Inspired by this thread posted by Strategos' Risk. For the sake of this thread assume that the French decided to push things further than our timeline and manage, likely at the cost of a smaller indemnity, to get Germany and Russia as the other two members of the Triple Intervention to agree to demanding Japan recognise the Republic's declaration of independence. The leadership of the Republic still having a low opinion of them continue to rebuff any French advances and again approach the UK. The British seeing Formosa now 'in play', concerned about French, or possibly even German or Russian, expansionism decide that the quickest and cheapest solution to the issue is to make the Republic the offer of being a protected state. Britain will be responsible for military and diplomatic matters whilst the Republic will otherwise remain broadly self–governing.
So what happens now? The Japanese are likely to be even more furious than historically as the main benefit they gained has now been snatched away. The French will be mad that the Republic has slipped from their grasp, 'stolen' by the perfidious British. Germany and Russia have already achieved most of what they wanted so likely don't really care one way or the other. How well does Formosa move forward as a newly independent state?
So what happens now? The Japanese are likely to be even more furious than historically as the main benefit they gained has now been snatched away. The French will be mad that the Republic has slipped from their grasp, 'stolen' by the perfidious British. Germany and Russia have already achieved most of what they wanted so likely don't really care one way or the other. How well does Formosa move forward as a newly independent state?