SCHEDULE: TOYO Co. Ltd. Major Shareholder Discloses 70.2% Stake

Junsei Ryu and affiliated entities, BestToYo Technology and WA Global, collectively report beneficial ownership of 70.2% of TOYO Co., Ltd.'s ordinary shares.

Summary

• Junsei Ryu, through BestToYo Technology Company Limited and WA Global Corporation, beneficially owns 24,777,385 ordinary shares of TOYO Co., Ltd.
• This represents 70.2% of the total 35,308,040 ordinary shares issued and outstanding.
• BestToYo Technology Company Limited directly holds 9,623,757 shares, accounting for 27.3% of the class.
• WA Global Corporation directly holds 15,153,628 shares, accounting for 42.9% of the class.
• The total outstanding shares of 35,308,040 are based on the Issuer's annual report on Form 20-F filed on May 12, 2025, after accounting for the cancellation of 11,287,703 earnout shares.

Sentiment

Score: 5

Explanation: Neutral. This filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the company's performance or prospects. It simply updates the market on a significant ownership stake.

Positives

• A significant portion of the company's shares (70.2%) are held by a single individual and their controlled entities, indicating strong insider alignment and potential for stable long-term strategic direction.

Negatives

• High concentration of ownership (70.2%) by a single individual and their entities could limit public float and liquidity, potentially impacting minority shareholder influence.

Risks

• The high concentration of ownership by Junsei Ryu and his entities (70.2%) could lead to reduced liquidity for the stock.
• Minority shareholders may have limited influence over corporate decisions due to the dominant voting power of the principal shareholder.

Future Outlook

This filing is a Schedule 13G and does not contain forward-looking statements or guidance regarding the company's future operations or financial performance.

Management Comments

• Mr. Junsei Ryu is the sole director of BestToYo Technology Company Limited and is deemed to have voting, dispositive, or investment powers over BestToYo.
• Mr. Junsei Ryu is the sole director of WA Global Corporation and is deemed to have voting, dispositive, or investment powers over WA Global Corporation.
• Mr. Ryu also serves as the sole director of BestToYo and WAG, respectively.

Industry Context

This Schedule 13G filing primarily concerns changes in beneficial ownership and does not provide specific details on broader industry trends or competitive landscape. However, a significant concentration of ownership by a single individual and their entities is a common characteristic in some privately-controlled public companies, particularly in certain Asian markets, which can influence corporate governance and strategic direction.

Comparison to Industry Standards

• This filing is a disclosure of beneficial ownership and does not contain information suitable for direct comparison to industry-specific operational or financial benchmarks. The ownership structure, with a single individual controlling over 70% of the shares, is a significant concentration, which is higher than typical institutional ownership in widely held public companies but can be observed in founder-led or family-controlled businesses globally. No specific comparable companies or projects are mentioned in the filing.

Related Party Transactions

• Junsei Ryu, as the sole director of BestToYo Technology Company Limited and WA Global Corporation, controls entities that collectively hold 70.2% of TOYO Co., Ltd.'s ordinary shares, establishing a significant related party relationship through common control.

Stakeholder Impact

• Shareholders: The high concentration of ownership by Junsei Ryu and his entities (70.2%) means that minority shareholders will have limited voting power and influence over corporate decisions. This could also affect stock liquidity.
• Management: The significant control by Junsei Ryu suggests strong alignment between the principal shareholder and the company's strategic direction, potentially leading to stable long-term planning.

Next Steps

• The filing does not specify any future actions, events, or milestones for the company or the reporting persons beyond the disclosure of ownership.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant beneficial ownership stake by Junsei Ryu and his affiliated entities, totaling 70.2% of TOYO Co., Ltd.'s ordinary shares. While this indicates strong insider control and potential for stable long-term strategy, it also suggests limited public float and potential liquidity concerns for minority shareholders. The filing does not provide financial performance data or strategic updates to warrant a 'buy' or 'sell' recommendation. Therefore, a 'hold' recommendation is appropriate, pending further operational and financial disclosures from the company.

Keywords

TOYO Co. Ltd., Schedule 13G, Beneficial Ownership, Junsei Ryu, BestToYo Technology, WA Global Corporation, Shareholder Stake, Corporate Governance, SEC Filing