HOSE Cuts Margin on 67 Stocks Including AAN, ABS, HVN Starting May 2026
This Aveluro analysis covers AAN. The classified event type is regulation change, with negative sentiment and a deterministic market-impact score of 4.9/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Follow this event and trade Vietnam stocks
Use the broker guide to compare Vietnam market access before acting on this news.
Aveluro may earn a commission from broker partners. Market data and broker availability can change; confirm access before opening an account.
Overview
HOSE (Ho Chi Minh City Stock Exchange) has published a list of 67 stocks that are ineligible for margin trading starting May 2026. The list includes stocks under warning or control status, newly listed issues, and those with negative net profit or qualified audit opinions. Among the affected tickers are AAN, ABS, APH, DLG, DQC, HVN, LDG, NVT, OGC, TCD, TDH, TLH, VCA, VNE, AFX, CRV, GEL, HPA, KLB, and VCK.
Key Facts
- HOSE announced 67 stocks ineligible for margin trading from May 2026.
- Stocks under warning/control include ABS, APH, DLG, DQC, HVN, LDG, NVT, OGC, TCD, TDH, TLH, VCA, VNE.
- Newly listed stocks (less than 6 months) include AFX, CRV, GEL, HPA, KLB, VCK, and AAN.
- AAN was listed on HOSE on May 22, 2026, with a reference price of VND 15,000; closed May 25 at VND 19,250 (+6.9%).
- AAN reported Q1/2026 net profit of VND 8.5 billion, up 85% YoY, on revenue of VND 793 billion.
- VAF was removed from the list due to delisting.
- Margin trading restrictions apply to purchases using credit limits provided by securities companies.
What Happened
HOSE released an updated list of securities ineligible for margin trading, effective May 2026. The exchange categorizes stocks based on criteria such as being under warning or control status, having a listing period of less than six months, reporting negative net profit, receiving qualified audit opinions, or delayed disclosure. The list includes 67 tickers, with notable names like HVN (Vietnam Airlines), LDG, and newly listed AAN.
AAN, the stock of An An Food Corporation, debuted on HOSE on May 22, 2026, and surged 28% in its first two sessions. Despite strong Q1 earnings, its short listing history disqualifies it from margin trading. The exchange also removed VAF from the list as it has been delisted.
Market Context
As of May 25, 2026, AAN closed at VND 19,250 (+6.94%) on volume of 20,300 shares. ABS traded flat at VND 3,000, APH at VND 5,560 (+0.36%), and DLG at VND 2,630 (-0.38%). The margin restriction may reduce speculative buying pressure on these stocks, particularly for retail investors who rely on leverage. The broader market context includes ongoing regulatory tightening on margin lending to curb risk.
Strategic Significance
The margin restriction signals HOSE’s continued focus on risk management and investor protection. For affected stocks, the inability to use margin may dampen trading volumes and price volatility, especially for newly listed or distressed names. Long-term investors should monitor the underlying fundamentals: AAN’s strong earnings growth may attract fundamental buyers despite the margin ban, while stocks like HVN and LDG face ongoing operational challenges. The policy also reinforces the importance of compliance with disclosure and profitability standards.
What to Watch
- Next quarterly earnings reports for affected stocks to assess profitability trends.
- Any changes in warning/control status that could lead to margin reinstatement.
- Trading volume and price movements post-restriction to gauge liquidity impact.
- Regulatory updates on margin rules or additional stocks added to the list.
- For AAN, the expiration of the six-month listing period (around November 2026) when it may become margin-eligible.