“TCH Invests $800 Billion to Acquire 64 Million HHS Shares”

With an offering price of 12,500 VND per share, TCH needs to spend 800 billion VND to purchase 64 million HHS shares. After the transaction, TCH’s ownership in HHS will increase from 51.06% to 58.31%, equivalent to nearly 252 million shares.

TCH was the sole investor in the private placement of 64 million HHS shares, which was approved by the HHS Annual General Meeting of Shareholders in April 2025.

HHS will use the proceeds from the offering to purchase shares of HHS Capital Joint Stock Company from existing shareholders. Specifically, HHS plans to spend more than 1,300 billion VND to acquire nearly 50.1 million shares of HHS Capital (equivalent to 99.99% of capital), of which 503 billion VND will come from HHS’s own capital, and the remaining 800 billion VND from the offering of 64 million shares mentioned above.

The purpose of acquiring HHS Capital is for HHS to directly and indirectly own 51.03% of CRV Real Estate Group Joint Stock Company, which is currently a subsidiary of TCH.

The plan to increase ownership in CRV was approved by the HHS Annual General Meeting of Shareholders in April 2025, aiming to increase HHS’s interest in CRV as the company is expected to have positive financial results in the coming years due to its involvement in large and potential projects.

Currently, 81.67% of CRV’s capital is owned by a group of shareholders, including TCH with 38.09%, HHS with 35.17%, and HHS’s subsidiary, Hoang Giang Service Development Joint Stock Company, with 8.41%.

What does CRV have to offer?

According to the additional issuance prospectus in 2022, CRV, formerly known as Hung Viet Commercial Joint Stock Company, was established in 2006 with a charter capital of 5 billion VND. By 2020, its capital had increased to nearly 6,600 billion VND. The current CEO and legal representative is Ms. Pham Thi Thu Huyen, who previously served as CRV’s Chief Accountant from 2016 to 2020. Prior to that, she worked as Deputy Chief of Finance and Accounting at the Waterway Transport Corporation (under the Ministry of Transport) and Chief Accountant at Hanoi Port from 2014 to 2016.

TCH joined and became the parent company of CRV in 2007 when CRV needed additional capital to invest in real estate projects. Today, CRV is a developer and distributor in numerous real estate projects. Mr. Do Huu Ha, Chairman of TCH, also serves as the non-executive Chairman of CRV.

At the time of the prospectus, CRV had one subsidiary, Dai Thinh Vuong Construction Joint Stock Company (99% ownership) – the investor of the Hoang Huy – So Dau project in Hai Phong city.

According to HHS, since 2020, CRV has developed several real estate projects in Hai Phong, such as Hoang Huy – So Dau with a total investment of nearly 1,500 billion VND, Hoang Huy Commerce (H1 tower) with a total investment of over 3,700 billion VND, and Hoang Huy New City II with a total investment of nearly 15,100 billion VND.

As of December 31, 2024, CRV had a chartered capital of over 6,700 billion VND. Total assets amounted to nearly 9,200 billion VND, with payable debt of over 1,300 billion VND. The company’s fiscal year runs from April 1 to March 31 of the following year. Accordingly, in the fiscal year 2023 (April 1, 2023, to March 31, 2024), CRV recorded a consolidated after-tax profit of nearly 988 billion VND, the highest since 2020 and double the previous year. In the first nine months of the fiscal year 2024 (April 1, 2024, to December 31, 2024), the company posted a consolidated after-tax profit of over 344 billion VND.

Source: HHS

HHS expects CRV to continue its profitability in the 2025-2026 financial year as its key project, Hoang Huy New City – II in Thuy Nguyen, Hai Phong, starts recognizing revenue and profits.

Source: HHS

Notably, the Ho Chi Minh City Stock Exchange (HoSE) received CRV’s application for listing in June 2024. However, the company later withdrew its application, citing the need for more time to update and review its listing dossier. As of now, CRV has not provided any updates on its listing plans.

Who is HHS Capital?

According to HHS, HHS Capital owns 7.45% of CRV’s shares. If HHS acquires this company, its ownership in CRV will increase from 43.58% to 51.03%.

HHS Capital is introduced as a company specializing in real estate consulting, brokerage, and auctioneering, with its head office in Le Chan district, Hai Phong city. As of March 31, 2025, its chartered capital was 501 billion VND, and the company had no payable debt. It is worth noting that HHS Capital was only recently established on March 31, 2025.

The founding shareholders of HHS Capital include 10 individuals: Mr. Mai Tuan Anh (4.638%), Mr. Nguyen Thanh Nam (9.162%), Mrs. Nguyen Thi My Hanh (8.662%), Mr. Tran Kim Chung (10.926%), Mr. Truong Van Son (10.399%), Mr. Dao Ngoc Long (11.106%), Mrs. Du Thi Huyen Trang (11.176%), Mr. Nguyen Van Hai (9.261%), Mrs. Dao Ngoc Phuong (13.389%), and Mrs. Nguyen Thu Hang (11.281%). The CEO and legal representative is Mr. Do Tien Dung.

If calculated based on the par value (10,000 VND per share), 7.45% of CRV’s shares, equivalent to nearly 50.1 million shares, are worth approximately 501 billion VND. Thus, the entire chartered capital of HHS Capital (at par value) is equivalent to the value of 50.1 million CRV shares.

According to the plan, HHS will spend more than 1,300 billion VND to acquire nearly 50.1 million shares of HHS Capital, equivalent to a purchase price of 26,000 VND per share.

Ha Le

You may also like

The Ever-Rising Tide of Commercial Real Estate Debt: A Post-Quarterly Review

With the market expected to bounce back strongly by the end of 2025, real estate businesses are gearing up for project development and expansion. There are indications that these businesses are increasingly taking on debt to finance their ambitious plans.

The Ultimate Urban Oasis: Why Top Developers are Betting Big on Hanoi’s “Island”

The island projects share a key feature: well-planned and integrated transportation infrastructure. This strategic development facilitates seamless connectivity to the heart of the city, offering residents and visitors alike convenient access to all that the urban center has to offer.

Unlocking New Opportunities: Real Estate Businesses Anticipate Expanded Land Reserves and International Capital with Resolution 68

“At the recent seminar ‘Unblocking Institutional Bottlenecks – Unleashing Private Resources’ hosted by VTV, Ms. Nguyen Thanh Huong, Investment Director of Nam Long Group, emphasized that since the issuance of Resolution 68-NQ/TW, there has been a turning point, boosting businesses’ confidence, especially when dealing with international partners.”

The New Way of Living: Redefining Real Estate with Business Suites

As the lines between living and working spaces blur, the demand for multi-functional areas becomes evident. The Business Suite real estate model emerges as a novel option, offering flexibility to accommodate the trifecta of needs: living, working, and investment opportunities.

The Capital of New Victories: Empowering Strategic Partnerships

On May 31, 2025, Khai Minh Land, a proud member of the Khai Hoan Land and Gamuda Land conglomerate, announced its continued strategic collaboration by becoming the official distributor of the SpringVille project. This marks a significant step forward in solidifying the enduring partnership between the two companies.