Another Year Wasted: Leopard Asset Management Urges Sun Corporation’s Shareholders to Hold Management Accountable for Failing to Achieve Their Own Stated Goals

Leopard Asset Management Ltd. (“LAM”) advises various longstanding minority shareholders of Sun Corporation (stock code: 6736 JP). LAM urges shareholders to hold management accountable for their failure to meet the goals set out in the company’s Medium-Term Plan and for their ongoing inability to enhance shareholder value. On June 24, we encourage shareholders to vote against CEO Ryusuke Utsumi and his management team.

This marks the second consecutive year we are calling on shareholders to vote out Sun Corporation’s management due to their persistent failure to create shareholder value. Despite another year of opportunities to deliver meaningful progress, the current leadership has once again fallen short.

Management has failed to meet the objectives of the 2023–2025 Medium-Term Plan. Revenues remain stagnant, and profitability in the core business is negligible. Meanwhile, the company continues to hold a large passive investment in Cellebrite and refuses to distribute these shares as a dividend to shareholders.

We believe this potentially controlling stake discourages strategic interest in Cellebrite. More importantly, we believe management is unwilling to divest these shares because doing so would shift investor attention directly onto the poor performance of Sun’s core business.

We urge shareholders to take decisive action and demand accountability from the current leadership.

Further information is available at https://www.valueforsun.com/agm2025