HVA Auditor Declines Opinion on H1 2026 Statements Over ONUS Case

Overview

Auditors declined to issue a conclusion on the reviewed H1 2026 financial statements of Đầu tư HVA (UPCOM: HVA), citing a criminal investigation into the ONUS cryptocurrency exchange and the seizure of the company’s accounting records. The auditor also flagged VND 147 billion in investments and receivables with uncertain recoverability that HVA has not provisioned against. The disclosure raises material going-concern questions for the UPCOM-listed financial services firm.

Key Facts

• The auditor issued no conclusion on HVA’s reviewed H1 2026 financial statements, stating it could not obtain sufficient appropriate evidence.
• On 24 March 2026, the Ministry of Public Security’s security investigation agency opened a criminal case tied to ONUS and arrested Vương Lê Vĩnh Nhân, then HVA chairman, and Ngô Thị Thảo, director of HanaGold.
• Charges cited are asset appropriation via computer and telecommunications networks under Article 290 of the Penal Code, plus money laundering.
• All HVA accounting records and documents for transactions from 1 January to 24 March 2026 remain seized by investigators and inaccessible to the auditor.
• VND 585 million in cash and 20 taels of gold bought for over VND 2 billion were also seized as of 30 June.
• VND 147 billion in investments and receivables is unprovisioned: VND 125 billion in held-to-maturity investments from business cooperation contracts, and VND 22 billion receivable from Trustpay JSC.
• In the auditor’s worst case, total assets would fall from VND 178 billion to VND 31 billion, equity from VND 149 billion to under VND 2 billion, and the H1 pre-tax loss would widen from nearly VND 4 billion to VND 151 billion.

What Happened

The reviewed H1 2026 statements, published by Đầu tư HVA, carry a disclaimer of opinion rather than a qualified or clean conclusion. The auditor stated it could not assess the scope and impact of the ONUS criminal case on HVA because investigators seized the company’s accounting records for transactions dated 1 January through 24 March 2026. Without access to those documents and unable to complete alternative procedures, the auditor could not determine whether additional adjustments to the financial statements are required.

The second basis for the disclaimer concerns recoverability. HVA recorded VND 125 billion as held-to-maturity investments, largely arising from business cooperation contracts under which the company was entitled to fixed returns on contributed capital, plus VND 22 billion receivable from Trustpay JSC. HVA has neither assessed nor provisioned for losses on these balances. The auditor said it could not obtain sufficient evidence to determine recoverable value or the required provision at 30 June. A third basis, relating to other unverified balances, is referenced in the filing but not detailed in the available excerpt.

Market Context

HVA trades on UPCOM, Vietnam’s unlisted public company market, where disclosure standards and liquidity are typically thinner than on HOSE or HNX. The shares closed at VND 4,000 on 11 October 2026, a price level that already reflects severe distress and leaves little room for further downside in absolute terms, though the auditor’s worst-case equity figure of under VND 2 billion implies near-total impairment of book value. The case sits within a broader Vietnamese regulatory push against crypto-linked and fintech-adjacent financial misconduct, following the March 2026 action against ONUS.

Strategic Significance

For long-term investors, the central issue is not the H1 loss but the loss of audit assurance over the company’s entire asset base. With records seized and VND 147 billion unprovisioned, reported equity of VND 149 billion is effectively unverified; the auditor’s downside scenario erases it almost entirely. HVA’s fixed-return business cooperation contracts also raise questions about the substance of its investment model, particularly given the former chairman’s role across multiple entities in the HVA ecosystem. Until the criminal case concludes and records are returned, any valuation of HVA rests on unconfirmed numbers.

What to Watch

• Progress of the ONUS criminal case and any indictment or trial date involving Vương Lê Vĩnh Nhân.
• Return of seized accounting records and whether HVA can complete a restated or audited full-year 2026 report.
• Any HVA announcement on provisioning for the VND 147 billion, or impairment of the Trustpay receivable.
• UPCOM disclosure or trading-status notices, including any suspension or delisting review.
• Resolution of the VND 585 million cash and 20 taels of gold held by investigators.