Examples of Initiatives by Growth Market-Listed Companies That Were Well Received by Investors - Appendix 6 - Purpose and How to Use It

Sep 10, 2026

A curated compilation of initiatives that investors have evaluated as effectively meeting expectations for Growth Market-listed companies. It explains the document’s purpose for executives, IR and planning teams, and provides a step-by-step approach to understand investor expectations and refine company initiatives for high-growth management. The framework emphasizes communicating vision, concrete equity stories, growth investment over short-term dividends, and continuous disclosure of growth targets, KPIs, and progress to build investor trust.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages52

Reading Time2 h 11 min

AccessFree to download

Introduction

Purpose of This Document and How to Use It

Investors’ Expectations for Growth Market-Listed Companies

Examples of Initiatives by Growth Market-Listed Companies

Document 1-Appendix 6 Examples of Initiatives by Growth Market-Listed Companies That Were Well Received by Investors Listing Department Tokyo Stock Exchange, Inc. December 26, 2025 * The examples presented in this document are provided solely for informational purposes to serve as a reference for listed companies seeking to achieve high growth. They are not intended to solicit investment in specific stocks or for any other purpose. © 2025 Japan Exchange Group, Inc., and/or its affiliates Index Introduction ・・・・・・・・・・・・・・・・・・・・ Page 2 Ⅰ . Investors’ Expectations for Growth Market-Listed Companies ・・・・ Page 3 \#1 \#2 \#3 \#4 \#5 \#6 \#7 We want companies to present a vision and strategy that inspires confidence in the sustainability and acceleration of growth We want companies to present a concrete and compelling equity story At this stage of growth, what we expect from companies is growth investment rather than dividends We want companies to make growth investments without being overly concerned about short-term losses We want companies to rebuild their growth strategies, including inorganic growth strategies such as M&A We want companies to target investors suited to their growth stage and conduct effective information disclosure and IR activities Continuous disclosure of growth targets, KPIs, and their progress will build investors’ trust Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Ⅱ . Examples of Initiatives by Growth Market-Listed Companies ・・・・・ Page 11 © 2025 Japan Exchange Group, Inc., and/or its affiliates 1 Introduction—Purpose of This Document and How to Use It Purpose of this document ◆ This document is a compilation of examples of initiatives that investors have evaluated as effectively meeting their expectations for Growth Market-listed companies based on feedback received from investors and other stakeholders. * ◆ Its purpose is to serve as a reference for executives, IR personnel, planning departments, and other related parties at companies listed on the Growth Market as they promote “management that strives for high growth.” * Institutional investors with a medium-to long-term perspective who primarily invest in growth stocks and small-to mid-cap stocks, as well as startup-related parties How to use this document Step 1. Understand investors’ expectations Understand the gap between investors’expectations for Growth Market-listed companies and the executives’mindset, and review your company’s initiatives | Chapter 1
Investors’ Expectations for Growth Market-Listed Companies | | | --- | --- | |
From page 3 | | * Prepared based on feedback from institutional investors with a medium-to long-term perspective who primarily invest in growth stocks and small-to mid-cap stocks, and published in September 2025 © 2025 Japan Exchange Group, Inc., and/or its affiliates Step 2. Look into and refine initiatives Refer to examples of initiatives that meet investors’ expectations and advance initiatives for high growth | Chapter 2
Examples of Initiatives by Growth Market-Listed Companies | | | --- | --- | |
From page 11 | | 2 Ⅰ . Investors’ Expectations for Growth Market-Listed Companies © 2025 Japan Exchange Group, Inc., and/or its affiliates Investors’ Expectations \#1 Investors’ Expectations \#1 We want companies to present a vision and strategy that inspires confidence in the sustainability and acceleration of growth Executives’ mindset that is not aligned with investors’ expectations Sales and profits are steadily growing, but this is not reflected in the stock price and investors are not being rewarded ◆ In the case of growth companies, especially small- and mid-cap stocks, investors seek higher growth rates (in terms of sales, profits, etc.) than for large-cap stocks, and are not interested in growth rates that are comparable to those of large-cap stocks. For examp

FAQs

What is the purpose of this document for Growth Market-listed companies?

It compiles examples of initiatives investors judged as effectively meeting expectations for Growth Market-listed companies. It serves as a reference for executives, IR staff, and planning teams promoting high-growth management.

How should companies approach using the document?

First, understand investor expectations and review the gap versus the company’s mindset. Second, study the initiative examples that meet these expectations and refine the company’s own initiatives for high growth.

What do investors expect regarding growth at this stage?

Investors expect companies to focus on growth investment rather than dividends and to communicate how growth will be sustained or accelerated. They also value concrete equity stories and continuous disclosure of growth targets, KPIs, and progress.

Sep 10, 2026

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