PChome's Subsidiary 21JP Plans IPO in Japan: James Chan Hopes for Value Reassessment Post-Listing

(Taipei, June 17 — Reporter He Xiu-Ling) 21st Century Fintech Co., Ltd. Japan (21JP), a subsidiary of PChome Online (PChome Network Family), plans to apply for an initial public offering (IPO) in Japan. James Chan, Chairman of PChome Network Family, stated that PChome holds approximately 42.3% of 21JP’s equity. If partial share sales are required to meet listing requirements, the disposal gains will be recognized in the current year’s profit and loss. The remaining equity is expected to reflect higher valuation on the balance sheet due to improved market perception post-listing, thereby enhancing overall asset value.

PChome held its annual shareholders’ meeting today. In March, the company’s board approved 21JP’s plan to apply for listing on the Tokyo Stock Exchange, primarily to support the development of overseas fintech operations. This move aims to strengthen operational funding through diversified financing channels, improve financial structure, and enhance capital efficiency and international competitiveness.

PChome stated that 21JP operates the 'Le Fenqi' (Buy Now, Pay Later) shopping platform and 'Fen Qi Qu', a cardless installment service that integrates third-party online sales channels. In recent years, Japan has accelerated its cashless payment initiatives, and its fintech market is mature with strong growth potential—making Japan an ideal location for listing.

Regarding shareholding plans, Chan said PChome currently holds about 42.3% of 21JP. Under Japanese capital market conventions, IPO companies typically require a certain percentage of freely tradable shares. Therefore, PChome may adjust its stake to meet listing requirements, though the exact scale and method of any share disposal will depend on regulatory review and underwriting arrangements.

As the largest shareholder, Chan emphasized PChome’s responsibility to support 21JP’s growth. While the company does not intend to actively sell shares unless necessary, it will cooperate with IPO planning requirements.

He noted that if shares are sold during the IPO, the gains will directly impact the year’s financial results. Even without selling, the remaining investment could see enhanced valuation on the books due to improved market pricing post-listing, boosting overall asset value.

Chan added that 21JP began IPO preparations about two years ago, gradually aligning its accounting standards, internal controls, and corporate governance with Japanese capital market requirements. While IPO success depends on both company fundamentals and market conditions, fintech remains a sector of strong investor interest.

PChome has historically invested in multiple subsidiaries, primarily supporting their growth. The company hopes each business can evolve toward independent operations and meet future listing qualifications. (Edited by Pan Yi-Jing) 1150617