What Happens When Nearly 35% of a Construction Company’s Capital Changes Hands in Just 3 Trading Sessions?

In just three trading sessions, nearly 35% of the charter capital of Xuan Mai Investment and Construction Joint Stock Company (Xuan Mai Corp, UPCoM: XMC) has changed hands through large-scale negotiated transactions, with the buyers being the enterprise's top executives.

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On January 13th, approximately 3.7 million shares of XMC, representing 5.15% of its charter capital, were transferred at a total value of 29.8 billion VND, averaging 8,100 VND per share. This price was about 15% lower than XMC‘s closing price on the same day, which stood at 9,500 VND per share.

According to the transaction disclosure, the entire volume of shares was purchased by Mrs. Đinh Thị Thanh Hà, Vice Chairwoman of XMC‘s Board of Directors, from Mr. Đinh Văn Quân. Following this transaction, Mrs. Hà’s ownership stake surged from 23.09% to 28.24%. Conversely, Mr. Quân ceased to be a shareholder of XMC, despite having become a major shareholder in late September 2025.

A few days earlier, on January 8th, the market recorded over 6.9 million XMC shares, equivalent to 9.68% of the charter capital, traded in a negotiated deal totaling 69.1 billion VND. These shares were acquired by Chairman of the Board Nguyễn Đức Cử from Mrs. Nguyễn Phương Lan at an average price of 10,000 VND per share, approximately 11% higher than XMC‘s closing price on that day. Post-transaction, Mr. Cử’s ownership increased from 19.99% to 29.67%.

Notably, the shares Mr. Cử acquired were purchased just one month prior. Specifically, on December 8, 2025, he bought nearly 14.3 million XMC shares, representing 19.99% of the charter capital, through a negotiated deal valued at 142.8 billion VND, averaging 10,000 VND per share. This price was also 11% higher than XMC‘s market price at the time.

The seller of these shares was Mr. Bùi Khắc Sơn. After completing the transaction and fully divesting, Mr. Sơn resigned as Chairman of XMC’s Board of Directors for personal reasons. His successor is Mr. Nguyễn Đức Cử, a decision approved at the extraordinary shareholders’ meeting on December 29, 2025.

In 2024, Mr. Nguyễn Đức Cử resigned as Vice Chairman of XMC‘s Board of Directors before returning as Chairman in late 2025.

Both of Mr. Nguyễn Đức Cử‘s acquisitions from Mr. Bùi Khắc Sơn and Mrs. Nguyễn Phương Lan were approved at the extraordinary shareholders’ meeting in late December 2025, including the waiver of a public tender offer. Thus, with just two negotiated transactions, Mr. Cử acquired nearly 30% of XMC‘s charter capital, with a total investment of approximately 212 billion VND.

However, since the completion of these transactions, XMC shares have seen a slight correction. On the morning of January 16th, the stock traded around 9,500 VND per share, about 5% lower than the average price of 10,000 VND per share paid by the Chairman, implying a temporary loss on the held shares.

Price movement of XMC shares from the beginning of 2025 to present

Over a longer period, XMC‘s current market price remains 42% higher year-over-year, with average liquidity of nearly 28,000 shares per day. However, the negotiated price at which Mr. Nguyễn Đức Cử purchased the shares is also the highest price range for XMC since June 2022.

In total, including the negotiated transactions by Chairman Nguyễn Đức Cử and Vice Chairwoman Đinh Thị Thanh Hà, nearly 35% of XMC‘s charter capital has changed hands through negotiated deals in just three trading sessions, all acquired by senior executives.

Tùng Phong

– 13:00 16/01/2026

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