Metrica Partners Pte. Ltd.
1 Raffles Place
#10-63 One Raffles Place Tower 2
Singapore 048616

2026年6月10日

經電子郵件寄送（investor@wuspc.com）並以掛號郵件寄送

受文者：楠梓電子股份有限公司　董事會　公鑒
（敬請發言人呂淑芬副總經理，暨代理發言人陳其男先生　轉陳）
地址：臺灣高雄市楠梓區開發路37號

主旨：謹就貴公司股價長期大幅折價於淨值、資本配置政策，以及貴公司作為上市公司之投資人溝通義務，請求與董事會進行溝通。 (more…)

Singapore-based investment firm calls on WUS to address an ~80% discount to net asset value, its capital-allocation policy, and its investor-communication practices ahead of the Company’s 12 June 2026 Annual General Meeting

SINGAPORE — 10 June 2026 — Metrica Partners Pte. Ltd. (“Metrica”), a shareholder of WUS Printed Circuit Co., Ltd. (TWSE: 2316) (“WUS” or the “Company”) holding approximately 1.5% of its issued shares, today published an open letter to the Company’s Board of Directors. Metrica is releasing the letter publicly, on its website at http://metricapartners.com, while simultaneously delivering it to the directors of WUS by email and in hard copy.

Metrica is taking this step only after repeated attempts over several weeks to engage privately through the Company’s published investor-contact window — by both email and telephone — went entirely unanswered. In Metrica’s view, a sustained failure to respond to a substantial shareholder through a listed company’s own investor-relations channel is itself a corporate-governance concern.

An exceptional and unexplained discount to value

At the centre of Metrica’s letter is WUS’s persistent discount to net asset value of approximately 80%. The discount is most clearly illustrated by a single holding: WUS owns, through its offshore subsidiary chain, an economic interest of approximately 11.3% in WUS Printed Circuit (Kunshan) Co., Ltd. (Shenzhen: 002463), a listed company that has historically been the principal source of WUS’s earnings. On the basis of publicly available market data, Metrica notes that the market value of that single stake is worth several multiples of WUS’s entire market capitalisation — implying that the market currently ascribes negative value to everything else WUS owns, including its operating printed-circuit-board business, its cash and securities, and its real estate.

“A well-governed company does not allow its shares to trade at a fraction of the value of a single listed asset on its balance sheet, year after year, without explanation,” said Damian L. Edwards, Chief Investment Officer of Metrica Partners. “We have approached WUS privately, constructively, and repeatedly. The Company’s silence is precisely why we are now writing in the open. Shareholders are entitled to answers, and they are entitled to them before the annual meeting.”

The concerns raised in the letter

In its letter, Metrica asks the Board to address, among other things:

• Capital allocation. WUS has maintained a notably low dividend payout — approximately 11.6% of earnings for the 2024 financial year, and on the order of 15% for 2025 — while declining to return capital through buybacks despite the steep discount to asset value. Metrica asks the Board to set out a clear capital-allocation framework and a concrete plan to address the value gap.
• The Kunshan stake and its proposed H-share listing. Following the September 2025 announcement that the Kunshan company is planning a Hong Kong (H-share) listing, Metrica seeks clarity on how this affects WUS’s look-through value and, critically, whether and how WUS’s minority shareholders — rather than only the controlling shareholders — will share in that value.
• Governance, control and related-party dealings. Metrica asks the Board to demonstrate that the Company is being managed for the benefit of all shareholders, and to account for the controls governing related-party transactions within the WUS group.
• Investor communications. Metrica calls on WUS to materially improve the frequency, responsiveness and accessibility — including in English — of its engagement with shareholders.

Metrica has requested a call with senior management, and ideally an independent director, within ten business days and in any event before the Company’s Annual General Meeting on 12 June 2026.

Reservation of rights

While Metrica’s strong preference is constructive dialogue, the letter notes that minority shareholders of a Taiwanese listed company have a range of avenues available to them, including raising matters at the annual meeting, the protections afforded under the Securities Investors and Futures Traders Protection Act and the Securities and Futures Investors Protection Center, and the rights conferred on qualifying shareholders under the Company Act. Metrica has indicated it is prepared to coordinate with other minority and institutional shareholders as appropriate.

The full text of the open letter is available at http://metricapartners.com.

About Metrica Partners Pte. Ltd. Metrica Partners is a Singapore-based investment firm founded in 2016 focused on investing in Asia-Pacific listed equities.

Media and Investor Contact Shaun Tan, Metrica Partners Pte. Ltd., shaun.tan@metricapartners.com, +65 6908 2905, http://metricapartners.com

Disclaimer This press release is provided for informational purposes only and reflects the opinions of Metrica Partners Pte. Ltd. based on publicly available information believed to be reliable as of the date hereof. It does not constitute investment, legal, accounting or tax advice, nor an offer or solicitation to buy or sell any security. Metrica and its affiliates hold a position in the shares of WUS Printed Circuit Co., Ltd. and may buy or sell securities of the Company at any time without further notice. Statements regarding asset values and discounts are estimates based on public data and prevailing market prices, which fluctuate. Metrica undertakes no obligation to update this release.

Metrica Partners Pte. Ltd.
1 Raffles Place
#10-63 One Raffles Place Tower 2
Singapore 048616

10 June 2026

BY EMAIL (investor@wuspc.com) AND REGISTERED POST

The Board of Directors c/o Ms. Mandy Lu, Spokesperson (and Mr. Chinan Chen, Acting Spokesperson), WUS Printed Circuit Co., Ltd., No. 37 Kai Fa Road, Nanzih District, Kaohsiung, Taiwan, R.O.C.

Re: Demand for engagement on persistent NAV discount, capital allocation, and the Company’s investor-communication obligations

Dear Members of the Board, (more…)

• Metrica welcomes the recent value-improving initiatives announced by SK Chemicals.
• However, these measures have had only a very limited impact on the share price discount, which still exceeds 80%.
• Metrica calls for SK Chemicals to launch a formal strategic review within the next two months to consider further measures to address the discount, up to and including a sale or spin-off of SK Bioscience.

Please refer to the dedicated website for more information.

• The board of SK Chemicals seems unconcerned with its shares trading at an 83% discount to net asset value. In Metrica’s view, the board has a fiduciary duty to care about its share price.
• The company should address the discount by selling a stake in its subsidiary SK Bioscience upon the IPO lock-up expiry of 18 September and distributing the proceeds to shareholders.
• SK Chemicals can pay a special dividend of 1.3x its share price while still retaining 50% ownership in SK Bioscience as well as 100% ownership of its profitable chemical and pharmaceutical businesses.

For more details, please refer to the dedicated website.

Metrica Partners notes the resignation of the chairman of NBI, announced today, and welcomes his successor: https://nbi-shareholders.com/2020/09/22/congratulations-to-the-new-chairman/

Metrica today sent a second letter to the chairman of NBI: https://nbi-shareholders.com/2020/09/21/second-letter-to-nbi-board/

Mr. LEE Hae-Jin
Chairman of the Board
LINE Corporation
JR Shinjuku Miraina Tower 23F
4-1-6 Shinjuku
Shinjuku-ku
Tokyo 160-0022
Japan

Dear Mr. Lee, (more…)