Haxaco Chairman Buys 999,200 HAX Shares, Stops Short of Tender Offer Threshold

Overview

Do Tien Dung, Chairman of Haxaco (HOSE: HAX), completed the purchase of 999,200 HAX shares during the trading window from August 5 to September 3, 2026, falling short of his registered 2 million shares. The transaction raised his personal stake to 18.31% and combined related-party holdings to 34.95%, just under the 35% threshold that would trigger a mandatory tender offer under Vietnamese law.

Key Facts

• Chairman Do Tien Dung bought 999,200 HAX shares out of a planned 2 million between August 5 and September 3, 2026.
• His personal stake rose from 17.38% to 18.31%, equivalent to nearly 19.7 million shares.
• Combined holdings of Do Tien Dung and related parties reached over 37.5 million shares, or 34.95% of voting shares.
• The purchase was halted to avoid crossing the 35% mandatory tender offer threshold.
• Haxaco reported H1 2026 net revenue of VND 2,656.3 billion, up 33.6% year-on-year.
• H1 2026 after-tax profit reached VND 37.2 billion, up 38.8% year-on-year.
• Total assets as of June 30, 2026, stood at VND 3,393.2 billion, up 37% from the start of the year.

What Happened

According to a filing with the State Securities Commission, Do Tien Dung, Chairman of the Board of Haxaco (CTCP Dịch vụ Ô tô Hàng Xanh), executed the purchase of 999,200 HAX shares during the period from August 5 to September 3, 2026. The chairman had originally registered to buy up to 2 million shares but did not complete the full amount.

The company explained that continuing to buy could have pushed the combined ownership of the chairman and related parties to or above 35% of the company’s voting shares. Under current regulations, any acquisition that reaches or exceeds this threshold requires a mandatory tender offer. The filing noted that if the chairman wishes to buy more in the future, he would need to follow the public offer procedures.

Following the transaction, Do Tien Dung’s personal holdings increased from approximately 18.7 million shares to nearly 19.7 million shares, lifting his stake from 17.38% to 18.31%. Together with related parties, he now controls more than 37.5 million shares, equivalent to 34.95% of the company’s capital.

Market Context

HAX shares closed at VND 8,670 on September 7, 2026, on the HOSE. The automotive retail sector has been recovering after a difficult 2025, with Haxaco reporting a 33.6% increase in H1 2026 revenue and a 38.8% rise in after-tax profit. The company attributed the improvement to a positive recovery in the vehicle market, which boosted sales volumes. Additionally, since the end of Q1 2026, CTCP Tập đoàn Tương Lai Việt has been consolidated as a subsidiary, contributing to the group’s results.

Strategic Significance

The chairman’s decision to buy shares but stop just below the 35% threshold signals confidence in Haxaco’s recovery while respecting regulatory boundaries. The near-threshold stake gives the chairman significant influence without triggering a mandatory tender offer, which would require a public bid for all outstanding shares. For long-term investors, this move suggests that the chairman sees value in the company’s current trajectory, but the cap on further accumulation without a tender offer may limit near-term insider buying. The consolidation of Tương Lai Việt and the improving auto market are key drivers to monitor.

What to Watch

• Haxaco’s Q3 2026 earnings release, expected in October 2026, to confirm sustained revenue and profit growth.
• Any announcement of a mandatory tender offer if the chairman or related parties decide to increase holdings beyond 35%.
• Monthly auto sales data for Vietnam to gauge the strength of the market recovery.
• Integration progress of CTCP Tập đoàn Tương Lai Việt and its contribution to consolidated results.
• Changes in inventory levels, which stood at VND 1,759.6 billion (51.9% of total assets) as of June 30, 2026.