Leopard Asset Management Expresses Concerns Over Sun Corporation's Lack of Action to Enhance Shareholder Value

Leopard Asset Management Ltd. ("LAM") advises various longstanding minority shareholders in Sun Corporation (stock code: 6736 JP). LAM is compelled to express its deep concerns regarding the company's ongoing undervaluation and management's apparent reluctance to take meaningful action to address this issue.

Sun's shares have been consistently undervalued in the market, trading well below its intrinsic value. Sun's main asset is its 47% stake in Cellebrite Technologies (NASDAQ: CLBT). Cellebrite is a leading Israeli SaaS digital intelligence platform renowned for its capability to extract and analyze data from mobile phones. Sun's shares have been trading consistently at discount in excess of 50% of their interstice value.

Despite our repeated attempts to engage with Sun' management to address the undervaluation, including a meeting and sending follow-up letters emphasizing the need for enhanced shareholder value, our efforts have been met with limited responsiveness.

LAM believes that Sun could significantly improve shareholder value by distributing CLBT shares as a dividend in kind, alongside providing an extra cash dividend to shareholders. LAM believes Sun's cash, investment in securities and holdings in CLBT are worth more than ¥9,000 per share, vs. the current price of ¥3,320.

LAM urge Sun's management to reconsider its stance and take decisive action to address shareholder concerns promptly. Failure to do so risks further erosion of shareholder confidence and continued undervaluation of the company's shares, and call for Sun's shareholders to demand decisive actions from management.