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Tech firm VNG’s stock put under trading restriction

The Saigon Times

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HCMC – The Hanoi Stock Exchange (HNX) imposed trading restrictions on the tech giant VNG Corporation’s shares (stock code: VNZ) today, May 25, for late submission of its financial statement for 2022.

VNZ shares will only be traded on Fridays of each week.

HNX said that VNG Corporation had been over 45 days late in filing the audited financial statement for 2022, so its shares were put under trading restrictions in accordance with the current regulations.

VNG Corporation explained that the firm has been preparing its financial statement for 2022 in line with both Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS).

It took time to complete the financial statement as the corporation has operated in multiple countries worldwide, with 33 subsidiaries and seven affiliated companies.

VNG previously sought permission from HNX and the State Securities Commission of Vietnam to extend the deadline.

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

Closing the trading session yesterday, May 24, VNZ stood at VND740,000 per share.

VNG Corporation earned revenue of over VND1.85 trillion in the first quarter of 2023, up 11.1% compared to the same period last year. However, its net profit was negative VND40.5 billion.

As of March 31, the total assets of VNG reached over VND8,975 billion, up 0.9% compared to the beginning of the year.

VNG Corporation is looking to raise US$100 million in a fresh funding round and working with Maybank on the fundraising.

On the HCMC bourse, the VN-Index improved 2.84 points, or 0.27%, from the session earlier, at 1,064.63, with 172 gainers and 216 losers. Trade volume totaled 669.5 million shares worth VND11.7 trillion, down 16% and 15% against the previous day.

Some VND1,160 billion worth of shares were traded in block deals today.

GAS and FPT both inched up nearly 2.5% to VND94,700 and VND83,200 per share, respectively. Along with that, some other large-cap stocks like MSN, VCB, BID, and VHM also reversed to increase slightly to help the index stand firm.

Meanwhile, the best gainer in the VN30 basket was GVR when it increased by 4% to VND16,750, with more than 5.27 million shares traded.

Lender STB continued to take the lead in liquidity today, with over 35.2 million shares traded, closing at VND27,000.

On the Hanoi Stock Exchange, the HNX-Index added 0.82 points, or 0.38%, to 216.78 points, with 74 winners and 88 losers. The total trading volume reached 81.5 million shares, with a value of over VND1.5 trillion.

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