Dragon Capital Securities: Eight Investors Poised to Acquire 48 Million Individual Shares

Dragon Capital Securities Joint Stock Company (VDSC, Stock Code: VDS, HoSE) has announced Resolution No. 23/2025/NQ-HĐQT regarding the implementation of a private placement plan for 2025.

Accordingly, VDS plans to issue 48 million shares in a private placement, equivalent to 17.65% of the total outstanding shares. These shares will be subject to a one-year transfer restriction. The issuance is scheduled to take place from Q4/2025 to Q1/2026.

The offering price is set at VND 18,000 per share, approximately 20% below the market price of VDS shares on September 17. With an expected proceeds of VND 864 billion, Dragon Capital Securities will allocate 90% to margin trading activities and 10% to proprietary trading and securities underwriting. The disbursement is planned from Q4/2025 to Q2/2026.

According to the disclosed list, 8 investors are participating in this private placement. These include 7 domestic individual investors and 1 foreign institutional investor.

Investor Tran Van Ha leads with a commitment to purchase 30 million shares. Followed by investor Vu Thi Bich Niem, who plans to buy 6 million shares. Foreign investor Casco Investments Limited intends to acquire 2 million shares.

Collectively, the 8 investors are expected to hold a total of 51.7 million shares, representing 16.16% of Dragon Capital Securities’ equity.

Previously, Dragon Capital Securities completed the distribution of 4.7 million ESOP shares to 207 employees on August 29, 2025, at an issuance price of VND 10,000 per share.

In terms of business performance, VDSC reported VND 332 billion in operating revenue for the first half of the year, with declines in brokerage and proprietary trading segments.

Consequently, pre-tax profit reached over VND 8 billion, and post-tax profit was nearly VND 11 billion, down 97% and 95% year-on-year, respectively.

The 2025 Annual General Meeting of Shareholders held on April 3 approved the 2025 business plan, targeting VND 1,106 billion in total revenue, a 6% increase from 2024; pre-tax profit of VND 368 billion, up 3.5%; and post-tax profit of VND 294 billion, up 1%.

Thus, by the end of the first half, VDSC had achieved only 2% of its pre-tax profit target and 3.7% of its post-tax profit target.

After the first six months, Dragon Capital Securities’ total assets increased by 7.3% to VND 6,828 billion.

Cash and cash equivalents rose slightly to VND 1,245 billion. The company no longer holds HTM investments, which stood at VND 400 billion at the beginning of the year. Instead, VDSC invested VND 800 billion in long-term bonds issued by VietinBank and BIDV.

Loans increased by VND 200 billion from the start of the year, reaching VND 2,946 billion, primarily in margin lending.

The FVTPL asset portfolio has a cost basis of nearly VND 1,050 billion, entirely invested in stocks. Major holdings include KBC and HSG, currently at a loss, while ACB and MWG are in profit.

The AFS asset portfolio, with a cost basis of VND 292 billion, is also fully invested in stocks, with CMG at a loss and KDH in profit.

Regarding capital structure, total liabilities reached VND 4,025 billion, up 12% from the beginning of the year. Short-term borrowings increased by VND 589 billion to VND 981 billion, primarily from banks, alongside bond debt exceeding VND 2,900 billion.