DXG Insider Buys VND 254B in Apartments, 12% of H1 Revenue

Overview

Bluemarq Group (HOSE: DXG), formerly Dat Xanh Group, disclosed in a corrected H1 2026 corporate governance report that three senior insiders bought apartments from the group for a combined VND 262 billion. Board member Ha Duc Hieu accounted for more than VND 254 billion of that total, equal to about 12% of the group’s half-year net revenue.

Key Facts

• Board member Ha Duc Hieu bought apartments worth over VND 254 billion in H1 2026, versus group net revenue of VND 2,140 billion for the period.
• Chief Financial Officer Le Dang Quoc Hung bought more than VND 7 billion; Chairman Bui Ngoc Duc bought VND 676 million.
• Total insider apartment purchases reached VND 262 billion, equivalent to roughly 12% of half-year revenue and above the VND 249 billion half-year profit figure.
• The amount equals only 2.8% of short-term customer prepayments of VND 8,077 billion.
• Ha Duc Hieu has served on the DXG board since 2021 and directly holds 471,997 DXG shares; he is also CEO of Red Hibiscus JSC (formerly Dat Xanh Capital).
• The three insiders also received additional H1 remuneration: Bui Ngoc Duc over VND 3 billion, Le Dang Quoc Hung VND 548 million and Ha Duc Hieu VND 426 million, together 60% of the VND 6.7 billion paid to key management.
• The same report lists VND 1,285 billion of related-party transactions with subsidiary Bluemarq Development (formerly Ha An), including a VND 617 billion deposit refund and a VND 300 billion loan.

What Happened

The Hochiminh City Stock Exchange (HOSE) received a corrected and supplemented corporate governance report for the first six months of 2026 from Bluemarq Group, the company formerly known as Dat Xanh Group. The amended filing adds three material economic transactions with insiders, all of them apartment sales, with a combined value of VND 262 billion. The largest, over VND 254 billion, was booked by Ha Duc Hieu, a board member who has held senior finance roles at the group including Deputy Finance Director, Finance Director, Senior Finance Director and Deputy General Director of Finance.

The report frames the transaction as a large property purchase by a sitting board member that generates meaningful cash liquidity for projects under development. The filing also records a series of related-party transactions with affiliated organisations, most notably VND 1,285 billion with subsidiary Bluemarq Development, the investor behind the Gem Sky World project, covering items such as a VND 617 billion deposit refund, a VND 300 billion loan and project service fees.

Market Context

DXG closed at 10,150 on 24 September 2026. The stock trades on HOSE in the real estate sector, a group that has been sensitive to credit conditions, bond refinancing and presale cash flow through the current cycle. Insider purchases of the group’s own inventory are a cash-flow signal rather than an open-market share purchase, so they do not alter the share count or foreign-ownership position. The disclosure arrives alongside a governance report that also details large intra-group cash movements, which keeps balance-sheet transparency in focus for a developer of this size.

Strategic Significance

The transaction matters less as a vote of confidence in the share price than as evidence of where cash is coming from. A VND 254 billion apartment purchase by a long-serving board member and former finance chief converts inventory into cash for projects under construction, at a moment when presale receipts and prepayments are the sector’s main funding channel. Because the buyer is an insider, the sale is a related-party transaction that will be scrutinised for pricing and disclosure quality, and it sits alongside VND 1,285 billion of flows with the Gem Sky World subsidiary. For long-term holders, the key question is whether these related-party sales reflect genuine end demand or internal support for reported revenue.

What to Watch

• H2 2026 corporate governance filings for further insider or related-party apartment purchases.
• Disclosure of pricing and unit details for the VND 254 billion Ha Duc Hieu transaction, if the company provides them.
• H1 2026 financial statements and any auditor notes on related-party revenue recognition.
• Progress and presale updates on the Gem Sky World project and the VND 1,285 billion of Bluemarq Development transactions.
• Short-term customer prepayments, which stood at VND 8,077 billion, in the next quarterly report.