Gelex Exits HAH: Sells Entire 5.16% Stake in Hai An for VND 480B

Overview

Gelex Group (ticker GEX, HOSE) sold its entire 5.16% stake in Vận tải và Xếp dỡ Hải An (ticker HAH, HOSE) on September 23, offloading more than 9.7 million shares for nearly VND 480 billion. The exit comes just over a month after Gelex became a major shareholder, raising questions about the strategic intent behind the brief holding. HAH is Vietnam’s largest domestic container shipping line, operating 18 vessels with total capacity of roughly 29,400 TEU.

Key Facts

• Gelex sold its full 5.16% stake in HAH on September 23, equivalent to more than 9.7 million shares.
• Gross proceeds were approximately VND 480 billion, based on HAH’s September 23 close of VND 48,950 per share.
• On August 21, Gelex bought 413,600 HAH shares, lifting its holding from 4.94% (over 9.3 million shares) to 5.16% (about 9.7 million shares).
• HAH shares closed at VND 49,350 on September 24, 2026, and are down more than 12% year-to-date.
• HAH reported H1 net revenue of VND 2,798 billion (+14% year-on-year) and after-tax profit of VND 818 billion (+19%).
• Gelex’s H1 consolidated net revenue exceeded VND 25,200 billion, with after-tax profit above VND 1,930 billion.
• Gelex’s investment portfolio includes VND 3,297 billion in Eximbank (EIB) shares, VND 508 billion in VPBank Securities, and VND 1,743 billion in other listed equities.

What Happened

According to the source report, Gelex executed the sale on September 23, offloading its entire position in HAH. The group had only recently crossed the 5% major-shareholder threshold, purchasing 413,600 shares on August 21 to raise its ownership from 4.94% to 5.16%. The full reversal within roughly one month marks an unusually short holding period for a strategic stake.

At HAH’s September 23 closing price of VND 48,950 per share, the transaction grossed nearly VND 480 billion. The article does not disclose the buyer or buyers, nor whether the sale was conducted through put-through or order-matching. Gelex has not publicly stated a reason for the exit. The company’s broader investment portfolio, as reported in its reviewed semi-annual financial statements, remains substantial, with VND 5,549 billion in listed equity investments, the largest single position being VND 3,297 billion in Eximbank (EIB).

Market Context

HAH trades on the HOSE exchange and is the largest domestic container shipping operator in Vietnam, with 18 vessels and approximately 29,400 TEU of capacity. The stock closed at VND 49,350 on September 24, 2026, marginally above the VND 48,950 level used to calculate Gelex’s proceeds. Year-to-date, HAH shares have declined more than 12%, underperforming the broader market and reflecting pressure on container shipping rates and logistics valuations. The exit by a financial investor of Gelex’s scale may weigh on near-term sentiment, though the stake represented only 5.16% of HAH’s capital.

Strategic Significance

Gelex’s rapid reversal suggests the HAH position was a portfolio trade rather than a strategic platform investment. For HAH, the exit removes a financial shareholder but does not alter the company’s operating fundamentals: H1 revenue grew 14% and after-tax profit rose 19% year-on-year, supported by its container fleet and port operations. The key question for long-term investors is whether Gelex’s exit signals a broader reassessment of Vietnamese logistics valuations or is simply a reallocation within Gelex’s VND 5,549 billion equity portfolio, where Eximbank remains the dominant holding. HAH’s domestic fleet scale and integrated port-and-shipping model remain the core investment thesis, independent of Gelex’s ownership.

What to Watch

• HAH’s Q3 2026 earnings release, expected in late October, for confirmation of the H1 growth trajectory.
• Any disclosure of the buyer or buyers of the 9.7 million HAH shares, which would indicate whether the stake moved to strategic or financial hands.
• Gelex’s Q3 portfolio disclosures, to see whether proceeds were redeployed into existing holdings such as EIB or into new positions.
• Container freight rate trends on intra-Asia routes, the primary driver of HAH’s shipping revenue.
• Foreign-ownership room and trading volume in HAH, to gauge whether the exit creates a technical overhang.