Aiplex Technology (6225), a full-delivery stock in Taiwan, has become a focus of the capital market after launching a large cash capital increase. The company is issuing 32.2 million new shares, a size that far exceeds its previous paid-in capital of about NT$150 million. With a price gap close to three times, the deal drew about 540,000 retail subscribers, and the winning rate was only about 0.5%.
An Cheng Investment gave up 6,021,203 shares
Even as subscription demand looked strong, Aiplex released a material information filing showing that An Cheng Investment, the company’s largest shareholder and a corporate director, had declined to subscribe to 6,021,203 shares. That represented 100% of the shares it was entitled to buy.
According to the public filing system, An Cheng Investment had the right to subscribe to 6,021 lots of shares in this deal, but chose at the last moment to give up the entire allotment. In its filing, Aiplex gave only a brief explanation, saying the decision was based on 「investment strategy and financial planning considerations」. It also said the unsubscribed shares would be handled by authorizing the chairman to place them with specific investors.
Strong public demand contrasted with a full withdrawal by the top holder
Aiplex offered 2,737 lots in the public subscription portion of the capital increase. The near threefold price spread brought in about 540,000 participants, leaving the winning rate at around 0.5%.
That created a sharp contrast. Retail investors and other funds were actively applying for shares based on the apparent spread, while the shareholder with the deepest influence over the company chose not to subscribe to a single share. The market is now watching what that means for Aiplex’s ownership structure.
Stake could fall to around 15% after dilution
Before the capital increase, An Cheng Investment held about 6.93 million Aiplex shares, equal to 46.2% of the company, making it the core controlling shareholder. The report said that if it fully skips the offering, its stake could be diluted to around 15% after the deal is completed.
The article noted that when a Taipei Exchange-listed company’s net asset value per share falls below NT$5, it is placed under the full-delivery rule. For a full-delivery stock, the core purpose of a cash capital increase is to lift net asset value per share through a large infusion of capital and improve financial conditions that have fallen below the warning line.
Specific investor placement becomes the next focus
Under the rules for this type of offering, if existing shareholders do not fully subscribe or waive their rights, the remaining shares can be placed by the chairman with specific investors. After An Cheng Investment gave up more than 6,000 lots, the question of who will take those shares has become a key point for the market.
The original report said that, compared with buying a full-delivery stock in the secondary market and taking on liquidity risk and transaction friction, acquiring shares through a private placement in the capital increase can offer a cleaner route for outside capital to secure a sizable stake.
Market attention turns to ownership and operations
The report said the large fundraising plan may temporarily ease pressure tied to delisting risk or altered trading treatment, and it has already fueled short-term enthusiasm for the subscription. Still, with the leading shareholder stepping back and the identities of the specific investors not yet disclosed, Aiplex’s future operating transition and underlying financial condition remain under watch.
It added that investors taking part in the subscription should follow payment progress by the specific investors and the final list of buyers, while assessing potential selling pressure and future business direction after the ownership reshuffle. For those seeking only a short-term arbitrage trade, the original article suggested selling immediately after winning an allotment to lock in profit.