The number of companies delisted from the Tokyo Stock Exchange (TSE) in 2026 is on track to set a record high for the third consecutive year. As of September 4, 128 companies have been delisted or are preparing to delist, surpassing the 125 companies in all of 2025. There are also 29 companies under watch, of which 28, or about one-fifth, have turned to funds to transition to unlisted status, aiming to simplify shareholder structures and enable faster management decisions, especially under pressure from activist investors. For example, Mamezo, a startup that listed on the TSE Growth market in June 2024, chose to partner with EQT and go private to invest in AI businesses without being constrained by short-term earnings. The TSE's market restructuring in April 2022, which reduced the number of boards from four to three and introduced stricter market capitalization criteria, has led to 10 companies that fail to meet the criteria being delisted on October 1, with more expected in 2027. As of the end of August, the TSE had 3,705 listed companies, down from 3,782 at the end of 2025 and 4% below the peak at the end of 2023, marking the lowest level in seven years. Meanwhile, the number of IPOs in the first eight months of this year stands at 22, down from the same period last year.
EQT CorporationEQT is named as the private-equity partner taking Mamezo private, a deal mention but no clear positive/negative for EQT itself.
Mamezo is going private via EQT to invest in AI without short-term earnings pressure, a strategic delisting move with mixed implications.
