According to the initial plan, the registration and payment period for purchasing shares was from September 27 to October 15. However, only over 54 million shares were distributed during this phase, representing more than 40% of the offered volume.
Notably, only three shareholders exercised their purchase rights: Mr. Nguyễn Tấn Dũng acquired 27 million shares, Mr. Nguyễn Văn Thiện purchased over 26.9 million shares, and Ms. Đào Ánh Vân bought 130 thousand shares.
Subsequently, the remaining nearly 81 million shares, accounting for almost 60% of the total, were further distributed from October 17 to November 7 to 14 investors. These shares will be subject to a one-year transfer restriction.
Among these, Mr. Nguyễn Văn Thiện acquired an additional 7 million shares, bringing his total to over 33.9 million shares, the highest in this offering. Ms. Thái Kiều Hương, a Board Member, acquired over 13.3 million shares; Mr. Hồ Ngọc Bạch, CEO and Board Member, acquired over 6 million shares; and XT Global Capital, a newly established company on June 26, 2025, based in Ninh Bình, acquired 7.8 million shares. The remaining shares were distributed to new investors.
Interestingly, Ms. Thái Kiều Hương, Mr. Hồ Ngọc Bạch, and XT Global Capital, who did not initially exercise their purchase rights, appeared on the list of recipients.
Upon completion of the offering, XTSC’s chartered capital increased to 1.485 trillion VND, with 66 shareholders, an increase of 10 shareholders compared to pre-offering. The top four major shareholders are Mr. Nguyễn Văn Thiện with over 24.6%, Mr. Nguyễn Tấn Dũng with 20%, Ms. Thái Kiều Hương with nearly 9.9%, and XT Global Capital with nearly 6.7%. Additionally, the company has eight shareholders holding more than 4% each.
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Summary of XTSC’s Share Offering
Source: XTSC, compiled by the author
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Although listed as existing shareholders before the offering based on the September 26 record date, Mr. Nguyễn Văn Thiện, Mr. Nguyễn Tấn Dũng, and XT Global Capital only became shareholders after acquiring a significant number of XTSC shares four days prior, making them “newly old” shareholders.
In transaction reports, aside from direct ownership, each of these shareholders recorded related parties holding shares equal to the combined total of the other two shareholders.
This is clarified by examining XT Global Capital’s ownership structure. Specifically, out of its 8 trillion VND chartered capital, Mr. Nguyễn Văn Thiện and Mr. Nguyễn Tấn Dũng hold 70% and 15%, respectively, with the remainder owned by Ms. Nguyễn Thị Hồng Nhung.
At that time, the four major shareholders transferring shares included Mr. Lê Huy Dũng with over 2.7 million shares, Khang An Agriculture Trading LLC with 2.7 million shares, Mr. Hồ Ngọc Bạch with over 1.4 million shares, and Ms. Thái Kiều Hương with over 709 thousand shares.
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Over 7.5 million XTSC shares (55.83%) were transferred on September 22, 2025
Source: XTSC, compiled by the author
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Among these names, Mr. Nguyễn Văn Thiện stands out as the Chairman of Xuân Thiện Group, a diversified conglomerate operating in energy, materials, and agriculture. The group was established in 2000 as Xuân Thiện Ninh Bình LLC and restructured into a corporate group in January 2022.
Mr. Nguyễn Văn Thiện is also known as the son of Mr. Nguyễn Xuân Thành, founder of Xuân Thành Group (Ninh Bình), and the brother of Mr. Nguyễn Đức Thụy, Chairman of LPBank.
 Mr. Nguyễn Văn Thiện
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In addition to the offering to existing shareholders, XTSC previously approved a plan to issue 151.5 million shares privately to raise 1.515 trillion VND. However, according to a recent notice from the State Securities Commission dated September 11, the review of the offering file has been halted as XTSC’s Board of Directors decided to temporarily suspend the plan.
Notably, the list of strategic investors participating in the offering included Mr. Nguyễn Văn Thiện (50 million shares), Mr. Nguyễn Tấn Dũng (51.5 million shares), and XT Global Capital (50 million shares).
– 11:31 08/11/2025
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