GELEX Ecosystem Stocks Hit Floor as Board Member Faces Prosecution

Overview

Shares across the GELEX ecosystem fell to floor prices on September 14 after Dong Anh Electrical Equipment Corporation (EEMC, ticker TBD) disclosed that board member Dang Phan Tuong had been prosecuted in a criminal case involving National Power Transmission Corporation (EVNNPT) and PC1 Group. GELEX Group (GEX, HOSE), GELEX Electric (GEE), GELEX Infrastructure (GEL) and Viglacera (VGC) all closed sharply lower, with related names VIX, VSC and EIB also selling off. The trigger is a governance and legal-risk event rather than an operating or earnings development.

Key Facts

• GEX closed at its floor price of VND 22,300, down 6.9%, on more than 24.5 million shares traded.
• GEE closed at its floor of VND 57,700, down 6.9%, on nearly 2.8 million shares.
• GEL closed at its floor of VND 25,600, down 6.9%, on more than 4.9 million shares.
• VGC closed at VND 38,300, down 6.6%, after touching VND 38,150 intraday, on over 655,000 shares.
• VIX fell 4.9% to VND 12,600 on more than 82.8 million shares, the heaviest volume in the group; VSC lost 2.3% to VND 12,700 and EIB fell 4.8% to VND 16,000.
• EEMC is an associate of GELEX Electric, which directly holds 47% after acquiring the stake from THIBIDI in 2025 for total investment value of VND 1,211 billion.
• Dang Phan Tuong is an EEMC board member and also sits on the boards of GELEX Electric (GEE), CADIVI and THIBIDI, where he is chairman.

What Happened

Selling pressure built from the opening bell on September 14 and intensified in the afternoon session, at one point pushing GEX, GEE, VGC and GEL simultaneously to their maximum daily limits. EEMC said it received notice from the Criminal Police Department of the Ministry of Public Security that Tuong had been named as a defendant in an ongoing investigation into a criminal case at EVNNPT, PC1 Group and related companies. EEMC disclosed the information in a regulatory announcement; the filing did not state the specific allegations against Tuong.

The ownership chain matters for how the news transmits. EEMC is not a subsidiary of GELEX but an associate held through GELEX Electric, which owns 47% directly after taking the stake over from THIBIDI in 2025. Tuong’s board seats span EEMC, GEE, CADIVI and THIBIDI, so the disclosure touches several listed and unlisted entities inside the same network. The article does not quantify any financial exposure, nor does it indicate whether the investigation concerns the companies themselves or only individuals.

Market Context

All four core names closed at or near their floor limits, an unusually synchronized move for a group whose constituents span electrical equipment, industrial infrastructure and building materials. GEX at VND 22,300, GEE at VND 57,700, GEL at VND 25,600 and VGC at VND 38,300 mark the session’s weakest levels. The spillover into VIX, VSC and EIB shows the market priced contagion risk across the wider ecosystem rather than isolating TBD. The reaction is consistent with how Vietnamese equities typically treat criminal-investigation headlines: immediate de-risking, then differentiation once the scope of the case becomes clearer.

Strategic Significance

The core question for long-term holders is whether this is an isolated personal legal matter or the start of a broader probe touching GELEX-linked entities. Tuong’s multiple board roles make him a connective node between the electrical equipment arm and its associates, so governance risk is now part of the GEE and TBD investment case regardless of the operating outlook. GELEX’s strategy of consolidating electrical assets under GELEX Electric, including the VND 1,211 billion EEMC stake purchase, was designed to build scale in power equipment; that thesis is intact operationally but now carries headline and oversight risk that can compress valuation multiples until the case is resolved.

What to Watch

• Further disclosures from EEMC, GELEX Electric or GEX clarifying the scope of the investigation and whether any corporate entity is implicated.
• Any change in Tuong’s board positions at EEMC, GEE, CADIVI or THIBIDI.
• Trading volume and foreign-ownership flows in GEX and GEE over the next sessions to gauge whether the selling is forced or discretionary.
• Ministry of Public Security updates on the EVNNPT and PC1 case, including any expansion to additional individuals or companies.
• GEX and GEE quarterly results and any management commentary on associate-level governance controls.