Houyou Inc (562A) First Day Listing Matching Mechanism
Summary
Houyou Inc. (code: 562A) will be listed on the Tokyo Stock Exchange on April 24. The exchange has published the special matching mechanism to apply until the initial price is determined, using a JPY 1,000 order book center price (valuation) with an upper limit of JPY 2,300 (230%) and a lower limit of JPY 750 (75%). Special bid quotes will be raised by JPY 50 at 10-minute intervals up to the upper limit or until an initial price is determined. Market orders are prohibited for first-time listed issues on the listing date, and daily price limits do not apply until the initial price is determined.
Brokers and trading system operators handling TSE-listed IPOs should confirm that their order matching logic accommodates the special first-day dual-limit mechanism: JPY 50 quote renewals at 10-minute intervals up to JPY 2,300, with same-session instant matching permitted within the special quote renewal price interval. This differs from standard continuous-quote price continuity rules.
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What changed
Houyou Inc. (562A) will be listed on the Tokyo Stock Exchange on April 24 under a special first-day matching mechanism. The order book center price is set at JPY 1,000 with an upper limit of JPY 2,300 (230%) and a lower limit of JPY 750 (75%). Special bid quotes renew in JPY 50 increments every 10 minutes up to the upper limit until an initial price is determined. Daily price limits do not apply until the initial price is set.
Broker-dealers and investors trading TSE-listed IPOs should note that market orders are prohibited on the listing date for first-time issues, and that matching may execute instantly within the special quote renewal price interval. Trading systems handling new listings should accommodate the dual-limit mechanism and 10-minute quote renewal intervals described above.
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Apr 23, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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- Market News Update : Apr. 23, 2026 # Market News
Apr. 23, 2026 TSE Matching Mechanism for the First Day of Listing: Houyou Inc.
Post Houyou Inc. (code: 562A) will be listed on Apr. 24.
The matching mechanism to be applied to Houyou Inc. until the initial price is determined is shown below.
This special matching mechanism is applied to first-time listed issues until its initial price is determined.
Order book center price
JPY 1,000 (valuation)Quote renewal
(1) Initial special quote
An initial special (bid or ask) quote will be indicated at the order book center price.
*) If there is a matching quote within the special quote renewal price interval from the order book center price at the beginning of trading session, matching will occur instantly.
(2) Upper limit
Upper limit price: JPY 2,300 (230% of the order book center price)
Quote renewal: JPY 50 (5% of the order book center price) in 10-minute intervals
A special bid quote will be raised by JPY 50 at intervals of 10 minutes up to JPY 2,300 or until an initial price is determined.
*1) Trading may be executed if a matching quote is within the range of the special quote renewal price interval.
*2) If the calculated price of the next special bid quote to be shown is less than the next tick, a special bid quote may be rounded up to the price of the next tick.
*3) If the regular special quote renewal price interval is larger than the above renewal price interval, such quote will be renewed at the normal price and time intervals.
*4) The cap for the initial price is the above upper limit price plus the regular renewal price interval.
(3) Lower limit
Lower limit price: JPY 750 (75% of the order book center price)
Quote renewal: Regular renewal price and time intervals
A special ask quote is renewed in the same way as other issues, that is, based on the same price and time intervals.
*) The floor for the initial price is the above lower limit price less the regular renewal price interval.
Daily price limits
The daily price limits will not apply until the initial price is determined.
Once the initial price is determined, the daily price limits will apply with the initial price set as the base price.Acceptable order price range
Between JPY 250 (25% of the order book center price) and JPY 4,000 (400% of the order book center price)
Once the initial price is determined, the daily price limits will apply with the initial price set as the base price.Prohibition of market order
For issues listing for the first time, buy and sell market orders will be prohibited in transactions carried out on the listing date.
If no trades are executed on the initial listing date, buy and sell market orders will be prohibited until the day on which the initial price is determined.
DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange, Inc., Japan Exchange Group, Inc., and/or Japan Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.
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Tokyo Stock Exchange Inc. Equities Department (Trade Supervision Group)
TEL:+81-3-3666-0141
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