“The king of the stock market” rises and then gets delisted

In May 2023, XDC emerged as a phenomenon with dozens of consecutive green sessions. With the high volatility of the UPCoM market, the stock price of XDC also soared, reaching as high as 999,900 VND/share at one point, equivalent to a 64-fold increase in just 2 months.

At that time, XDC surpassed VNG’s “tech unicorn” VNZ to become the most expensive stock on the stock exchange.

However, when XDC was the most expensive stock on the exchange, the daily trading volume was only a few hundred shares, partly due to the limited number of circulating shares.

Soon after reaching its peak, the stock price of XDC plummeted, even dropping by 400,000 VND/share (equivalent to 40%) in one session.

On December 12, 2023, the Hanoi Stock Exchange unexpectedly announced the delisting of XDC from December 28. The reason for the delisting is that Tan Cang Construction is a newly privatized company and has not met the requirements to be a public company one year after its first trading day.

VNZ, the “tech unicorn,” has 14 illiquid sessions

On January 5, 2023, VNG Corporation’s VNZ stock officially started trading on the UPCoM market at a reference price of 240,000 VND/share.

However, during the initial trading days, the stock had 14 consecutive illiquid sessions. This situation continued until the first actual transaction appeared.

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Selling stocks at the peak due to “poor eyesight”

On October 9, 2023, Ms. Tran Thi Thom, a supervisor of Hai An Freight and Stevedoring Corporation (HAH), sold 5,000 shares of HAH to reduce her ownership from 26,000 shares (equivalent to 0.03% of the capital) to 21,000 shares (equivalent to 0.02% of the capital). At the time she sold the stocks, the HAH stock also began to reach its peak.

However, Ms. Thom did not disclose the information about this stock sale transaction as required. Explaining the reason, she said it was due to poor eyesight. She intended to sell other stocks but mistakenly placed an order to sell HAH stocks. She also mentioned that this was the first time she made such a mistake.

CII “begs” shareholders to attend the meeting with gifts

HCMC Infrastructure Investment Joint Stock Company (CII) had to resort to offering gifts to “beg” shareholders to attend the annual general meeting 2023.

Before the meeting, CII’s management board announced gifts of gratitude for shareholders who attended or authorized others to attend, depending on the number of shares owned.

However, CII still failed to hold a successful meeting on the first attempt, with only 46% of total voting shares attending – lower than required and not reaching the minimum percentage for holding a meeting. Therefore, a second meeting had to be organized.

In the same year, CII continued to use the same strategy by organizing an extraordinary meeting in September 2023 but still failed to hold a successful meeting on the first attempt.

Hai Phat Investment

Hai Phat Investment Joint Stock Company (HPX) of Chairman Do Quy Hai not only promised to give gifts as gratitude but also personally wrote a “pleading letter” to shareholders to attend the meeting.

This move came after HPX shares were suspended from trading since September 18, 2023, and the shares were constantly being liquidated.

A successful general meeting was the key to HPX resolving violations of information disclosure and creating conditions for HoSE to lift the suspension of trading.