HND Dismisses CEO Duong Son Ba After May 2026 Arrest; EGM Set for December 4
This Aveluro analysis covers HND on UPCOM in the Utilities sector. The classified event type is leadership change, with negative sentiment and a deterministic market-impact score of 5.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Hai Phong Thermal Power JSC (ticker HND, registered on UPCOM) has dismissed Duong Son Ba from the position of Chief Executive Officer, roughly five months after he was arrested on charges of forging documents of an agency or organization. The board has also approved an extraordinary general meeting of shareholders for December 4, 2026, with board and supervisory board restructuring as the central agenda item. The leadership change matters for HND shareholders because the company has not yet named a permanent CEO, leaving the operating mandate with interim appointees.
Key Facts
- Board decision dated October 13, 2026 removed Duong Son Ba as CEO, effective on signing; no reason was stated in the notice.
- Duong Son Ba was prosecuted and detained on May 22, 2026 by the Police Investigation Agency of the Ministry of Public Security for “forging documents of an agency or organization.”
- Deputy CEO Tran Xuan Truong was assigned CEO duties and legal representative from May 21, 2026.
- Deputy CEO Le Anh Tan was assigned the duties and powers of Acting CEO in August 2026.
- Extraordinary general meeting scheduled for December 4, 2026; record date for the shareholder list is November 3, 2026.
- H1 2026 net revenue reached nearly VND 6,081 billion, up 8% year on year; after-tax profit exceeded VND 508 billion, up nearly 25%; pre-tax profit of about VND 638 billion exceeded 11% of the full-year plan.
- Total assets stood at more than VND 7,582 billion at end-June 2026; the company operates Hai Phong 1 and Hai Phong 2 thermal plants with combined design capacity of 1,200 MW.
What Happened
According to the company’s disclosure, the board of directors of Nhiệt điện Hải Phòng approved a resolution on October 13, 2026 dismissing Duong Son Ba from the CEO role, effective immediately. The announcement did not specify a reason for the dismissal and did not name a permanent replacement. The move follows an earlier extraordinary disclosure on May 22, 2026, when the company said it had received a document from the Police Investigation Agency of the Ministry of Public Security notifying it of the decision to prosecute and detain Ba, then CEO and legal representative, over the alleged forgery of organizational documents.
In the interim, the board moved to keep operations running. From May 21, 2026, Deputy CEO Tran Xuan Truong was assigned the duties of CEO and legal representative. In August 2026, Deputy CEO Le Anh Tan was further assigned the duties and powers of Acting CEO. The company has also approved a plan to convene an extraordinary general meeting on December 4, 2026, focused on completing the membership of the board of directors and the supervisory board, with the shareholder record date set for November 3, 2026.
Market Context
HND trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 8,800 on October 14, 2026. The stock sits in the northern power generation segment, where earnings are driven by plant availability, coal and input costs, and the power purchase agreement framework with EVN. The leadership disruption has not derailed reported results: H1 2026 revenue and profit both grew, and pre-tax profit was already above the full-year plan. The unresolved question for the market is governance rather than operations, since the CEO seat remains filled only on an interim basis.
Strategic Significance
For long-term holders, the December 4 EGM is the pivotal event: it determines who sits on the board and supervisory board, and therefore who sets strategy for a 1,200 MW generator that supplies the northern grid. A clean, fully mandated board would reduce the governance discount that typically attaches to an unresolved criminal case involving a legal representative. Conversely, a prolonged vacancy in the CEO role, or further turnover at board level, keeps execution risk elevated at a company whose earnings depend on stable plant operations and timely capital decisions. The H1 result shows the operating model is resilient to management churn, but the durability of that resilience depends on the December vote.
What to Watch
- The December 4, 2026 extraordinary general meeting outcome, including the composition of the new board and supervisory board.
- Appointment of a permanent CEO and legal representative, and whether interim arrangements are formalized.
- The November 3, 2026 record date and any shareholder nominations or proxy contests ahead of the meeting.
- Any further disclosure from the Ministry of Public Security investigation into Duong Son Ba and its implications for the company.
- Q3 and full-year 2026 results, to confirm whether the 8% revenue and 25% profit growth trend holds through the management transition.