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Nikkei to revise rule to address spinoff listings in Nikkei 225
TOKYO -- Nikkei announced on Monday a proposed revision to the methodology of the Nikkei 225 to address cases in which constituent companies list subsidiaries or business units through spinoffs. The proposed change is designed to preserve index continuity during such corporate actions.
Under the proposal, a spun-off entity would be temporarily included in the index calculation from the ex-rights date until its official listing on the Tokyo Stock Exchange. Because the spun-off company will not have a market price prior to listing, the offering or reference price would be used for index adjustment. The entity would then be removed from the index on the business day following its listing.
Nikkei is inviting public feedback on the proposal through its official Nikkei Index website until the end of June. The results of the consultation are expected to be published in July.
The revision was prompted by Sony Group's plan to spin off its financial services arm Sony Financial Group via a direct listing scheduled for September.
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