Gelex (GEX) Hits Floor as EVNNPT/PC1 Case Reaches Board Member

Overview

Shares of Tập đoàn Gelex (GEX) on HOSE closed limit-down at VND 22,300 on 14/9, alongside floor-price declines in affiliates GEL and GEE, after news that a board member of Gelex Electric had been prosecuted in the criminal case at Tổng công ty Truyền tải điện Quốc gia (EVNNPT) and Tập đoàn PC1. Gelex responded with an unusual-disclosure filing stating that operations and obligations to banks, customers and partners remain normal. The sell-off puts governance and contagion risk around the Gelex ecosystem back in focus for holders of GEX, GEL, GEE and the wider power-infrastructure complex.

Key Facts

• GEX closed at VND 22,300 on 14/9, the floor price, after trading above reference in the morning session.
• GEX turnover reached VND 556 billion, its highest in three weeks, and the stock ranked among the 10 largest negative contributors to the VN-Index.
• GEL (Hạ tầng Gelex) and GEE (Điện lực GEE) each fell 7% against reference.
• The Cơ quan Cảnh sát điều tra Bộ Công an prosecuted Đặng Phan Tường, a former chairman of EVNNPT and currently a board member of Công ty cổ phần Điện lực Gelex.
• Gelex said in an unusual-disclosure filing that the matter predates Tường’s work within the Gelex ecosystem.
• H1 consolidated net revenue exceeded VND 25,200 billion with after-tax profit above VND 1,930 billion; total assets reached nearly VND 86,000 billion at end-June.
• Chairman Nguyễn Văn Tuấn holds more than 309 million GEX shares, equal to 23.63% of capital.
• Leaders of PC1, TV1, TV2 and TV3 have also been prosecuted in the EVNNPT case, which concerns the 500kV circuit-3 line.

What Happened

The trigger was a Ministry of Public Security investigative announcement that Đặng Phan Tường, who spent years as chairman of EVNNPT’s member council and now sits on the board of Công ty cổ phần Điện lực Gelex, had been prosecuted as part of the EVNNPT and PC1 case. GEX opened the 14/9 session at or above reference but reversed through the day, closing at the floor of VND 22,300 with VND 556 billion traded. GEL and GEE, the two other listed members of the Gelex family, each lost 7%, leaving all three quoted at their downside limits with no buyers.

Late the same day, Tập đoàn Gelex published an unusual-disclosure statement asserting that the case involving Tường predates his employment within the Gelex ecosystem, and that production, business operations and commitments to banks, customers, partners and related parties at both the parent and subsidiaries continue as normal. The company did not disclose any financial provision or contractual impact. Investigators allege violations at EVNNPT, the owner of the 500kV circuit-3 line, and at contractors in estimate preparation and approval, bidding-document preparation, tender organisation, acceptance testing and final settlement.

Market Context

GEX trades on HOSE and closed at VND 22,300 on 14/9, with GEE at VND 57,700, GEL at VND 25,600 and PC1 at VND 20,250. The coordinated floor-price moves across the Gelex family, and the read-across to listed power names, reflect how tightly the market now links the EVNNPT/PC1 investigation to the broader energy-infrastructure sector. The session’s volume spike in GEX, its heaviest in three weeks, indicates institutional as well as retail distribution rather than a thin, sentiment-only move.

Strategic Significance

For long-term holders, the central question is whether this is a governance headline or an operational one. Gelex’s core electrical-equipment franchise, plus its energy, water, building-materials, real-estate and industrial-park segments, generated H1 revenue above VND 25,200 billion and after-tax profit above VND 1,930 billion, and the company states that bank and counterparty obligations are unaffected. The risk premium now attaching to the ecosystem reflects the difficulty of ring-fencing a subsidiary board seat from the parent’s cost of capital, particularly when the same investigation has already touched PC1, TV1, TV2 and TV3. A prolonged discount would raise funding costs for the group’s capital-intensive power and infrastructure pipeline.

What to Watch

• Any further investigative announcements naming current or former Gelex-ecosystem officers.
• Gelex’s Q3 2026 consolidated results, particularly revenue, after-tax profit and any disclosed provisions.
• Disclosure of bank covenants, credit lines or related-party transactions that reference the affected individuals.
• Trading behaviour in GEE, GEL and PC1 for signs of contagion beyond the initial floor-price session.
• Foreign-ownership and major-shareholder filings for GEX, including any change to Nguyễn Văn Tuấn’s 23.63% stake.