Specifically, Rox Key acquired 980,000 shares of Popplife, increasing its ownership to 1.96 million shares, or 98% of the capital, thereby becoming the parent company of Popplife. In terms of par value, the deal was worth VND 9.8 billion, with the transferor being Vinh Phat Real Estate Development Joint Stock Company.
After the merger with Popplife, Rox Key continued to appoint General Director Nguyen Van Hiep as the authorized representative to manage the entire shareholding in Popplife.
Previously, in February 2025, Rox Key acquired 980,000 shares of Popplife from Vinh Phat, starting with a 49% ownership and recognizing this company as an associate.
According to the consolidated financial statements for the first quarter of 2025 published by Rox Key, as of March 31, the investment in Popplife was valued at nearly VND 6.8 billion according to the equity method for a 49% stake. However, by the second quarter of 2025, this value had increased significantly to nearly VND 16.4 billion, indicating that this advertising company was profitable in the second quarter.
Popplife Joint Stock Company was established on December 7, 2022, with its main business line registered as advertising. Popplife initially had a charter capital of VND 20 billion with 3 founding shareholders, including Vinh Phat Real Estate Development Joint Stock Company holding 98%, and Mr. Phan Khanh Toan and Mr. Tran Quoc Phuong each owning 1%.
At that time, Mr. Phan Khanh Toan served as Director and legal representative. In late May 2024, his position was replaced by Mr. Duong Ngoc Dung. In early June of the same year, Mr. Dung’s title changed to General Director and legal representative of Popplife.
Notably, former Director Phan Khanh Toan has been a member of the Board of Directors and Supervisory Board of Rox Key since November 2024. According to the semi-annual 2025 Board of Management report of Rox Key, the 1979-born leader is also presented as the Chairman of the Board of Directors of Popplife.
According to the latest enterprise registration content change announcement in February 2025, Popplife’s head office is located on the 20th floor of Rox Tower, Hanoi, which is the same address as Rox Key (25th floor). However, according to information published by Popplife on its website, its head office is located on the 25th floor of Rox Tower.
As introduced by Popplife, the company currently provides media services, O2O customer care ecosystem solutions for businesses; consultancy on brand development and protection strategies, brand reputation protection; consultancy, development, and implementation of marketing strategies; enterprise culture development consultancy; brand reputation protection, and crisis communication handling.
Source: Popplife Website
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Popplife is not a stranger, and on March 28, 2025, Vietnam Maritime Commercial Joint Stock Bank (HOSE: MSB) – another member of the Rox Group ecosystem – signed a memorandum of cooperation with Popplife on consulting to build and develop a loyal customer infrastructure. According to the agreement, Popplife and MSB will work together to build a loyalty model.
 MSB representative (left) and Mr. Phan Khanh Toan (right) at the signing ceremony – Photo: MSB
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Meanwhile, Vinh Phat Real Estate Development Joint Stock Company – a founding shareholder of Popplife – is headquartered in Hanoi and mainly operates in the real estate business. It was established on May 31, 2022, about four months before participating in the founding of Popplife.
Vinh Phat initially had a charter capital of VND 950 billion, with 3 founding shareholders, including Ms. Dao Thi Kim Nhung holding 36.842%, and 2 shareholders Le Trang My and Trieu Thanh An, each owning 31.6%.
Initially, Ms. Dao Thi Kim Nhung served as Director and legal representative, and then transferred this position to Mr. Nguyen Thanh Trung in September 2023 and Mr. Tran Quang Hoai in November 2024.
According to the latest enterprise registration content change announcement in November 2024, Vinh Phat is headquartered on the 2nd floor (M floor), Tower A, 88 Lang Ha, Hanoi, which is Rox Tower Sky City.
With the recent developments, it is likely that Vinh Phat has transferred its entire 98% stake in Popplife to Rox Key.
Regarding Rox Key, the company has just ended the second quarter of 2025 with a decrease in revenue of over VND 36 billion compared to the same period last year, while the cost of goods sold also decreased by nearly VND 45 billion, due to the divestment from subsidiary companies in 2024 and the first quarter of 2025.
Another highlight comes from the company’s new profit from associates of nearly VND 11 billion, as during the period, it invested in an associate, most likely Popplife, with a 49% stake. However, management expenses also increased sharply by nearly VND 11 billion due to increased demand for maintenance, consulting, and management services for the company and its subsidiaries.
Finally, Rox Key recorded a net profit of nearly VND 17 billion, a decrease of 18%. However, with impressive results in the first quarter, the company still closed the first half with a net profit of nearly VND 96 billion, nearly 3.3 times higher than the same period last year.
| Rox Key’s quarterly financial results in recent years |
– 13:44 04/08/2025
TNS Holdings rebrands as ROX Key Holdings
On February 27, 2024, TN1 Corporation (stock symbol: TN1) officially announced the rebranding of the company to ROX Key Corporation (ROX Key). This rebranding brings a new chapter and is expected to propel ROX Key to new heights in its various areas of operation.
