VNG’s founder to offload around one million shares

HCMC – Le Hong Minh, founder and general director of tech giant VNG Corporation (stock code: VNZ), plans to sell around one million VNZ shares.

The shares will be sold through order-matching transactions from August 22 to August 31.

If successful, the sale could bring Minh over VND1 trillion, while his stake in the company will decrease to 8.8%, equivalent to 2.5 million VNZ shares.

VNG’s core business operations include online gaming, connectivity platforms, payments, and cloud services. It has expanded to markets like Hong Kong, Thailand, Singapore and Indonesia.

The online gaming division, responsible for 70-80% of revenue, reported over VND4 trillion in revenue and nearly VND50 billion in pre-tax profit in the first half of 2023.

Minh previously served as chairman and general director. However, he stepped down from the post of chairman after the company’s stock debut as required by regulations.

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, which skyrocketed to an all-time high of VND1,562,000 per share on February 16.

VNZ shares inched up at the close today, August 21, up 4.25% to VND1,139,000 per share.

With 276 losers and 200 winners, the VN-Index of the Hochiminh Stock Exchange saw a marginal uptick of 1.77 points, or 0.15%, to close at 1,179.76 points.

Trading volume and value plunged compared to the previous session, down 36.47% and 38.67%, respectively, with 1.08 billion shares valued at over VND22.1 trillion. Block deals accounted for nearly VND2 trillion of the overall value, with 77.43 million shares transacted.

Bank stocks provided significant support to the market. BID and CTG made the most significant contributions to the main index, adding 1.81 and 1.61 positive points, respectively.

There were 18 bluechips rising and 11 others dipping in the VN30 basket, making the VN30-Index edge up 0.22 points, or a fractional 0.02%, to 1,190.32 points.

CTG surged 4.2% to VND32,000 per share, while BID climbed 3.2% to VND45,600 VND per share. These two stocks ranked as the top gainers within the VN30 index, and VCB also showed a modest turnaround, rising by 0.34%.

LPB emerged as the strongest performer in the banking sector. It shot up 6.3% to VND19,400 per share. Meanwhile, lenders STB and SHB secured positions among the top 10 stocks by liquidity, with trading volume of 35.26 million and 26.2 million shares, respectively, and finishing the session up 1%.

The securities sector gained, with SSI and VND at the forefront. SSI advanced 1.9% with 35.54 million shares changing hands, while VND inched up 2.3% with a trading volume of 33.87 million shares.

Regarding real estate stocks, VIC and VHM managed to minimize losses to under 1.5%, while other stocks, including VRE, VCG, NLG, KDH and HDG, saw a rebound in performance. However, several smaller stocks, such as HPX, TDH, ITC, PTL, BCG and LDG, stayed in negative territory, with LDG slumping to its daily lower limit with 19.32 million shares traded.

Housing developer NVL took the lead by liquidity today with around 46.8 million shares changing hands, but it ended the session down 3.9% to VND18,500 per share.

On the Hanoi Stock Exchange, the HNX-Index improved by 2 points, or 0.85%, to close at 237.97 points, with 97 advancers and 100 decliners.

Total trading volume on the northern bourse reached 116.51 million, with a trading value amounting to VND1.95 trillion.

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