Sony's May 14, 2025 slides said the planned listing of Sony Financial Group would be Japan's first direct listing since 2000

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On May 14, 2025, Sony Group filed explanatory slides for its planned partial spin-off of its Financial Services business, under which slightly more than 80% of the shares of Sony Financial Group Inc. (SFGI) would go to Sony shareholders, effective on Oct 1, 2025. Sony said SFGI shares were expected to be listed on the Tokyo Stock Exchange through a direct listing, without a primary or secondary offering; the slides called it the first direct listing case in Japan since 2000. The slides also said SFGI planned to repurchase about 100 billion yen of its own shares between its listing and the end of March 2027, and noted that, depending on investment opportunities and market conditions, only part of that amount might be bought, or none. The slides were attached to a Form 6-K, the report a foreign company files with the US Securities and Exchange Commission, signed on May 14, 2025.1^,2^,3^,4^,5^,6^,7^,8