Bamboo Capital (BCG) and TRACODI (TCD) Forcibly Delisted from HoSE; CEO Apologizes

Overview

Bamboo Capital (BCG) and its subsidiary TRACODI (TCD) were forcibly delisted from the Ho Chi Minh Stock Exchange (HoSE) on July 15, 2025, due to violations of financial reporting obligations. The CEO of Bamboo Capital, Mr. Ng Wee Siong Leonard, issued an apology letter to shareholders, emphasizing that the delisting does not mean the end of operations and outlining a restructuring plan through 2030.

Key Facts

• BCG and TCD shares were officially delisted from HoSE on July 15, 2025.
• Bamboo Capital has not yet published audited financial statements for 2024 and 2025, nor the semi-2025 review, all quarterly reports for 2025, and Q1/2026 reports.
• TRACODI published audited financial statements for 2024 and 2025, but auditor A&C refused to give an opinion on both.
• CEO Ng Wee Siong Leonard sent an apology letter to shareholders on July 10, 2025.
• The company faces multiple challenges: senior personnel and accounting team turnover, large document handover volume, and ongoing legal investigations.
• Bamboo Capital only found an auditor for the 2024 financial statements in December 2025, and the audit is still incomplete.
• The restructuring plan is divided into two phases: first, stabilize business, restructure finances, and divest non-core assets; second, raise capital from strategic investors and restore shareholder confidence.

What Happened

On July 15, 2025, HoSE forcibly delisted shares of Bamboo Capital (BCG) and TRACODI (TCD) due to failure to meet financial reporting obligations. Bamboo Capital has not published audited financial statements for 2024 and 2025, nor any quarterly reports for 2025 and Q1/2026. TRACODI did publish audited statements for 2024 and 2025, but the auditor, A&C, refused to issue an opinion on both.

In a letter dated July 10, 2025, CEO Ng Wee Siong Leonard apologized to shareholders and explained that the company faced simultaneous difficulties, including turnover of senior personnel and accounting staff, a large volume of documents to transfer, and ongoing legal investigations that prevented full access to records. He stressed that the delisting does not mean the company ceases operations; all subsidiaries, investments, projects, and contracts continue, and shareholders’ legal ownership remains protected.

Market Context

BCG closed at VND 3 on October 8, 2025, down 0.78% with volume of 14.6 million shares, while TCD closed at VND 2, up 3.28% with volume of 2.8 million shares. Both stocks have been under severe pressure due to the reporting failures and delisting. The construction and real estate sectors in Vietnam have faced headwinds from tightened credit and regulatory scrutiny, but the delisting of BCG and TCD is an extreme case of governance failure.

Strategic Significance

The delisting marks a significant loss of liquidity and access to public capital markets for Bamboo Capital and TRACODI. The restructuring plan through 2030 indicates a long and uncertain recovery path. The company’s ability to regain listing will depend on completing audited financial statements, resolving legal issues, and restoring investor confidence. The involvement of strategic investors and international cooperation in the second phase suggests a potential turnaround, but the timeline is extended.

What to Watch

• Completion of audited financial statements for 2024 and 2025, and subsequent filings.
• Outcome of legal investigations and any regulatory penalties.
• Progress of the restructuring plan, including asset divestments and debt restructuring.
• Any announcement of strategic investors or capital raising initiatives.
• Potential re-listing application on HoSE or alternative exchange (e.g., UPCOM).