US IPO

SPAC Raises Funds 100 Times Larger Than the Entire Tokyo Stock Exchange

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What is a SPAC? Evo Acquisition, a blank check company targeting the tech and financial industry, on February 9th raised approximately $109 million.  Following the surge of IPOs by other black check companies, Evo Acquisition plans to list on the Nasdaq under the symbol of EVOJU. Evo Acquisition is a special purpose acquisition company (SPAC), which their sole objective is to acquire startup companies rather than owning their own commercial operations. As an alternative name “blank check company” suggests, a SPAC is not an ordinary type of company; and it has gain popularity over recent years. How They Work SPACs generally collect capitals from their investors through utilizing the reputable foundation of well-known private investors and sponsors, whom are part of the management, in order […]

Disclosures

Mandatory English Financial Disclosures Coming to the Tokyo Stock Exchange

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Starting with English disclosures of quarterly financial information A Nikkei article on March 15, 2019 caught our attention. “Tokyo Stock Exchange to reduce first section listings by 30% – Market cap requirement to be raised and English disclosures mandated” https://asia.nikkei.com/Business/Markets/Tokyo-Stock-Exchange-to-reduce-first-section-listings-by-30 There is an ongoing deliberation at the Tokyo Stock Exchange to reduce the number of companies listed on the first section and to restructure its other existing markets (second section, Jasdaq, Mothers). According to the article, the new first section will require companies to maintain a market cap of 25 billion yen (currently 2 billion yen) and also mandate quarterly financial disclosures in English. Only 35% of companies listed on the first section are currently providing disclosures in English. It is still unclear when the […]

US IPO

A Guide to the US Capital Markets for Japanese Companies Vol.1

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(last updated at February 4, 2021) NTT DoCoMo and Kyocera delisting from NYSE in 2018 In April 2018, NTT DoCoMo delisted its ADR from the New York Stock Exchange (NYSE).  This follows Nippon Telegraph and Telephone Corporation’s (NTT) (holding company of the NTT Group) delisting from the NYSE in April 2017.  In February 2018, Kyocera announced that it was also delisting from the NYSE, which is expected to be completed by September of the same year.  NTT DoCoMo, as a reason for deciding to delist from NYSE, said, “the external environment has significantly changed as indicated by the increases in trading volume of Japanese stocks through stock exchanges in Japan by overseas investors due to the internationalization of the Japanese financial and capital markets, as […]

Tax

Hot Off the Press! “R&D Tax Credits in Japan”

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Indoor workspace

I was doing some research on research and development (R&D) tax credits in Japan and wrote up a piece while I was at it. Send us a quick email from the CONTACT page if you would like a PDF version. Want to know if you have any R&D costs that are eligible for the tax credit? We can have our tax lawyers do a quick desktop review for you. You know where to go to reach out to us!

Cryptocurrencies

Accounting Standards Board of Japan Releases Exposure Draft on the Accounting for Virtual Currencies

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Bitcoin pic

We posted an analysis of the Exposure Draft on the Accounting for Virtual Currencies released by the ASBJ  on our Japanese blog, which can be viewed here. This could very well be the first official stab an accounting standard-setting body has taken in outlining the accounting rules for cryptocurrencies. If you would like a full English translation of this post, please submit a request through our CONTACT page!   Let Us Take Care of Your Cryptocurrency Related Needs Businesses involved in the business of trading currencies in Japan (such as exchanges) are required to obtain a license from the Financial Services Agency. At Quantum Accounting Inc., we can support you with all your accounting related needs related to cryptocurrencies. Please feel free to contact us through our CONTACT page.     […]

IPO

Hot Off the Press! “IPO in Japan (For Start-ups)”

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IPO in Japan 2

I just wrote up a piece for start-up companies thinking of going IPO in Japan. Growth stage start-ups are a good match with the Mothers Market so I summarized the recent trends and listing requirements, focusing on Mothers. Send us a quick email from the CONTACT page if you would like a PDF version. This document will be periodically updated with fresh content so let us know if there’s a certain topic you are interested in. On a side note, I ran out of juice after finishing this English version so currently, there is no Japanese version available. Let me know if you need one in Japanese, I’ll be glad to right one up for you!

US GAAP

SEC proposed changes to Regulation S-K

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SEC regulation s-k

  SEC proposed changes to Regulation S-K Summarized to the Bits SEC issued proposed changes to Regulation S-K. This proposal does not change significantly the current disclosure requirement, however, this revision of Regulation S-K includes a number of minor revisions and thus it is the most extensive revision in 30 years since its issuance. It seems that the most significant influence the proposed changes may have in actual practice is regarding the disclosure of Management’s Discussion and Analysis (MD&A), while the comparison period is shortened, it is expected that further enhancement of disclosure content is required. We posted an analysis of the proposed changes on our Japanese blog, which can be viewed here. If you would like a full English translation of the post in […]