ITD Added to HOSE Margin Blacklist Over Tax Violations

Overview

ITD of Công ty Cổ phần Công nghệ ITD has been added to the Hồ Chí Minh Stock Exchange (HOSE) list of securities ineligible for margin trading, following a tax authority conclusion that the company violated tax law. The same HOSE notice added two Thiên Việt fund certificates, FUCTVGF4 and FUCTVGF5, bringing the total number of margin-restricted securities to 67 as of 8 October 2026. The designation removes ITD from the pool of collateral eligible for margin lending at Vietnamese brokerages.

Key Facts

• HOSE added ITD to the margin-ineligible list on the basis of a tax authority conclusion that the company violated tax law.
• Two fund certificates were added in the same notice: FUCTVGF4 (Quỹ Đầu tư Tăng trưởng Thiên Việt 4) and FUCTVGF5 (Quỹ Đầu tư Tăng trưởng Thiên Việt 5).
• Both fund certificates were flagged because NAV per unit fell below par value for at least one month within three consecutive months of monthly NAV reporting.
• The total margin-ineligible list now stands at 67 securities as of 8 October 2026.
• The list includes 25 securities under warning status and 10 listed for less than six months.
• Eight securities recorded negative after-tax profit attributable to parent-company shareholders in reviewed H1 2026 consolidated financial statements.
• ITD closed at VND 10,400 on 11 October 2026.

What Happened

HOSE published a notice adding securities to its list of instruments that do not qualify for margin trading. ITD was included specifically because the company received a conclusion from a tax authority regarding violations of tax law, according to the exchange announcement. The notice does not disclose the size of any tax liability, penalty, or the period under review.

The same update added FUCTVGF4 and FUCTVGF5, managed by Thiên Việt fund vehicles, after at least one month of NAV per certificate unit fell below par value, assessed across three consecutive months of NAV change reports. HOSE also noted that FUCVREIT, FUEABVND and FUETPVND remain on the list for the same NAV reason, while FUEMITEC, FUEPHVNS and FUEVN50G are excluded because they have been listed for less than six months. The broader list spans 25 warning-status securities, 10 recently listed names, eight with negative reviewed H1 2026 parent-level after-tax profit, three under control status, and two with qualified audit opinions on reviewed H1 2026 statements.

Market Context

ITD trades on HOSE in the technology sector and closed at VND 10,400 on 11 October 2026. Margin eligibility matters for liquidity and demand in Vietnamese small-cap names, since brokerages must exclude flagged securities from margin collateral and financing. The wider market backdrop was soft: the VN-Index closed the prior week at 1,735.09 points, down 2.62 points and a third consecutive weekly decline, while foreign investors sold a net VND 13,921.0 billion, or VND 1,269.4 billion on matched orders alone.

Strategic Significance

For long-term holders, the tax authority conclusion is the material item, not the margin tag itself. A formal finding of tax law violations can precede back-tax assessments, penalties, or disclosure obligations that affect reported earnings and cash flow, and it raises governance questions for a small-cap technology issuer. Removal from margin eligibility also narrows the buyer base, since leveraged retail flows cannot be used to accumulate the shares, which can weigh on liquidity and valuation multiples until the status is resolved. The fund certificates added alongside ITD are a separate matter tied to NAV performance rather than corporate conduct.

What to Watch

• Any ITD disclosure quantifying the tax violation, including back taxes, penalties, or the assessment period.
• HOSE’s next periodic margin-eligibility update and whether ITD remains on the list.
• ITD’s H2 2026 and full-year 2026 financial statements for provisions or adjustments linked to the tax finding.
• Monthly NAV reports for FUCTVGF4 and FUCTVGF5 to see whether the sub-par NAV condition persists.
• Trading liquidity and foreign-ownership filings for ITD following the margin exclusion.