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Wednesday, June 26, 2024

Tech firm VNG retracts IPO filing in U.S.

The Saigon Times

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HCMC – Vietnamese tech firm VNG Corporation (stock code: VNZ) has withdrawn its initial public offering (IPO) registration in the U.S., according to the U.S. Securities and Exchange Commission (SEC).

The statement, available on the SEC’s website, outlined the company’s intention to file a new registration statement in the future without specifying a timeframe or offering reasons for the move.

The company neither told the reason for the retraction of its IPO filing in the U.S. nor provided details on the timeline for any future registration.

VNG had previously postponed its U.S. listing plan in September, citing volatile market conditions.

VNG debuted its VNZ shares on the Unlisted Public Company Market on January 5, 2023, with a starting price of VND240,000 per share, which skyrocketed to an all-time high of VND1,562,000 per share on February 16.

Closing the trading session today, January 24, VNZ edged down by 2.41% to VND590,000.

With 167 winners and 297 losers, the VN-Index lost 4.53 points, or 0.38%, compared to the previous session to 1,172.97 points.

Stock trade rose 7.24% in volume and 2.6% in value against the session earlier, with 733.2 million shares valued at VND15.5 trillion changing hands. Block deals contributed over 89.1 million shares and VND2.1 trillion.

Within the VN30 basket, only seven stocks advanced while 19 others declined. The VN30-Index dropped by 4.4 points, or 0.37%, to 1,179.45 points.

Leading the market slump, MWG tumbled 2.2% to VND44,400 per share. On the other hand, VRE, STB, and SHB made small gains, with each edging up 0.8% to close at VND23,950, VND30,750, and VND12,200, respectively.

SHB was the most actively traded stock on the southern bourse, with a matching volume of 50.2 million shares.

The Hanoi Stock Market saw 65 advancers and 86 decliners, with a trading volume of nearly 56 million shares and VND1 trillion. The HNX-Index dipped 0.32%, or 0.73 point, to 228.53 points.

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