DXG Insider: Board Member Ha Duc Hieu Registers to Buy 15 Million Shares

Overview

Ha Duc Hieu, a board member of Bluemarq Group (HOSE: DXG), has registered to purchase 15 million DXG shares between November 3 and December 2, 2026, according to an insider-trading disclosure. The transaction would lift his holding from 471,996 shares (0.04%) to nearly 15.5 million shares (1.22%) of the real-estate developer’s charter capital.

Key Facts

• Registered purchase: 15,000,000 DXG shares, executed via order matching and put-through.
• Trading window: November 3, 2026 to December 2, 2026.
• Post-trade ownership: from 471,996 shares (0.04%) to nearly 15.5 million shares (1.22%).
• Indicative outlay: roughly VND 148 billion, based on the October 29, 2026 close of VND 9,880 per share.
• H1 2026 reviewed revenue: nearly VND 2,140.2 billion, up 29% year on year.
• H1 2026 net profit: nearly VND 249.4 billion, down 28.2% year on year.
• Total assets at June 30, 2026: more than VND 39,769 billion, up 4.6% since the start of the year; total liabilities VND 18,655.6 billion, of which borrowings were VND 5,167 billion.

What Happened

The disclosure was filed by Ha Duc Hieu in his capacity as a member of the Board of Directors of CTCP Bluemarq Group, the listed entity formerly known under the DXG ticker on the Ho Chi Minh City Stock Exchange. The stated purpose is to increase his ownership ratio, and the registration covers both order-matching and negotiated transactions. The filing does not disclose a financing source or any binding commitment to complete the full volume.

The insider filing arrives alongside the company’s reviewed H1 2026 financial statements. Revenue rose 29% year on year to nearly VND 2,140.2 billion, but gross profit slipped to almost VND 997 billion as cost of goods sold rose faster. Selling expenses climbed 48.9% to more than VND 440.8 billion and general and administrative costs rose to VND 268 billion from VND 164 billion, leaving net profit at nearly VND 249.4 billion, down 28.2%. Inventory of almost VND 15,985.4 billion represented 40.2% of total assets, while short-term receivables of more than VND 13,750.4 billion accounted for 34.6%.

Market Context

DXG closed at VND 9,880 on October 29, 2026, the reference price used to size the registered purchase. At that level the stock sits in low single-digit thousands of dong, a range that has historically attracted insider accumulation in the Vietnamese residential real-estate segment. The sector remains sensitive to mortgage credit conditions and to the pace of legal approvals for apartment and land projects, both of which feed directly into DXG’s inventory conversion and pre-sale cash flow. The company’s VND 8,077.5 billion of short-term customer advances, equal to 43.3% of total liabilities, shows a business still substantially funded by buyers’ progress payments.

Strategic Significance

A board-level purchase of this size is the most direct signal available on how insiders view the gap between the VND 9,880 market price and the value of DXG’s land bank and work-in-progress inventory. The 30-fold increase in Hieu’s position, if completed, would make him a meaningful named shareholder rather than a token board holding, aligning his economic interest with the pre-sale and handover cycle that drives revenue recognition. For long-term holders, the more important test is whether the capital is deployed into project completions that convert the VND 15,985.4 billion inventory balance into cash, rather than into new land obligations that extend the balance sheet.

What to Watch

• Daily and weekly disclosures of Hieu’s actual purchases during the November 3 to December 2, 2026 window, and whether the full 15 million shares are acquired.
• The company’s Q3 2026 earnings release, particularly gross margin and the trend in selling expenses.
• Any change in short-term customer advances, which signal pre-sale momentum at DXG projects.
• Updates on the VND 5,167 billion borrowing position and refinancing terms as interest costs feed into financial expenses.
• Foreign-ownership and major-shareholder filings that would show whether other institutions are adding or trimming exposure.