HBS Deputy CEO to Sell Entire 13% Stake Amid Trading Restrictions

Overview

Phó Tổng Giám đốc CTCP Chứng khoán Hòa Bình (HBS) Bế Công Sơn has registered to sell all 4.3 million HBS shares he owns, equivalent to 13.03% of charter capital. The transaction, set for August 20 to September 4, 2026, will reduce his stake to zero. This move coincides with HBS shares being under trading restrictions on the Hanoi Stock Exchange (HNX) due to ongoing disclosure violations and late financial reporting.

Key Facts

• Bế Công Sơn, Deputy CEO of HBS, registered to sell 4.3 million shares, representing 13.03% of charter capital.
• The sale will reduce his ownership from 13.03% to 0%.
• Trading window: August 20 to September 4, 2026, via both negotiated and order-matching methods.
• HNX Decision No. 1039/QĐ-SGDHN dated August 6, 2026, maintains trading restrictions on HBS shares.
• Restrictions are due to continued disclosure violations and delayed submission of reviewed semi-annual financial statements by more than 45 days.
• From August 12, 2026, HBS shares can only be traded on Fridays.
• HBS must submit a report and disclose remediation measures within 15 days of the decision’s effective date.
• Two members of the Board of Controllers, Nguyễn Hương Trà and Nguyễn Thị Thu Dung, resigned in July and June 2026, respectively.

What Happened

According to a company disclosure, Bế Công Sơn, Deputy CEO of Hòa Bình Securities (HBS), has registered to sell his entire holding of 4.3 million HBS shares, which equals 13.03% of the company’s charter capital. If the transaction completes, his stake will drop to zero. The sale is planned between August 20 and September 4, 2026, using both negotiated and order-matching methods. The stated purpose is to reduce his ownership percentage.

In a related development, HNX has maintained trading restrictions on HBS shares under Decision No. 1039/QĐ-SGDHN dated August 6, 2026. The restrictions are due to the company’s continued violations of disclosure regulations after being placed under control, as well as a delay of more than 45 days in submitting its reviewed semi-annual financial statements. Starting August 12, 2026, HBS shares can only be traded on Fridays. HNX has also required HBS to submit a report and disclose its remediation plan within 15 days.

Market Context

HBS shares closed at 4,100 VND on August 16, 2026, on the HNX. The stock has been under trading restrictions, limiting liquidity to one session per week. This insider sale by a key executive adds to negative sentiment, especially as the company faces governance issues, including the recent resignations of two Board of Controllers members. The restrictions and disclosure failures may continue to weigh on investor confidence.

Strategic Significance

The decision by a senior insider to exit completely signals potential concerns about the company’s near-term prospects and governance. The combination of trading restrictions, delayed financial reporting, and board departures suggests deeper operational and compliance challenges. For long-term investors, this raises questions about the effectiveness of HBS’s management and its ability to restore regulatory compliance and market credibility.

What to Watch

• Completion of Bế Công Sơn’s share sale and any subsequent filings on ownership changes.
• HBS’s submission of the required remediation report to HNX within 15 days of the decision’s effective date.
• Release of the reviewed semi-annual financial statements and any further delays.
• Additional resignations or appointments to the Board of Controllers or management.
• Any changes in HBS’s trading status on HNX, such as lifting or extending restrictions.