Truong Thuan Sells 9.6M CEO Shares, Exits as Major Shareholder

Overview

Truong Thuan, a major shareholder in CEO Group (CEO), has sold 9.6 million shares in two transactions on April 13-14 and April 15, 2026, reducing its ownership from 5.42% to 4.98% and ceasing to be a major shareholder. The sales were driven by financial needs, according to filings on the HNX.

Key Facts

• Truong Thuan sold 7.1 million CEO shares on April 13-14, 2026, reducing its stake from 6.67% to 5.42%.
• On April 15, 2026, it sold an additional 2.5 million shares, bringing its holding to 28.3 million shares (4.98%).
• Truong Thuan became a major shareholder on September 29, 2023, after buying 42.5 million shares (8.26% stake).
• Prior to these transactions, Truong Thuan sold 7 million shares on April 8-9 and 2 million shares on April 7, 2026.
• Truong Thuan is a Hanoi-based investment advisory firm with charter capital of VND 300 billion.
• CEO Group is listed on HNX under ticker CEO.

What Happened

Truong Thuan, an investment advisory firm, has been steadily reducing its stake in CEO Group since early April 2026. In a filing dated after the transactions, the company disclosed it sold 7.1 million shares on April 13-14, followed by 2.5 million shares on April 15, citing financial needs. This brought its ownership below the 5% threshold, removing it from major shareholder status.

The sales follow a pattern of disposals: 7 million shares on April 8-9 and 2 million shares on April 7. Truong Thuan originally built its stake in September 2023, acquiring 42.5 million shares (8.26%) in a single transaction. The firm, established in August 2023 with initial capital of VND 200 billion, has since increased its charter capital to VND 300 billion and changed its legal representative.

Market Context

CEO Group shares have faced selling pressure from a key insider, with Truong Thuan offloading over 18 million shares in April alone. The stock trades on HNX, Vietnam’s secondary exchange for smaller companies. The real estate sector has been under scrutiny amid tighter credit conditions and slower property sales. The departure of a major shareholder may raise concerns about corporate governance and near-term liquidity.

Strategic Significance

The exit of Truong Thuan as a major shareholder removes a significant insider holder that had been a cornerstone investor since 2023. The repeated sales suggest either a shift in the shareholder’s investment strategy or a need for cash elsewhere. For CEO Group, the loss of a large shareholder could reduce stability in the shareholder base, though it may also open the door for new investors. The company’s reliance on insider support is now diminished.

What to Watch

• Further filings on CEO share transactions by remaining major shareholders.
• CEO Group’s Q1 2026 earnings report to assess operational performance.
• Any announcements of new strategic investors or share buybacks.
• Changes in CEO Group’s board composition following the stake reduction.
• Market reaction in CEO share price over the next few trading sessions.