Nguyen Do Lang to Sell 20 Million APS, API Shares After Manipulation Case

Overview

Nguyen Do Lang, former CEO of APEC Securities (APS) and a defendant in a 2023 stock-manipulation case, has registered to sell 10 million APS shares and 10 million API shares, according to a disclosure filed on the HNX on 4 November. At closing prices on 3 November, the combined sale is worth approximately VND 96 billion and would reduce his ownership in APS from 14.3% to 2.25% and in API from 19.6% to 7.71%.

Key Facts

• Nguyen Do Lang registered to sell 10 million APS shares and 10 million API shares, per an HNX disclosure dated 4 November.
• The proposed transaction window runs from 5 November to 4 December 2026, via negotiated and order-matching methods.
• Stated purpose is personal financial needs.
• At APS, Lang holds more than 11.87 million shares (14.3%); the sale would leave more than 1.87 million shares (2.25%).
• At API, Lang holds more than 16.48 million shares (19.6%); the sale would leave about 6.48 million shares (7.71%).
• At the 3 November close, APS traded at VND 5,300 per share and API at VND 4,300 per share, implying a combined value of roughly VND 96 billion.
• Lang’s daughter, Nguyen Do Hoang Lan, sits on the board of both companies and holds 800,000 APS shares (0.96%) and 800,000 API shares (0.95%).

What Happened

According to the HNX filing, Nguyen Do Lang submitted a registration to sell 10 million shares of CTCP Chung khoan Chau A – Thai Binh Duong (APS) and 10 million shares of CTCP Dau tu Chau A – Thai Binh Duong (API). The trades are scheduled to take place between 5 November and 4 December 2026 using both negotiated and order-matching methods. Lang cited personal needs as the reason for the sale.

The disclosure comes more than three years after Hanoi police’s security investigation agency issued a decision on 28 June 2023 to prosecute and detain Lang and four others for stock manipulation under Article 211 of the Penal Code. The case concerned trading in shares of APS, API and IDJ Vietnam Investment (IDJ). At the time, Lang was CEO of APEC Securities. He reappeared publicly at API’s 2024 annual general meeting on 10 May 2024, an appearance that drew investor attention as APS, API and IDJ shares rallied.

Market Context

APS and API both trade on the HNX. At the 3 November close, APS stood at VND 5,300 per share and API at VND 4,300 per share, placing both in the low-priced, small-cap segment of the Hanoi exchange. The registered sale represents a large block relative to typical daily liquidity in these names, and the disclosure follows a period in which the so-called APEC stock group has drawn retail speculation. The filing does not state a sale price or whether any buyer has been pre-arranged.

Strategic Significance

For long-term holders, the key signal is governance rather than valuation. A near-exit by a founder who was prosecuted for manipulation in the same stock group reduces the overhang of his personal holdings but also removes a large aligned shareholder from the register. The residual family interest is small: his daughter holds under 1% of each company while serving on both boards, a structure that may invite questions about board independence. The sale also tests whether demand exists for APEC-group shares without founder support, particularly at API, where Lang’s stake falls below the 10% threshold that would otherwise require further large-shareholder disclosures.

What to Watch

• Actual execution and pricing of the APS and API blocks between 5 November and 4 December 2026, disclosed via HNX trading results.
• Any change in the ownership or board positions of Nguyen Do Hoang Lan at APS and API.
• Liquidity and price behavior in APS and API during the sale window, given the size relative to typical volumes.
• Updates on the 2023 manipulation case and any related legal proceedings involving Lang or other APEC-group executives.
• Whether other large shareholders or related parties file counter-disclosures or increase stakes.