Regarding the controversy surrounding the three stock codes API, APS, and IDJ in June 2023, the People’s Court of Hanoi has issued fines related to the manipulation of these stocks. As a result, each individual involved in this case was fined by the People’s Court of Hanoi from 2 to 4 billion VND.
The three stock codes are closely related to a shareholder group associated with Mr. Nguyen Do Lang. Whenever Mr. Lang appeared, the three stocks tended to experience significant fluctuations. For instance, on May 10, after attending the general meeting of API shareholders, the stock codes witnessed a sharp rise in both volume and value.
As a consequence, API’s stock price surged for eight consecutive sessions, with seven sessions reaching the maximum allowed limit. Within less than a month, API broke through the 2.7x multiplier, reaching 11,300 VND/share (by the session on May 28). Similarly, APS and IDJ also simultaneously accelerated, reaching 1.6x and 1.7x their respective values, with prices at 8,800 VND/share and 8,200 VND/share (by the session on May 31, 2024).
Previously, the share price of the Apec Group had plummeted due to issues concerning the company’s leadership. With Mr. Lang’s return, these problems were resolved, which more or less led to the recent price increase. Currently, the three stock codes, API, APS, and IDJ, are stabilizing, trading in the range of 6,500-9,000 VND/share.
Price movements of the “APEC family” stocks
Ms. Nguyen Phuong Dung, CEO of API, shared: “The recent incident was a significant shock to me and the corporation, but we have overcome the challenges. We have implemented remedial measures, including restructuring the management apparatus and committing to stricter compliance with legal regulations. The companies within our ecosystem remain stable and unaffected by this event.”
Along with the stabilization of the stock price, the financial performance of these enterprises has also witnessed a remarkable recovery. Specifically, IDJ continues to lead with a revenue of 207 billion VND and a pre-tax profit of 49.9 billion VND in the second quarter. APS, for the first six months, recorded a revenue of 155 billion VND and a pre-tax profit of 33.8 billion VND. On the other hand, API remains a low point, with a revenue of 59.1 billion VND and a pre-tax loss of 4.5 billion VND for the second quarter. However, after the Real Estate Business Law of 2024 came into force, API’s project in Hue will have a sufficient basis to complete its legal procedures and continue to collect a cash flow of 750 billion VND from sales activities. The expected revenue to be recorded in the books is over 1,000 billion VND, which is considered a “reserve” for shareholders after a long period of bearing losses.
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