东京讯 -- 一家由日本顶级金融集团支持的证券公司将在海外市场经纪日本初创企业及其他公司的非上市股份交易，帮助新兴企业在上市前实现足够的规模和盈利能力。
TOKYO -- A securities firm backed by Japan's top financial groups will broker trading in unlisted shares of Japanese startups and other companies in overseas markets, helping emerging businesses achieve sufficient size and profitability before going public.
日本初创企业往往在尚未积累显著企业价值时就选择上市，以便创始人和投资者收回资金。上市后，许多企业未能带来可观收益或提升股价，也未成为经济增长的引擎。许多具有中长期投资视野的海外机构投资者将为非上市股份提供出口，帮助初创企业避免失去发展势头。
Japanese startups often go public before they have accumulated significant corporate value so that founders and investors can recoup their capital. After listing, many fail to bring in substantial earnings or raise the value of their shares, and they do not become engines of economic growth. Overseas institutional investors, many of which invest with medium- to long-term horizons, will provide an outlet for unlisted stocks, helping startups to avoid losing momentum.
总部位于东京的HiJoJo Partners将于年内开始经纪交易。该公司已获得日本最高金融监管机构金融厅于2025年设立的特别框架授权，以促进非上市股份交易。它将成为首家在海外市场经纪此类交易的日本金融机构。
Tokyo-based HiJoJo Partners will begin brokering transactions by year-end. The company has received authorization under a special framework created in 2025 by the Financial Services Agency, Japan's top financial regulatory body, to promote trading in unlisted stocks. It will be the first Japanese financial institution to broker such transactions on overseas markets.
股份将在全球最大的非上市股份市场纳斯达克私有市场，以及主要专注于欧洲市场的英国Venturebeam平台上交易。美国富达投资和新加坡政府投资公司等主要机构投资者活跃于这些市场。
The shares will be traded on the Nasdaq Private Market, the world's largest market for unlisted shares, and on the U.K.'s Venturebeam, a platform focused mainly on Europe. U.S.-based Fidelity and Singapore's GIC are among the major institutional investors active in these markets.
HiJoJo将把寻求出售持股的初创企业创始人和基金与机构投资者对接。它还将经纪大学捐赠基金等投资了教育机构孵化初创企业的实体所持股份的出售。在就企业的资本策略、股东构成及其他偏好进行磋商后，它将就合适的定价和潜在买家提供建议。HiJoJo还将处理大型企业寻求分拆内部初创企业的需求。
HiJoJo will connect startup founders and funds seeking to sell their shareholdings to institutional investors. It will also broker sales of shares held by university endowments and other entities that have invested in startups launched out of educational institutions. After consulting with companies about their capital strategies, shareholder composition and other preferences, it will advise them on appropriate pricing and potential buyers.
非上市股份交易在全球范围内激增。根据杰富瑞金融集团的数据，预计2026年交易量将同比增长8%至2600亿美元，不包括新股发行等举措。这将标志着连续第四年增长，大致为五年前水平的两倍。
HiJoJo will also handle demand from major corporations seeking to spin off in-house startups. Trading in unlisted shares is surging worldwide. Transaction volume is expected to increase 8% on the year to $260 billion in 2026, according to Jefferies Financial Group, excluding new-share issuances and similar moves. This would mark a fourth straight annual increase and roughly double the level of five years earlier.
独角兽企业——估值在10亿美元或以上的私营公司——的数量在美国及其他地区不断增加，推动了基金和其他投资者持有的股份交易。美国人工智能开发商Anthropic和OpenAI的股份在纳斯达克私有市场持续交易。
The number of unicorns -- privately held companies valued at $1 billion or more -- has been rising in the U.S. and elsewhere, fueling trading in shares held by funds and other investors. Shares in American artificial intelligence developers Anthropic and OpenAI are traded continuously on the Nasdaq Private Market.
日本的非上市股份市场规模要小得多。2025年，由日本证券业协会和东京证券交易所运营的市场交易额分别仅为94亿日元（约6000万美元）和75亿日元。金融厅一直在致力于制定市场规则和其他基础设施，而像总部位于东京的初创公司Smartround这样的新兴券商已决定进军非上市股份交易经纪业务。
The Japanese market for unlisted shares is considerably smaller. In 2025, trading volume on markets operated by the Japan Securities Dealers Association and the Tokyo Stock Exchange totaled just 9.4 billion yen ($60 million) and 7.5 billion yen, respectively. The FSA has been working to set rules and other infrastructure for the market, while such emerging securities firms as Tokyo-based startup Smartround have decided to enter the business of brokering unlisted-share transactions.