GELEX (GEX) Exits HAH Stake: Full 5.16% Sale After One Month

Overview

GELEX Group (GEX), listed on HOSE, has sold its entire 5.16% stake in Hai An Transport and Stevedoring (HAH), ceasing to be a major shareholder just over a month after crossing the 5% threshold. The exit removes one of HAH’s four major shareholders and leaves the shipping and port operator with three holders controlling roughly 38% of capital. The move comes as HAH reported H1 2026 net revenue of VND 2,799 billion (+14.5% YoY) and after-tax profit of VND 818 billion (+18.8%).

Key Facts

• GELEX sold more than 9.71 million HAH shares, equivalent to 5.16% of charter capital, reducing its ownership to 0%.
• GELEX first became a major shareholder on 21 August 2026 after buying 413,600 HAH shares, lifting its holding from 4.94% to 5.16%.
• HAH closed at VND 48,950 on 23 September 2026, up 1.35% with more than 16.6 million shares traded, and edged up about 0.5% to near VND 49,000 on 24 September.
• HAH’s current price remains nearly 30% below its February 2026 peak.
• Before the GELEX exit, HAH had four major shareholders holding close to 44% of capital combined.
• Remaining major shareholders: Vietnam Container Shipping JSC (Viconship) with nearly 29.9 million shares (over 15%), Hai Ha Investment and Transport JSC with more than 26.5 million shares (nearly 14%), and VietinBank Capital with 18 million shares (9.38%).
• H1 2026 after-tax profit attributable to parent-company shareholders reached VND 672 billion.

What Happened

GELEX Group announced it is no longer a major shareholder of Hai An Transport and Stevedoring after disposing of its entire holding of more than 9.71 million HAH shares, or 5.16% of charter capital. The transaction, disclosed via the company’s ownership-change filing, brought GELEX’s stake in HAH to zero. The exit followed closely on the group’s 21 August purchase of 413,600 HAH shares, which had pushed its ownership from 4.94% to 5.16% and triggered major-shareholder status.

The round trip spanned just over one month. HAH shares rose for a third consecutive session on 24 September, gaining roughly 0.5% to near VND 49,000, after a 1.35% advance to VND 48,950 on 23 September on volume of more than 16.6 million shares. The filing does not disclose the transaction value or the buyer of the block. HAH, founded in 2009, operates in maritime transport, port exploitation and logistics services.

Market Context

HAH trades on HOSE and closed at VND 49,350 on 24 September 2026, while GEX closed at VND 24,100. Despite the three-session winning streak around the stake sale, HAH remains nearly 30% below its February 2026 peak, reflecting a broader cooling in Vietnamese shipping and port equities after a strong 2025 run. The stock’s resilience on the exit news suggests the market absorbed the supply without major disruption, helped by the presence of long-term institutional holders such as Viconship and VietinBank Capital.

Strategic Significance

For long-term investors, the key question is whether GELEX’s rapid reversal signals a change in its capital-allocation priorities rather than a view on HAH’s fundamentals. GELEX is an industrial and infrastructure group whose portfolio spans electrical equipment, real estate and energy; a one-month holding period is atypical for strategic positioning and more consistent with a short-term financial trade or a reallocation toward core businesses. For HAH, the removal of a financial holder with no operational overlap simplifies the shareholder register and leaves Viconship, Hai Ha and VietinBank Capital as the dominant voices. HAH’s H1 2026 profit growth of 18.8% indicates the underlying port and logistics franchise continues to expand, but the share price’s 30% discount to its February peak implies the market is pricing slower volume growth or margin normalization in the sector.

What to Watch

• HAH’s Q3 2026 earnings release, expected in October, for confirmation that double-digit revenue and profit growth is sustained.
• Further ownership filings from Viconship, Hai Ha or VietinBank Capital, which could indicate consolidation or additional block trades.
• GELEX’s Q3 2026 financial statements and any disclosure on the use of proceeds from the HAH sale.
• Container throughput and freight-rate data for Vietnamese ports in Q4 2026, which drive HAH’s core earnings.
• Any change in HAH’s foreign-ownership room or index-related flows following the shareholder register shift.