HVA Group Going-Concern Doubt: ONUS Crypto Probe Hits UPCOM Ticker

Overview

Auditor A&C has declined to issue a conclusion on the H1 2026 financial statements of HVA Group (UPCOM: HVA) and flagged a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The trigger is a criminal investigation into the ONUS cryptocurrency exchange, whose ecosystem includes several HVA counterparties. The disclosure puts roughly VND 147 billion of HVA assets, equal to 82.5% of total assets, into question.

Key Facts

• Auditor A&C declined to conclude on HVA Group’s H1 2026 financial statements and cited material going-concern uncertainty.
• On 24 March, the Ministry of Public Security’s security investigation agency opened a criminal case related to ONUS exchange operations; HVA accounting records from the start of the year to 24 March were seized.
• HVA held VND 125.14 billion in held-to-maturity investments at end-June, including VND 35 billion in HanaGold, VND 25 billion in Onuschain and VND 15 billion in Blockchain Technology BTC Company.
• Total investments and receivables lacking a basis to determine recoverability exceed VND 147 billion, or 82.5% of total assets at end-June.
• If unrecoverable, total assets could fall about 83% to VND 30.7 billion and equity about 98% to VND 3.4 billion.
• HVA posted a net loss of nearly VND 3.6 billion in H1 2026, reversing a profit of more than VND 3.3 billion a year earlier.
• Revenue fell to about VND 23 billion from more than VND 40.8 billion, with gross profit of nearly VND 155 million versus close to VND 4 billion.

What Happened

According to the semi-annual review report, A&C said it could not obtain sufficient documentation to assess the existence, completeness, accuracy, classification and period of transactions arising between the start of the year and 24 March, when the investigation agency seized HVA’s accounting records. The auditor also said it could not confirm balances with related parties, could not reach counterparties, and was not provided alternative evidence supporting recoverability of the investments. The counterparties named are entities within the ecosystem of Vuong Le Vinh Nhan (Eric Vuong), HVA’s founder.

HVA’s board attributed the first-half loss mainly to lower revenue from information technology solution services, while cost of goods sold remained a high share of the total. The company has not published a quantified remediation plan in the reviewed statements. The filing does not disclose any provision amount the company intends to book against the affected assets.

Market Context

HVA trades on UPCoM, Vietnam’s unlisted public company market, where disclosure standards and liquidity are generally thinner than on HOSE or HNX. The shares closed at VND 3,400 on 16 October 2026, a price level consistent with a small-cap that has already de-rated sharply. The news sits at the intersection of two sensitive themes in the Vietnamese market: enforcement against crypto-linked business networks and auditor scrutiny of related-party receivables. It follows a broader pattern of Vietnamese regulators tightening oversight of digital-asset platforms after the 2024-2025 legal actions against several exchanges.

Strategic Significance

For long-term investors, the central issue is not the VND 3.6 billion half-year loss but the composition of the balance sheet. If the VND 147 billion of investments and receivables is written down, equity would shrink to roughly VND 3.4 billion, leaving almost no residual value cushion beneath the current market capitalisation. HVA’s stated pivot from construction to agriculture to financial and technology investment has concentrated its assets in entities connected to its controlling founder, a structure that offers little diversification if one node of that network faces legal action. The auditor’s inability to obtain related-party confirmations also raises governance questions that typically take longer to resolve than an earnings miss.

What to Watch

• Any HVA announcement on provisions, write-downs or a revised 2026 financial plan.
• Progress of the Ministry of Public Security investigation into ONUS and whether charges extend to HVA executives or affiliated entities.
• Whether HVA can obtain related-party balance confirmations from HanaGold, Onuschain and Blockchain Technology BTC Company.
• UPCoM disclosure status and any auditor resignation or replacement ahead of the annual review.
• Full-year 2026 results and whether the going-concern paragraph is repeated or removed.