GDA Listing Approved on HoSE: Ton Dong A's 149 Million Shares Move to Main Board

Overview

HoSE has approved the listing of nearly 149.1 million GDA shares of Ton Dong A, with a par value of approximately VND 1,491 billion. The steelmaker currently trades on UPCoM at VND 11,600 per share, implying a market capitalization of VND 1,730 billion. The transfer to HoSE marks a significant liquidity and visibility upgrade for the coated steel producer.

Key Facts

• HoSE approved the listing of nearly 149.1 million GDA shares, representing a par value of approximately VND 1,491 billion.
• GDA traded on UPCoM at VND 11,600 per share on October 14, 2026, with a market capitalization of VND 1,730 billion.
• The reference price for the HoSE listing will be the average of the 30 consecutive UPCoM trading sessions prior to delisting.
• Ton Dong A finalized a 10% cash dividend for 2025 on October 9, 2026, paying VND 1,000 per share, with payment on November 4, 2026.
• The total dividend payout amounts to approximately VND 149.1 billion.
• H1 2026 net revenue reached VND 6,654.7 billion, down 19.2% year-on-year; net profit was VND 142.2 billion, down 5.5%.
• The company targets VND 250 billion in consolidated after-tax profit for 2026, having completed 56.9% in the first half.

What Happened

On October 14, 2026, the Ho Chi Minh Stock Exchange (HoSE) issued a decision approving the listing of nearly 149.1 million shares of Ton Dong A Corporation (GDA). The shares, currently traded on the UPCoM market, will be transferred to HoSE. The company had previously approved a reference price methodology based on the average of the 30 most recent consecutive trading sessions on UPCoM before delisting.

Separately, on October 9, 2026, Ton Dong A finalized its shareholder list for the 2025 cash dividend of 10%, equivalent to VND 1,000 per share. With nearly 149.1 million shares outstanding, the total payout is approximately VND 149.1 billion, scheduled for November 4, 2026. At the 2026 Annual General Meeting in late May, shareholders approved a total dividend ratio of 20% for 2025, comprising 10% cash and 10% stock, with the stock dividend expected between 2026 and 2027.

Market Context

GDA closed at VND 11,500 on October 13, 2026, on UPCoM, just below the VND 11,600 reference price cited in the HoSE approval. The stock has been thinly traded on the unlisted public company market, which typically suffers from lower liquidity and wider bid-ask spreads compared to HoSE. The steel sector in Vietnam has faced headwinds from weak domestic demand and global price volatility, but the listing transfer could improve GDA’s access to institutional capital and index inclusion eligibility.

Strategic Significance

The move to HoSE is a structural upgrade for Ton Dong A, potentially broadening its investor base and improving valuation multiples as the stock becomes eligible for margin lending and certain funds. However, the company’s H1 2026 results show revenue contraction and margin pressure, with inventory at VND 4,215.3 billion (35.3% of total assets) and financial leverage at VND 5,695.4 billion in borrowings. The strategic thesis hinges on whether the listing enhances liquidity enough to offset operational headwinds in the coated steel segment.

What to Watch

• Official listing date and first trading day on HoSE, including the final reference price.
• Q3 2026 earnings release, expected in late October or November, to gauge whether the profit decline is stabilizing.
• Progress on the 10% stock dividend for 2025, planned for 2026-2027.
• Steel demand indicators in Vietnam, including construction activity and export orders.
• Foreign ownership room and potential index inclusion timelines.