Palliser Raises Stake in Taiwan’s WUS to Over 5%

Activist hedge fund Palliser Capital raised its stake in WUS Printed Circuit Co. to more than 5% from 4.3%, according to a regulatory filing. Under Taiwanese exchange rules the holding qualifies Palliser as a major shareholder.

Palliser, based in London and founded by former Elliott executive James Smith, first pressed WUS in June to explore strategic options, including a possible privatisation to increase shareholder value. The fund did not disclose the exact timing of the additional purchases beyond the regulatory filing.

WUS is headquartered in Kaohsiung and manufactures advanced printed circuit boards used in data centres and other high-performance computing applications.

Palliser targets companies with valuations roughly between $1 billion and $10 billion where it sees scope for a re-rating. The fund pointed to WUS’s shareholder structure — no family or government entity holds at least half of the company — and to limited analyst coverage as factors in its investment case.

The firm said WUS operates in a sector supported by strong structural demand tied to artificial intelligence and semiconductor supply chains.

Palliser is also pursuing opportunities across Taiwan and Japan. In Taiwan it is looking at financial services and property firms where consolidation could create value for shareholders. In Japan the fund has disclosed stakes in Ajinomoto and Toto.

Palliser has urged Ajinomoto to raise prices for its semiconductor insulation materials and has pushed Toto to do more to highlight its semiconductor components operations.

James Smith, founder and chief investment officer of Palliser, described Taiwan as “one of the firm’s most attractive investment markets, with AI and the Nvidia supply chain creating a particularly compelling pool of opportunities.” He also noted that senior executives at large Japanese companies are increasingly willing to meet international shareholders.

The expanded holding in WUS makes Palliser a significant local shareholder and reflects the fund’s continued focus on companies tied to AI and the semiconductor supply chain in East Asia.