[Sapporo Securities Exchange] New “Sapporo PRO Frontier Market”

On December 19, 2025, the Sapporo Securities Exchange (SSE) held a press conference to announce that it is preparing to establish the “Sapporo PRO Frontier Market.” This new equity market for professional investors is designed to offer a new market option for unlisted companies, such as growth-oriented startups. The market is scheduled to open following a public comment period ending on January 18 next year.

Currently, the SSE operates the “Main Market,” the “Ambitious Market” for small and medium-sized enterprises, and the “Hokkaido ESG Pro-Bond Market,” a bond market for professional investors specializing in ESG bonds that opened in September this year. This new market will become the fourth market following these.
For listings on this market, numerical criteria such as the number of shareholders and market capitalization will not be established. By setting more flexible requirements compared to existing markets, the initiative is expected to create an environment where emerging companies can list more easily.

Furthermore, the market is aligned with the regional initiatives of the “Special Zone for Financial and Asset Management Businesses specialized in GX” promoted by Team Sapporo-Hokkaido. Plans include introducing unique mechanisms, such as preferential listing fees for companies engaged in businesses related to renewable energy and semiconductors.

The new market is expected to facilitate fundraising for startups leveraging regional strengths, support the growth of companies contributing to the Hokkaido economy, and lead to the revitalization of key industries within Hokkaido.