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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.