Palliser Urges WUS to Consider Privatization Over 70% NAV Gap

In a letter dated June 1, UK-based activist Palliser Capital, which owns a 4.3% stake in WUS Printed Circuit, asked the company to set up an independent committee to review strategic alternatives, including a possible privatization or the sale of its holding in WUS Printed Circuit Kunshan Co.

Palliser argued that WUS shares trade at a discount of more than 70% to net asset value and described the Kunshan stake as significantly undervalued. The firm estimated the Kunshan holding is worth more than three times WUS’s current market capitalisation.

WUS Printed Circuit, based in Kaohsiung, manufactures advanced printed circuit boards used in applications tied to AI data-centre infrastructure. At the close of trading on Friday the company had a market value of about $900 million. WUS owns an 11.3% stake in WUS Printed Circuit Kunshan, whose customers include Nvidia.

Singapore-based investor Metrica Partners has also raised public questions about WUS’s valuation.

WUS spokesperson Mandy Lu confirmed receipt of Palliser’s letter, adding management plans to engage with both investors this week and improve shareholder communications. Lu said the company has no plans to pursue privatization and does not intend to sell its Kunshan stake, describing the affiliate as a long-term strategic partner.

Palliser, founded by former Elliott Investment Management executive James Smith, has focused on companies it regards as undervalued beneficiaries of AI infrastructure expansion. Earlier this year the hedge fund disclosed investments in Japanese firms Ajinomoto and Toto.

Palliser declined to comment.