Giantplus Technology, which focuses on small- and medium-sized panels, recently faced a management rights dispute. The largest shareholder, Japan's Toppan Holdings, had originally agreed with JuYi Investment to transfer 53.1% of Giantplus Technology's shares in two phases. However, the second phase of the transaction has stalled, and reports indicate that Toppan does not rule out resolving the matter through legal channels.
Transfer timeline and terms
According to the original agreement, the first phase involved JuYi paying NT$1.1 billion (US$35.2 million) on January 20, 2026, to acquire 81.5 million shares, representing about 18.46% ownership, which was successfully completed. The second phase was scheduled for late August 2025, when JuYi was to pay NT$2 billion to acquire 152.98 million shares, representing 34.65% ownership. However, by the delivery deadline, JuYi had yet to fulfill its obligations, leaving Toppan still holding those shares in Giantplus Technology.
Doubts emerge over counterparty
This case has attracted significant market attention because JuYi's representative did not appear during actual negotiations. Around the time of the second phase delivery, JuYi even requested Toppan to advance the re-election of Giantplus Technology's chairman, but this was rejected by the Japanese side, raising doubts within Toppan regarding the transaction.
Currently, Giantplus Technology's board consists of nine seats. Although Toppan still holds effective management control, it only occupies four director positions. Regarding the delay in share transfer, Giantplus Technology stated that the second phase of the equity transfer has not been realized to date. The company said it cannot speculate or respond to the commercial merger practices or reasons between the two major shareholders. The subsequent developments of this cross-border equity transaction are expected to influence Giantplus Technology's future management direction and remain a key focus for the market.
Article translated by Charlene Chen and edited by Jerry Chen
