Recently, the State Securities Commission of Vietnam (SSC) issued a decision to place Hoa Binh Securities Corporation (HNX: HBS) under special control. The maximum control period is 4 months, effective from October 23.
The SSC mandates Hoa Binh Securities to:
First, disclose detailed financial status, underlying causes, and remediation plans in compliance with regulations.
Second, cease signing or renewing margin lending contracts, halt margin lending activities, and report to the SSC within 48 hours of the special control initiation.
Lastly, comply with information disclosure requirements under Circular 96/2020/TT-BTC dated November 16, 2020, issued by the Ministry of Finance.
Earlier, the Hanoi Stock Exchange (HNX) restricted trading of HBS shares due to delayed submission of the 2025 semi-annual audited financial report, exceeding the 45-day limit. Trading is now limited to Fridays starting October 8, 2025.
Previously, HBS shares were moved from warning to control status on September 22, 2025, for failing to submit the audited report within 30 days of the deadline.
Currently, HBS shares trade at VND 6,100 per share.
Leadership Changes
In other developments, Hoa Binh Securities experienced leadership changes when Mr. Le Dinh Duong resigned as Chairman in late August 2025. On August 25, 2025, the Board of Directors approved his resignation and appointed Ms. Tran My Linh as the new Chairwoman for the 2023-2028 term.
Ms. Linh, born in 1982, holds a Bachelor’s in Economics and a Master’s degree. She previously served as Deputy CEO of HBS from September 2022. Additionally, she chairs Vimedimex Pharmaceutical JSC (HoSE: VMD) and holds no shares in HBS or VMD.
She also represents several companies, including Nhue Giang Construction Investment JSC, Bac Tu Liem Housing Development JSC, and Thien Khanh Real Estate LLC.
Mr. Le Dinh Duong, despite stepping down as Chairman, was appointed Vice Chairman for the same term. Born in 2003, he is the second son of former HBS Chairwoman Nguyen Thi Loan, who faced legal charges in 2021 related to land violations.
His brother, Mr. Le Xuan Tung (born 1995), serves on the HBS Board and chairs Vimedimex.
Amid these changes, Hoa Binh Securities’ performance remains subdued. The 2025 H1 self-reported revenue was VND 15 billion, with a net profit of VND 5.8 billion. As of June 30, total assets were VND 373 billion, primarily equity-driven.
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All the aforementioned stocks are currently under warning or control status.
