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    Berita Fenomena Jepang

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    Anya Forger
    Japan's antitrust regulator warned brokerages against intentionally underpricing IPOs, as this harms startups and goes against the government's goal of promoting economic revival by supporting startups. The regulator did not find specific cases of underpricing but may recommend improving the price setting process based on input from startups and brokers. Improving the listing process and allowing more pricing flexibility could be suggested.

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    Berita Fenomena Jepang

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    Anya Forger
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    Japan's antitrust regulator warned brokerages against intentionally underpricing IPOs, as this harms startups and goes against the government's goal of promoting economic revival by supporting startups. The regulator did not find specific cases of underpricing but may recommend improving the price setting process based on input from startups and brokers. Improving the listing process and allowing more pricing flexibility could be suggested.

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    Berita fenomena Jepang

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    Japan's antitrust regulator warned brokerages against intentionally underpricing IPOs, as this harms startups and goes against the government's goal of promoting economic revival by supporting startups. The regulator did not find specific cases of underpricing but may recommend improving the price setting process based on input from startups and brokers. Improving the listing process and allowing more pricing flexibility could be suggested.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    20 views3 pages

    Berita Fenomena Jepang

    Uploaded by

    Anya Forger
    Japan's antitrust regulator warned brokerages against intentionally underpricing IPOs, as this harms startups and goes against the government's goal of promoting economic revival by supporting startups. The regulator did not find specific cases of underpricing but may recommend improving the price setting process based on input from startups and brokers. Improving the listing process and allowing more pricing flexibility could be suggested.

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    Japan antitrust watchdog warns

    brokerages against IPO underpricing


    By Makiko Yamazaki

    FILE PHOTO - Monitors displaying the stock index prices and Japanese yen exchange rate against the
    U.S. dollar are seen after the New Year ceremony marking the opening of trading in 2022 at the Tokyo
    Stock Exchange (TSE), amid the coronavirus disease (COVID-19) pandemic, in Tokyo, Japan January 4,
    2022. REUTERS/Issei Kato

    TOKYO, Jan 28 (Reuters) - Japan's antitrust regulator on Friday said brokerages could
    be acting illegally if they knowingly underprice initial public offerings (IPO), a practice
    detrimental to startups upon whom the government is relying to help stoke economic
    revival.

    The Fair Trade Commission (FTC) targeted price-setting procedures to address


    concern that IPOs can be underpriced to increase the chance of share prices jumping
    on trading debuts to the benefit of brokerage clients but at the cost of startups.

    The warning comes as the government works to promote startups as it searches for
    ways of revitalising the world's third-largest economy, where there are less than a dozen
    unicorns, or new firms with valuations in excess of $1 billion.
    The FTC in a report said lead underwriters could cause antitrust concern if they use
    their superior bargaining position to unilaterally set IPO prices low.

    But the report, based on findings from FTC surveys and interviews with startups and
    brokerages, showed the regulator had not found any specific cases of such practice.

    The Japan Securities Dealers Association, a brokerage industry group, is reviewing the
    price-setting process in response to the issue which was initially raised by startups. read
    more

    The group will probably make recommendations in February, Toshio Morita, chief
    executive of the industry group and the former head of Nomura Holdings
    Inc's (8604.T) main securities arm, said last week.

    Recommendations could include shortening the listing process and allowing more
    flexibility in the price-setting mechanism, Morita said.

    On the Tokyo Stock Exchange's Mothers market for startups, it is not uncommon to see
    shares debut at prices far higher than IPO prices, leaving some startups questioning
    whether IPO prices are set excessively low.

    Brokerages attribute the wide gaps to high volatility in the Mothers market, where prices
    of shares in unproven firms with very small market capitalisations tend to swing wildly.

    Reporting by Makiko Yamazaki; Additional reporting by Mayu Sakoda; Editing by Christopher


    Cushing
    Regulator antimonopoli Jepang pada hari Jumat mengatakan bahwa para pialang dapat bertindak secara
    ilegal jika mereka dengan sengaja menurunkan harga penawaran umum perdana (IPO), sebuah praktik
    yang merugikan perusahaan-perusahaan rintisan yang diharapkan oleh pemerintah untuk membantu
    mendorong kebangkitan ekonomi.

    Fair Trade Commission (FTC) menargetkan prosedur penetapan harga untuk mengatasi kekhawatiran
    bahwa IPO bisa jadi terlalu murah untuk meningkatkan peluang lonjakan harga saham saat debut
    perdagangan demi keuntungan klien pialang, namun dengan mengorbankan perusahaan-perusahaan
    rintisan.

    Peringatan ini muncul ketika pemerintah berupaya mempromosikan perusahaan rintisan sambil mencari
    cara untuk merevitalisasi ekonomi terbesar ketiga di dunia ini, di mana terdapat kurang dari selusin
    unicorn, atau perusahaan baru dengan valuasi lebih dari $1 miliar.

    Asosiasi Dealer Sekuritas Jepang, sebuah kelompok industri pialang, sedang meninjau proses penetapan
    harga sebagai tanggapan atas masalah yang awalnya diangkat oleh perusahaan rintisan. read more

    Grup ini mungkin akan membuat rekomendasi pada bulan Februari, Toshio Morita, kepala eksekutif grup
    industri dan mantan kepala cabang sekuritas utama Nomura Holdings Inc (8604.T), mengatakan minggu
    lalu.

    Rekomendasi-rekomendasi yang diberikan dapat mencakup memperpendek proses pencatatan dan


    memberikan fleksibilitas yang lebih besar dalam mekanisme penetapan harga, kata Morita.

    Di pasar induk Bursa Efek Tokyo untuk perusahaan-perusahaan rintisan, tidak jarang kita melihat saham-
    saham debut dengan harga yang jauh lebih tinggi daripada harga IPO, membuat beberapa perusahaan
    rintisan mempertanyakan apakah harga IPO ditetapkan terlalu rendah.

    Para pialang mengaitkan kesenjangan yang lebar dengan volatilitas yang tinggi di pasar Ibu Kota, di
    mana harga saham perusahaan yang belum terbukti dengan kapitalisasi pasar yang sangat kecil
    cenderung berayun dengan liar.

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