Specifically, NHV was fined 92.5 million VND for failing to disclose information as required for the following documents: 2022 and 2023 quarterly reports, 2024 semi-annual report, 2022 and 2023 audited financial statements, 2022 and 2023 annual reports, and minutes of the 2023 and 2024 annual general meetings.
The company also disclosed information beyond the deadline for the following documents: 2021 semi-annual report, explanation for the deviation of post-tax profit of over 10% between the 2021 audited financial statements and the 2020 audited financial statements, 2020 and 2021 audited financial statements, 2019 and 2020 annual reports, 2021 quarterly report, documents for the 2021 and 2022 annual general meetings, and the administrative penalty decision by the tax authority dated September 15, 2020.
NHV was also fined 150 million VND for disclosing misleading information in the 2020 quarterly report. Specifically, in the 2020 financial statements, the company had transactions with related parties, including the recovery of an 18 billion VND advance from the General Director, Mr. Luu Quang Thinh, which was then lent to Ms. Phan Thi Thanh Huyen. However, in the same year’s quarterly report, in Section VII.2. “Transactions between the Company and Related Parties…”, the company stated “none.”
Additionally, the company was fined 125 million VND for violating regulations on transactions with enterprise managers. On May 19, 2021, the company provided an advance of over 54 billion VND, accounting for nearly 96% of total assets, to Mr. Luu Quang Thinh, the General Director, for financial investment purposes, without obtaining approval from the annual general meeting at the time of the advance.
As a result of these violations, NHV was fined a total of 367.5 million VND by the SSC. The company was also required to rectify the situation by canceling or correcting the misleading information disclosed.
A brief “resurrection”
Nirvana Health Vietnam Joint Stock Company was established on January 21, 2009. According to the first business registration content change announcement issued on August 22, 2016, the company’s name was Nam Ha Viet Thai Joint Stock Company (Nahavithai), and its headquarters was moved from Thai Nguyen province to Hanoi. In September of the same year, the company reduced its charter capital from over 81 billion VND to over 32 billion VND.
June 14, 2017, marked the first trading day on the UPCoM with a reference price of 11,200 VND/share.
In September 2017, Nahavithai changed its name to NHV Investment Joint Stock Company, and its headquarters was moved to District 7, Ho Chi Minh City. This address was used until May 2018, after which it was moved to the Him Lam Urban Area. However, in December, the company again relocated its headquarters back to Hanoi, at 219 Trung Kinh Street. Notably, the company’s legal representative was also replaced by Mr. Luu Quang Thinh (General Director) – the same figure involved in two out of three of the company’s recent violations.
On May 11, 2022, the company underwent a significant change, renaming itself Nirvana Health Vietnam Joint Stock Company, with the English name Nirvana Health Vietnam, abbreviated as NHV. The address was changed from 219 Trung Kinh Street to the Tran Duy Hung Southeast Urban Area.
At that time, the company’s main business lines were also changed from other unspecified manufacturing activities (coal processing, welding material production, metal scrap processing…) to management consulting activities (excluding legal, financial, accounting, auditing, tax, and securities consulting).
The company streamlined its business lines from 34 to 16, removing a series of production, processing, livestock, wholesale (metals, materials, chemicals…), transportation (passenger, freight), and construction (houses, works…) while adding new business lines such as sauna, massage, haircutting, and hairdressing services…
In the latest business registration content change announcement on July 5, 2022, the company increased its charter capital from over 32 billion VND to nearly 55 billion VND, without providing detailed information about its shareholder structure.
It can be seen that the company underwent a significant business model transformation in mid-2022. At that time, NHV‘s stock price surged from the 17,000 VND/share range and even touched 57,000 VND/share in September 2022, with exceptionally high liquidity. During this period, the company also paid a cash dividend of 700 VND/share and a stock dividend of 10:7.
However, NHV‘s stock price ended its “resurrection” process from then on, continuously declining to its current level of 800 VND/share. NHV stock is also under warning and trading restrictions on the UPCoM.
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NHV stock experienced a brief “resurrection”
Source: VietstockFinance
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– 23:20 May 12, 2025
May Viet Tien Shareholders’ Meeting: Challenges Remain, Business Model Transformation Needed
In a bid to tackle persistent challenges, the 2024 Annual General Meeting of May Viet Tien Corporation (UPCoM: VGG) endorsed a 2024 target with profit before tax down 5% compared to 2023 and a dividend payout ratio of 20%. In addition, the orientation of the business model shift was also actively discussed.
