HPX Executives Buy 20M Shares Near 1.5-Year Low

Overview

Top executives of Hai Phat Investment (HPX) have significantly increased their holdings in the company, with the Chairman and CEO collectively purchasing 20 million shares. The transactions, executed between July and September 2026, come as HPX trades near its 1.5-year low, signaling insider confidence in the real estate developer’s prospects.

Key Facts

• CEO Nguyen Van Phuong bought 10 million HPX shares from August 6 to September 4, 2026, raising his stake from 0.2% to 3.49%.
• Chairman Do Quy Hai purchased 10 million HPX shares between July 9 and August 6, 2026, increasing his direct ownership to 16.71%.
• Including related parties, the Chairman’s group now holds over 56.5 million shares, equivalent to 18.59% of HPX’s charter capital.
• HPX shares closed at 4,100 VND on September 7, 2026, the lowest level in 1.5 years.
• In Q2 2026, HPX reported net revenue of nearly 537 billion VND, up 10% year-on-year, with after-tax profit of 41 billion VND, up 17%.
• As of June 30, 2026, total assets stood at 8,445 billion VND, with short-term receivables accounting for 31% and short-term financial investments 25%.
• Total liabilities were over 4,696 billion VND, down 5% from the start of the year, with borrowings and finance leases at 1,723 billion VND.

What Happened

Hai Phat Investment (HPX), listed on HOSE, has disclosed that its Chairman Do Quy Hai and CEO Nguyen Van Phuong have completed significant share purchases. CEO Phuong acquired 10 million shares between August 6 and September 4, 2026, lifting his stake from 0.2% to 3.49%. This followed Chairman Hai’s purchase of 10 million shares in the prior month, which increased his direct holding to 16.71%.

The transactions were executed via order matching on the exchange, according to company filings. The executives’ moves come as HPX’s stock price has fallen to 4,100 VND, its lowest in 18 months, reflecting broader challenges in the Vietnamese real estate sector.

Market Context

HPX shares have been under pressure, closing at 4,100 VND on September 7, 2026, near their 1.5-year low. The stock’s decline mirrors a cautious sentiment toward real estate developers amid tight liquidity and regulatory changes. Despite the weak price action, HPX reported moderate growth in Q2 2026, with revenue up 10% and profit up 17%, though first-half profit dipped slightly year-on-year. The insider buying may signal management’s view that the stock is undervalued.

Strategic Significance

The coordinated insider purchases by HPX’s top executives are a notable signal of confidence in the company’s long-term prospects. With the Chairman’s group now controlling nearly 19% of the company, management has aligned its interests more closely with minority shareholders. The buying also comes as HPX works to reduce leverage, with total liabilities down 5% in the first half. For investors, insider accumulation at multi-year lows often precedes a turnaround, but the company’s high receivables and reliance on short-term investments warrant caution.

What to Watch

• HPX’s Q3 2026 earnings release, expected in late October, to see if revenue and profit growth continue.
• Any further insider buying or selling by the Chairman or CEO in the coming months.
• Updates on HPX’s project pipeline and land bank monetization, which could drive future revenue.
• Changes in the company’s debt levels and receivables, which remain elevated at 31% of total assets.
• Regulatory developments in Vietnam’s real estate sector that could affect market sentiment and HPX’s operations.