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This page explains risk information regarding direct listings provided by Japan Exchange Group. A direct listing refers to a new listing without a public offering or secondary offering. Compared to typical IPOs, direct listings carry liquidity risks due to potentially skewed stock distribution. The exchange requests that newly listed companies and lead underwriters develop countermeasures for these risks and disclose relevant information in securities reports. Investors should carefully review company disclosure materials to fully understand these risks before investing in direct listing companies.