Haxaco (HAX) Plans 5 Million Share Buyback, 4.65% of Capital

Overview

Haxaco (ticker HAX, HOSE), the Ho Chi Minh City-based auto dealer formally known as Công ty cổ phần Dịch vụ Ô tô Hàng Xanh, has approved a plan to submit a 5 million share buyback to shareholders for written approval. The repurchase equals 4.65% of issued shares and is intended to reduce shares in circulation. The move lands alongside a disclosure that Chairman Do Tien Dung lifted his personal holding to 18.31%.

Key Facts

• Buyback size: 5 million HAX shares, equal to 4.65% of issued capital.
• Purpose stated: reduce shares in circulation and optimise capital structure.
• Approval route: written shareholder ballot; record date for rights is 02/10/2026.
• Vote counting location: company headquarters, 333 Điện Biên Phủ, Gia Định Ward, Hồ Chí Minh City.
• Pricing basis: Circular 120/2020/TT-BTC dated 31/12/2020 and prevailing HOSE trading rules.
• Chairman Do Tien Dung bought 999,200 HAX shares between 5/8/2026 and 3/9/2026, out of 2 million registered.
• Post-trade ownership: Do Tien Dung rose from 17.38% to 18.31%; he and related parties now hold more than 37.5 million shares, or 34.95%.
• HAX closed at 8,700 on 18/09/2026.

What Happened

Haxaco’s board agreed to put a share repurchase resolution to the annual general meeting of shareholders, to be decided by written ballot rather than an in-person meeting. The company said the buyback is aimed at reducing the number of shares outstanding, optimising its capital structure and protecting the legal rights and interests of the company and its shareholders, consistent with its operating situation and market conditions. The repurchase price will be determined under Circular 120/2020/TT-BTC and the Vietnam Exchange’s securities trading regulations. The record date to establish the right to vote is 02/10/2026, with ballot counting at the company’s Hồ Chí Minh City head office.

Separately, Chairman Do Tien Dung reported completing the purchase of 999,200 HAX shares within a registered window from 5/8/2026 to 3/9/2026, short of the 2 million shares originally registered. The filing attributes the shortfall to the risk that further buying would push his and related parties’ combined ownership to or above 35% of total voting shares, which would trigger a mandatory public tender offer. His personal stake rose from roughly 18.7 million to nearly 19.7 million shares, or from 17.38% to 18.31%. Do Tien Dung and related parties now hold more than 37.5 million HAX shares, equivalent to 34.95% of capital.

Market Context

HAX trades on the HOSE and closed at 8,700 on 18/09/2026. At that price, the proposed 5 million share repurchase would represent roughly VND 43.5 billion of nominal market value, though the company has not disclosed a budget or price range. The stock sits in the Automobiles & Parts sector, a segment sensitive to domestic vehicle demand, dealer margins and financing costs. The buyback announcement and the chairman’s on-market purchases arrive together, a combination that typically signals insider confidence in the shares’ valuation relative to book value.

Strategic Significance

For long-term holders, the buyback is a capital-allocation signal rather than a growth event. A 4.65% reduction in shares outstanding lifts earnings per share mechanically if net profit holds, and it narrows the free float in a stock where the chairman and related parties already control 34.95%. That concentration cuts both ways: it supports price stability and aligns management with shareholders, but it also leaves little headroom before the 35% threshold forces a public tender offer, which constrains how much more insiders can accumulate. The stated rationale, optimising capital structure, implies management sees the current share price as an inefficient use of the company’s balance sheet rather than a source of expansion capital.

What to Watch

• The written ballot result and the final record date of 02/10/2026, confirming whether shareholders approve the buyback.
• Any company disclosure of the buyback budget, price range and execution timetable.
• Further ownership filings from Do Tien Dung and related parties, given the 35% tender-offer ceiling.
• HAX’s next periodic earnings release for evidence on dealer margins and vehicle demand.
• Whether the buyback is executed on-market or via put-through, and the pace of any reduction in shares outstanding.