HNX Delists BCG, BCR, DAN, VTS from UPCoM in August 2026

Overview

HNX has delisted four stocks from the UPCoM market in August 2026: BCG, BCR, DAN, and VTS. The delistings follow the State Securities Commission of Vietnam (SSC) revoking their public company status, primarily due to failures in financial reporting and annual general meeting disclosures. The most significant impact is on Bamboo Capital (BCG) and its subsidiary BCG Land (BCR), which together account for over 1.35 billion shares removed from trading.

Key Facts

• HNX delisted over 880 million BCG shares, with a par value of VND 8,802 billion, effective August 19, 2026.
• HNX delisted nearly 474 million BCR shares, with a par value of VND 4,738 billion, effective August 19, 2026.
• The final trading day for BCG and BCR on UPCoM was August 18, 2026.
• SSC revoked public company status for BCG and BCR effective August 5, 2026, due to failure to publish audited financial statements for 2024 and 2025 and failure to hold annual general meetings for 2025 and 2026.
• DAN (Duoc Danapha) had nearly 21 million shares delisted, with a par value of VND 209 billion, effective August 28, 2026.
• VTS (Gach Ngoi Tu Son) had over 2 million shares delisted, with a par value of VND 20 billion, effective August 20, 2026.
• BCG was previously forcibly delisted from HOSE in July 2026.

What Happened

In August 2026, the Hanoi Stock Exchange (HNX) issued multiple decisions to cancel the trading registration of several UPCoM-listed companies. The primary reason was the revocation of public company status by the State Securities Commission (SSC), often due to non-compliance with disclosure obligations. For Bamboo Capital (BCG) and BCG Land (BCR), the SSC revoked their status effective August 5, 2026, because they failed to publish audited financial statements for 2024 and 2025 and did not hold annual general meetings for two consecutive years (2025 and 2026).

BCR explained that the failure to complete the 2024 audited financial report created a chain reaction, leaving no opening balance basis for subsequent years and preventing the completion of the 2025 annual report. The company’s chairman, Tan Bo Quan, Andy, acknowledged a particularly difficult period affecting governance, finances, and disclosure timelines, but emphasized that the revocation does not mean the end of operations. The company is completing procedures to transfer share registry management to a new entity, ensuring shareholders can still transfer shares legally.

Market Context

BCG, previously listed on HOSE, was forcibly delisted in July 2026 and moved to UPCoM, where it traded until August 18. Its last price on UPCoM was VND 3,000 per share, reflecting a sharp decline from its historical highs. BCR last traded at VND 1,100 per share on June 21, 2026. DAN and VTS, both smaller companies, also saw their shares delisted after losing public company status. These delistings highlight the regulatory tightening on disclosure compliance, particularly for companies with financial reporting delays.

Strategic Significance

The delisting of BCG and BCR marks a significant contraction of the Bamboo Capital ecosystem, which once had ambitions in real estate and renewable energy. For long-term investors, the loss of public trading status reduces liquidity and transparency, making it harder to exit positions. The company’s commitment to maintaining operations and eventually re-listing could be a long-shot recovery thesis, but the lack of audited financials and governance issues pose substantial risks. For DAN and VTS, the delistings reflect broader challenges for smaller companies in meeting public company obligations, potentially signaling a trend of consolidation or exit from public markets.

What to Watch

• Completion of BCG and BCR’s audited financial statements for 2024 and 2025, which could pave the way for re-listing.
• Any announcements from SSC or HNX regarding potential fines or further sanctions on the delisted companies.
• The transfer of share registry management to a new entity and the ease of share transfers for existing shareholders.
• Whether DAN and VTS will attempt to regain public company status or remain private.
• Regulatory changes that may affect other UPCoM companies with similar disclosure deficiencies.