Many thanks for attending our Listing in Tokyo Forum.

The event was enjoyed by all those who attended on the day; commenting on how they welcomed the opportunity to meet in an informal & independent forum and learn about the benefits, procedures, rules and regulations for going public in Japan.

Special thanks to our hosts Reed Smith and the Japan Exchange Group, and our speakers from the Tokyo Stock Exchange, Deloitte, Mizuho Securities, Mori Hamada & Matsumoto and Reed Smith; without their support, this event would not have been possible.

We look forward to seeing you again soon!

Best Regards
Centillion Forums
T 852 2521 6505

Reed Smith Office, San Francisco


101 Second Street, Suite 1800, San Francisco, CA 94105, United States


Tel: +1 415 543 8700


Listing in Tokyo Forum
Tuesday 10th October, 2017
Reed Smith Office, San Francisco





Keynote Address


Hidetoshi Nagata

General Manager, Head of Listings

Tokyo Stock Exchange


– Global position of TSE
– Key Features of TSE IPO market
– Listing process & Requirements
– Case study


Key points and procedures for TSE listing


Naoki Shibuya

Vice President, Technology, Media & Telecom Investment Banking, Global Investment Banking Division

Mizuho Securities


Legal Aspects of a Tokyo Listing


Masakazu Kumagai


Mori Hamada & Matsumoto


Legal Aspects for US companies looking to list overseas


David Mittelman


Reed Smith


– US Advantages Liquidity Profile Governance

– US Disadvantages Complex Regulation Liability

– Reasons to list outside the US

– Profile Cross-listing Non-US IPO

– Considerations Tax Treatment of US persons

– SEC Reach Public if too many US shareholders Foreign private issuers

– Regulation S Offerings outside the US Rule 144A

– Shares Rule 144 Flowback of shares

– Liability US regime Extra-territorial reach of US courts


Accounting aspects of a Tokyo Listing


Hirohisa Kato


Deloitte Touche Tohmatsu


– Summary of Statutory Requirements

– Financial Statement

– Audit

– SOX Audit (Audit of Internal Control)

– Quarterly Reviews

– Other

– Profile of Tohmatsu Group and Deloitte Group






Forum Close




Hidetoshi Nagata

General Manager, Head of Global Listings

Tokyo Stock Exchange

Hidetoshi Nagata is a General Manager and the Head of Global Listings in Tokyo Stock Exchange. He has led a marketing division for Japanese and foreign issuers in Tokyo Stock Exchange since June 2012. He has taken a significant role in marketing activities of domestic and international IPOs. He covers companies in North America, South Korea, Greater China, SE Asia, India and Europe. His division achieved continuous increasing of IPOs on Tokyo Stock Exchange.


He joined Tokyo Stock Exchange in April 1995. Prior to taking current position, he was involved in listing examination of several foreign companies and more than a hundred of Japanese companies during his seven years from 2002 through 2009 in Listing Examination Department of Japan Exchange Regulation. He also worked for Japan Securities Depository Center, Inc. (JASDEC) from 2009 through 2012.


Masakazu Kumagai


Mori Hamada & Matsumoto

Masakazu Kumagai specialises in capital markets (in particular, equity public offerings and PIPEs and other private placement deals) as well as M&A and private equity fund matters. Leveraging on his broad range of expertise, he has extensive experience in handling matters involving TSE-listed foreing issuers, such as the first-completed inversion by a TSE-listed US company (Acucela Inc.) redomiciling into Japan.


He is a graduate of the University of Tokyo (LLB, 2004) and the University of Chicago Law School (LLM, 2011). He worked at the Ministry of Economy Trade and Industry (from 2007 to 2009), where he played a policy-making role primarily in the areas of M&A and corporate governance. He also worked at Shearman & Sterling in New York (from 2011 to 2012).


David Mittelman


Reed Smith

David joined Reed Smith in 2006 after seven years in the Division of Corporation Finance of the Securities & Exchange Commission. David’s practice involves advising companies, directors, officers, funds, and investors on securities transactions, corporate governance, and SEC issues. His experience includes public capital market offerings, venture capital financings, mergers and acquisitions, internal investigations, and domestic and global regulatory compliance. David is a member of Reed Smith’s Corporate & Transactional Advisory Group. He previously served as deputy leader of Reed Smith’s Securities and Capital Markets team. He also is a part of Reed Smith’s Global Regulatory Enforcement practice.

Naoki Shibuya

Vice President, Technology, Media & Telecom Investment Banking, Global Investment Banking Division

Mizuho Securities  

Joined Mizuho Securities in 2004.  From 2004 – 2008, specialized in a full range of IPO businesses  at IPO Dept., and involved in a number of deals as key project member. Transferred to Capital Markets Group in 2008. Seconded  to Mizuho International (London), and involved in various financing deals including FO by Mizuho Financial Group, IPO by The Dai-ichi Life Insurance. Returned  to Tokyo in 2011, led the expansion of  IPO services  in Mizuho Financial Group while being involved in equity financing deals. Assigned to the current positon as Telecom Media and Technology Coverage in April 2017.


Hirohisa Kato

Audit Partner

Deloitte Touche Tohmatsu

Hirohisa has 24 years of experience serving Japanese-owned companies with Deloitte Touche Tohmatsu in Japan and the United States of America.

He worked at Deloitte Dallas office through 2002 to 2007. For the period he served  as an audit manager and also was the liaison between clients and Deloitte professional services teams assembled for resolving tax related issues, transfer pricing, or assisting M&A transactions or reorganizations.

Based on his back ground above, he is currently specialized in providing  attest services to cross-border clients, which achieved or are preparing IPO in US, Taiwan, Korea, Singapore and Japan.

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