HCM Block Trades Surge: 56M Shares Change Hands, HSC Plans VND 2.7T Rights Issue

Overview

Ho Chi Minh City Securities Corporation (HCM) recorded massive block trades totaling over 56 million shares in just two sessions, with an estimated value of VND 1.57 trillion. The company also announced a rights offering of nearly 270 million shares at VND 10,000 each to raise VND 2.7 trillion for margin lending. These developments come amid a broader capital increase plan and potential shifts in major shareholding.

Key Facts

• Over 56.4 million HCM shares were transferred via block trades on June 29 and 30, 2026, with a total estimated value of VND 1.57 trillion.
• On June 30, 23.3 million shares were traded at VND 27,800 per share, a 2.2% premium to the closing price of VND 27,200.
• On June 29, 33.1 million shares were traded at an average price of VND 27,800, totaling VND 921 billion.
• HSC announced a rights offering of 270 million shares at VND 10,000 each, aiming to raise VND 2.7 trillion for margin lending.
• The rights offering is part of a larger plan to issue 492 million shares, including ESOP and private placements, approved at the 2026 AGM.
• Dragon Capital Markets Limited is the largest shareholder, holding 340.2 million shares (31.5% of charter capital).
• HFIC (Ho Chi Minh City State Financial Investment Company) holds 11.3% and is continuing its planned divestment, having reduced its stake from 16.9%.

What Happened

In two consecutive trading sessions on June 29 and 30, 2026, HCM shares saw significant block trades. On June 29, over 33.1 million shares were transferred, valued at approximately VND 921 billion. The following day, another 23.3 million shares changed hands at VND 27,800 per share, totaling nearly VND 650 billion. The combined volume of 56.4 million shares represents about 5.2% of HSC’s outstanding shares.

Separately, on June 30, HSC announced that the State Securities Commission had approved its registration for a rights offering of nearly 270 million shares to existing shareholders at VND 10,000 per share. The company expects to raise VND 2.7 trillion to supplement capital for margin lending. This offering is part of a broader plan to issue 492 million shares, including employee stock options and private placements, as approved by the 2026 Annual General Meeting.

Market Context

HCM shares closed at VND 27,200 on June 30, up 0.93% with a volume of 3.1 million shares. The stock has seen periodic large block trades over the past month, including transactions on June 3, 17, and 24. The securities sector in Vietnam has been active, with firms raising capital to meet growing demand for margin lending. HCM is listed on HOSE and is one of the largest securities companies by market capitalization.

Strategic Significance

The block trades may indicate a change in major shareholding, potentially involving Dragon Capital, the largest shareholder with 31.5%, or HFIC, which is in the process of divesting its entire stake. HFIC has reduced its ownership from 16.9% to 11.3% by not participating in recent rights offerings. The rights offering at VND 10,000 per share, a significant discount to the current market price, will dilute existing shareholders but provide capital for margin lending, a key revenue driver. The success of the offering and the identity of the block trade buyers will be critical for HCM’s future ownership structure and capital base.

What to Watch

• Disclosure of the buyers in the block trades, which may reveal new strategic investors or further divestment by HFIC.
• Subscription rate for the rights offering, which will indicate shareholder confidence and potential dilution.
• HSC’s Q2 2026 earnings report, expected to show the impact of increased margin lending on revenue.
• Any further block trades or changes in major shareholding, particularly Dragon Capital’s intentions.
• Regulatory approvals for the remaining parts of the 492 million share issuance plan.