ASEAN Securities Exits Hapro (HTM) With Full 5.27% Stake Sale

Overview

ASEAN Securities (ASEANSC) has sold its entire holding of nearly 11.6 million shares in Tổng công ty Thương mại Hà Nội - CTCP (Hapro, ticker HTM), cutting its ownership from 5.27% to 0% and exiting the major shareholder list. The disposal removes one of only four large shareholders in a tightly held UPCOM-listed retailer and follows a separate partial selldown by auto trader Thành Công in April.

Key Facts

• ASEANSC sold nearly 11.6 million HTM shares via negotiated block trade, with total par-value consideration of more than VND 115.8 billion.
• The sale reduced ASEANSC’s stake from 5.27% to 0%, ending its status as a major shareholder of Hapro.
• ASEANSC originally bought 9.68 million HTM shares in July 2022, lifting its holding from 0.87% to over 5.27%.
• Nguyễn Hồng Hải, Chairwoman of ASEANSC, also sits on Hapro’s Supervisory Board as its head.
• In April, Công ty TNHH Thương mại Ô tô Thành Công sold nearly 4.7 million HTM shares, cutting its stake from 12.68% to 10.56%.
• As of 30 June, four large shareholders held 96.63% of Hapro: Motor N.A Việt Nam (65%), Hòa Hải Trading and Services (15.8%), Thành Công Auto (10.56%) and ASEANSC (5.27%).
• HTM closed at VND 10,900 on 16 September 2026.

What Happened

According to ASEANSC’s disclosed trading results, the securities firm sold the full block of nearly 11.6 million HTM shares through negotiated transactions, a method that typically pairs a single buyer with the seller off the order book. The company stated the transaction value at par exceeded VND 115.8 billion, implying an average price near VND 10,000 per share on a VND 10,000 par basis, though the filing does not disclose the actual negotiated price or the identity of the buyer.

The exit unwinds a position built in July 2022, when ASEANSC acquired 9.68 million HTM shares and crossed the 5% major-shareholder threshold. The relationship extended beyond shareholding: ASEANSC Chairwoman Nguyễn Hồng Hải has served as head of Hapro’s Supervisory Board. The filing does not state whether she will step down from that role following the divestment.

Market Context

HTM trades on UPCOM, Vietnam’s unlisted public company market, where liquidity is thin and block trades are the norm for sizeable positions. The stock closed at VND 10,900 on 16 September 2026, close to the VND 10,000 par value used in the disclosure, indicating limited speculative premium in the shares. Hapro operates in retail and trading, a sector where UPCOM names typically attract little institutional flow. The sale is the second reduction in Hapro’s large-shareholder base this year, after Thành Công Auto trimmed its holding in April, and it leaves a register in which four holders controlled 96.63% of capital as of 30 June.

Strategic Significance

For long-term investors, the key issue is not the identity of the seller but the structure that remains. With ASEANSC gone, Hapro’s free float and already narrow ownership base contract further, concentrating influence among Motor N.A Việt Nam at 65%, Hòa Hải at 15.8% and Thành Công Auto at 10.56%. A securities firm exiting after roughly four years, alongside a partial reduction by an auto-trading shareholder, suggests limited strategic overlap between these financial holders and Hapro’s core retail and vehicle-related trading business. The absence of a disclosed buyer also leaves open whether the block moved to an existing large holder, which would deepen concentration, or to a new investor.

What to Watch

• A follow-up disclosure identifying the buyer of the 11.6 million HTM shares, or confirmation that the block was absorbed by an existing large shareholder.
• Any change to Hapro’s Supervisory Board composition involving Nguyễn Hồng Hải.
• Hapro’s next shareholder structure update, which will show whether the 96.63% large-holder concentration has risen further.
• ASEANSC’s subsequent portfolio disclosures, given the shift in its FVTPL and available-for-sale positions in H1 2026.
• Trading liquidity and price behaviour in HTM on UPCOM, where the stock last closed at VND 10,900.