The Dragon Capital Shareholder Offloads 5 Million VDS Shares

Major shareholder of Vietnam Dragon Securities Corporation (VDSC), Ms. Pham My Linh, has recently filed a report on her VDS stock trading activities.

According to the report, Ms. Linh sold 5 million VDS shares on September 9-10, 2025, through a matched transaction. Following this transaction, her holdings decreased from nearly 30 million shares to approximately 25 million VDS shares, resulting in a reduction in ownership percentage from 11.22% to 9.35% of the capital in Vietnam Dragon Securities.

On September 9-10, the VDS share price dropped from 22,900 to 22,100 VND per share. Subsequently, the stock price surged to the ceiling price of 23,600 VND per share on September 11. It is estimated that Ms. Linh garnered more than 112 billion VND from this divestment.

Ms. Pham My Linh is the mother of Mr. Pham Huu Luan, a member of the Board of Directors at Vietnam Dragon Securities. Mr. Luan currently holds 130,180 VDS shares, representing a 0.049% stake in the company.

Another major shareholder of Vietnam Dragon Securities, Mr. Nguyen Hoang Hiep, also recently divested from the company. He sold 10 million VDS shares on August 21, 2025. As a result, Mr. Hiep’s holdings decreased from 42.69 million shares (15.97%) to 32.69 million shares (12.23%). The reason provided for this transaction was personal financial needs.

At the closing price of 23,400 VND per share on August 21, Mr. Hiep is estimated to have earned 234 billion VND from this divestment.

As of the second quarter of 2025, in addition to Ms. Linh and Mr. Hiep, Vietnam Dragon Securities had two other major shareholders: Chairman Nguyen Mien Tuan, holding 41.27 million shares or 16.99% of the charter capital, and shareholder Nguyen Xuan Do, owning 38.8 million shares or 15.97% of the charter capital.

Some VDS executives have also expressed their intention to reduce their holdings recently. For instance, Ms. Nguyen Thi Thu Huyen, a member of the Board of Directors and General Director of Vietnam Dragon Securities, registered to sell 940,000 VDS shares from September 8, 2025, to October 6, 2025.

Ms. Huyen currently holds nearly 1.5 million VDS shares, representing a 0.54% stake in the company. If the transaction is successful, her holdings will decrease to 512,212 shares, equivalent to a 0.19% stake.

Similarly, Mr. Nguyen Chi Trung, a member of the Board of Directors, registered to sell 430,000 VDS shares between September 11 and October 10, 2025, due to personal financial needs. If this transaction is completed, Mr. Trung’s holdings will decrease from over 768,000 shares (0.29%) to over 338,000 shares (0.13%).

Mr. Nguyen Chi Trung, born in 1978, holds a Bachelor’s degree in Economics and a Master’s degree in Business Administration. He joined VDS in 2007 and has held various positions before being elected to the Board of Directors in April 2022.

In terms of business performance, in the first six months of the year, VDSC reported a total operating revenue of 332 billion VND, impacted by a decline in brokerage revenue and losses in proprietary trading. The company’s pre-tax profit reached over 8 billion VND, while the after-tax profit was nearly 11 billion VND, representing decreases of 97% and 95%, respectively, compared to the same period last year.

At the 2025 Annual General Meeting of Shareholders held on April 3, the company approved the business plan for 2025, targeting a total revenue of 1,106 billion VND, a 6% increase compared to 2024; pre-tax profit of 368 billion VND, a 3.5% increase; and after-tax profit of 294 billion VND, a 1% increase.

As a result, at the end of the first half of the year, VDSC had only achieved 2% of the pre-tax profit target and 3.7% of the after-tax profit target.

By the end of the first six months of 2025, Vietnam Dragon Securities’ total assets increased by 7.3% to 6,828 billion VND. Cash and cash equivalents showed a slight increase to 1,245 billion VND. The company no longer held any HTM investments, while it had 400 billion VND in such investments at the beginning of the year. Instead, VDSC invested 800 billion VND in long-term bonds issued by VietinBank and BIDV.

Loans and advances increased by 200 billion VND compared to the beginning of the year, reaching 2,946 billion VND, mainly comprising margin loans.

The FVTPL portfolio had an original value of nearly 1,050 billion VND, entirely invested in stocks. Among the stocks with the largest proportions, KBC and HSG were temporarily loss-making, while ACB and MWG were temporarily profitable.

The AFS portfolio, with an original value of 292 billion VND, was also fully invested in stocks, with CMG temporarily loss-making and KDH temporarily profitable.

On the liabilities side, total liabilities stood at 4,025 billion VND, a 12% increase compared to the beginning of the year. Short-term borrowings increased by 589 billion VND to 981 billion VND, mainly from bank loans, while bond debt exceeded 2,900 billion VND.