On July 11, the Hanoi Stock Exchange (HNX) announced the mandatory delisting of HTP shares of Hoa Phat Educational Publishing Joint Stock Company, effective July 29, 2024. The last trading day for HTP on the HNX was July 26, 2024.
According to the HNX, the delisting was due to HTP shares failing to meet the listing requirements following the company’s restructuring. This decision was expected as, back in late 2023, the HNX had warned HTP about the potential mandatory delisting due to non-compliance with listing conditions post-restructuring. The company did not request a review of the listing conditions within the specified timeframe.
Prior to this, on July 3, 2024, the HNX decided to place HTP on its warning list as the company had not held its 2024 Annual General Meeting of Shareholders (AGM) within six months of the end of the financial year.
Furthermore, the stock has been on the control and trading restriction list since May 20, 2024, due to HTP‘s late submission of audited financial statements for two consecutive years (2022 and 2023) and the late submission of its 2023 audited separate and consolidated financial statements beyond the regulated deadline.
HTP Receives Warning for Delay in Holding AGM, Stock Plummets
Looking back almost 18 years ago, on November 17, 2006, HTP shares were approved for registration and trading on the Hanoi Securities Trading Center with the ticker symbol HTP. The company made its debut on the HNX on December 14, 2006, with a charter capital of VND 9 billion, equivalent to 900,000 shares.
In June 2007, the company increased its capital to VND 12.6 billion, and then to over VND 18 billion in October 2010. By early 2021, HTP had further increased its capital to over VND 918 billion, equivalent to more than 91.8 million shares, which remains the current share count.
Source: HTP
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As of the end of June 2023, Ms. Nguyen Thi Kim Hieu was the largest shareholder, owning 21.79% of the capital, followed by Ms. Vo My Tien with 13.4%, and Ms. Mai Le Hong Suong with 10.2%.
Source: HTP
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The negative news has caused the HTP share price to plummet. On July 12, 2024, the stock opened at its floor price of VND 6,800 per share, a staggering 72% decline since the beginning of the year. The average trading volume was nearly 362,000 shares per session.
| Price Movement of HTP Shares Since the Beginning of 2024 |
