VNG Corporation (UPCoM: VNZ) has issued an explanation following a request from the Hanoi Stock Exchange (HNX) and the State Securities Commission of Vietnam.
In its statement, VNG affirmed that it did not appoint Mr. Wong Kelly Yin Hong to replace Mr. Le Hong Minh. Mr. Wong Kelly is currently assisting in the company’s operations and executing tasks assigned by Mr. Minh to ensure the company’s functioning and protect shareholders’ interests.
VNG also stated that they have not received a resignation letter from Mr. Le Hong Minh. Therefore, Mr. Le Hong Minh remains the CEO and legal representative of this “tech unicorn.”
According to VNG, the company’s operations, production, and management are currently running smoothly.
Previously, on the morning of September 7, VNG appointed Mr. Kelly Wong, Vice President of VNG, as the Acting President of VNG.
As a result, from the morning of September 7, VNG had both a President and an Acting President. While this is a rare occurrence, it is permitted by law.
VNZ shares surged for the second consecutive session, with a nearly 30% gain over the past two sessions. (Source: Cafef)
Following the news of these leadership changes, VNZ shares witnessed three consecutive sessions of significant declines. Notably, on September 10, VNZ shares plummeted to their daily limit loss of 14.99%, closing at VND 334,500 per share. Additionally, the trading volume of VNZ shares surged during the sessions of September 6, 9, and 10 compared to previous trading sessions.
However, the share price of VNZ rebounded sharply following the news that Mr. Le Hong Minh had not resigned as CEO.
Specifically, at the close of September 11, VNZ shares surged to their daily limit gain of 15%, reaching VND 388,800 per share, with a trading volume of over 25,500 units.
This upward momentum continued into the session of September 12, with VNZ shares closing at VND 409,600 per share, reflecting a gain of 14.99% compared to the previous session. The trading volume for this session was over 13,000 units.
Thus, within just two sessions, the share price of VNZ witnessed a remarkable recovery, surging by nearly 30%.
“VNG Corporation Confirms Le Hong Minh as CEO”
VNG Corporation has not received any resignation letter from Mr. Le Hong Minh, according to sources.
The Selling Pressure Mounts, Stocks Plunge
The market continues to adjust amidst pressure from large-cap stocks. The selling pressure intensified during the afternoon session, resulting in a 150% surge in trading volume compared to the morning. Notable activities were observed in the food sector.
