure and to begin preparation of historical financial information
To review and implementcompliance control system
To consider and restructure the ownership structure
Full-scale preparation (6 months)
To finalize summing up historical financial information
To commence due diligence by a lead underwriter
To prepare prospectus for public offering or disclosure document for listing (DDL)
To start to commence planned financial and business plan
To make necessary restructuring of management structure
To implement financial reporting procedure
Final preparation (4 months)
Preparation for Listing examination
To start financial and legal due diligence
To complete drafting the prospectus or DDL and listing application documents
Preparation for offering shares
To prepare road show presentations for targeted potential investors
Listing examination (at least 7 weeks)
Applicant company prepares all listing application documents and submits to YSX.
The examination takes at least 7 weeks, in general but the schedule may be extended depending on the company’s situation.
Listing examination is conducted through reviewing applied documents, interviewing with staff, Auditor and company’s management and field examination as necessary.
YSX judges listing eligibility of a company in terms of meeting the listing criteria such as business and financial soundness, corporate governance and internal management system.
|Listing criteria (English)|
Model schedule of the examination (at earliest)
YSX makes an announcement of listing approval and a listing date of the applicant on YSX’s website.
Offering shares (8 weeks)
Procedure of offering shares
To lodge prospectus with SECM and to receive an approval of offering shares.
To offer shares to existing shareholders (rights offering) and general public (public offering) with providing prospectus through underwriter securities companies*.
* Multiple securities companies make up a syndicate group for offering as usual.
Dematerialization of issued shares (8 weeks)
An applicant company and securities company make necessary arrangements of confirming procedure of dematerialization of the company’s shares.
Opening securities account
Existing shareholders of an applicant company make registration of shares into a securities account in a securities company having trading qualification.
An applicant company, through securities companies, collects share certificates of existing shareholders who make registration of his/her owning shares into a securities account.
An applicant company and securities companies conduct data verification between the company’s the latest shareholders list and shareholders data registered in ICT system of securities companies.
Making a special account shareholders list
An applicant company makes a special account shareholders list for shareholders who haven’t opened a securities account made registration of owning shares by closing date set by the company.
Listing on YSX
An applicant company gets list on YSX on the listing date.
Listing & Trading Participant Department