Hoa Phat (HPG) Insider Sale: Doan Thi Bich Ngoc Sells 350,000 Shares

Overview

Hoa Phat Group (HPG, HOSE) disclosed that Doan Thi Bich Ngoc, sister of Vice Chairman Doan Gia Cuong, completed the sale of 350,000 HPG shares as previously registered. The transaction reduces her holding to 214,696 shares, or 0.0025% of the steelmaker’s capital. The same filing cycle shows a far larger buy-side registration from the family of Chairman Tran Dinh Long.

Key Facts

• Doan Thi Bich Ngoc sold 350,000 HPG shares between 9 October 2026 and 14 October 2026, matching her prior registration.
• Her holding fell from 564,696 shares (0.0067%) to 214,696 shares (0.0025%).
• She is the elder sister of Doan Gia Cuong, Hoa Phat Vice Chairman, who holds more than 105.8 million HPG shares, or 1.25%.
• Tran Vu Minh, son of Chairman Tran Dinh Long, registered to buy 50 million HPG shares from 7 October 2026 to 5 November 2026 via order matching and put-through.
• If completed, Tran Vu Minh’s stake would rise from roughly 230.7 million shares (2.732%) to about 280.7 million shares (2.738%).
• In a prior window from 12 March 2026 to 9 April 2026, Tran Vu Minh bought only 33.3 million of 50 million registered shares, citing unfavourable market conditions.
• Chairman Tran Dinh Long holds 2.17 billion HPG shares (25.796%); his wife Vu Thi Hien holds 580.8 million shares (6.879%).

What Happened

The sale was reported in Hoa Phat’s standard disclosure of transactions by insiders and related persons, filed with the exchange after the trade window closed. The filing states that Ngoc disposed of the full 350,000 shares she had registered to sell, leaving her with 214,696 shares, equivalent to 0.0025% of Hoa Phat’s charter capital. Her relationship to the company runs through her brother, Vice Chairman Doan Gia Cuong, whose personal holding of more than 105.8 million shares, or 1.25%, was unaffected by the sale.

Separately, the same disclosure set notes that Tran Vu Minh, son of Chairman Tran Dinh Long, registered to purchase 50 million HPG shares for the stated purpose of increasing his ownership ratio. The registration covers 7 October 2026 to 5 November 2026 and permits both order matching and put-through execution. Tran Vu Minh also serves as Director of Dai Phong Trading and Investment Company Limited, which holds 3.97 million HPG shares, or 0.047%. His previous registration, spanning 12 March to 9 April 2026, was only partly filled at 33.3 million shares, with the company attributing the shortfall to unsuitable market conditions.

Market Context

HPG closed at 20,800 VND on 14 October 2026 on HOSE, the same day the sale window ended. The insider sale is small in absolute terms: 350,000 shares represent a fraction of a typical HPG trading session, and Ngoc’s residual 0.0025% stake is immaterial to the register. The more relevant signal for the steel sector is the buy-side registration from the Chairman’s family, which at 50 million shares is roughly 143 times the size of Ngoc’s disposal. Hoa Phat also reported third-quarter 2026 crude steel output of 3.7 million tonnes, up 3% quarter on quarter, with sales volume of construction steel, high-quality coil, hot-rolled coil and billet at 3.8 million tonnes, up 8% quarter on quarter and 54% year on year.

Strategic Significance

For long-term holders, the transaction mix matters more than either leg individually. A 0.0042 percentage-point reduction by a Vice Chairman’s sister is administrative noise; the Chairman’s son adding 50 million shares, even after a partially filled prior attempt, points to continued family conviction in HPG’s earnings recovery. The operational data reinforces that thesis: nine-month 2026 crude steel output reached 10.7 million tonnes, up 35% year on year, and HRC contributed over 2 million tonnes in the third quarter alone, with exports at 24.6% of that volume. The Dung Quat complex’s export mix gives Hoa Phat a hedge against soft domestic construction demand, while the family’s concentrated ownership, with the Chairman and his wife together holding roughly 32.7%, keeps alignment tight.

What to Watch

• Completion or shortfall disclosure for Tran Vu Minh’s 50 million share registration after 5 November 2026.
• Any further filings from Doan Gia Cuong or related persons, given the prior sale.
• Third-quarter 2026 financial results, including HRC export volumes and margins.
• Domestic construction steel demand indicators and any changes to safeguard measures on imported HRC.
• Foreign-ownership room and block-trade activity in HPG around the 20,800 VND level.