Kafi Securities (KAI) Lists 750M Shares on UPCoM Sept 9

Overview

Kafi Securities (KAI) will begin trading 750 million shares on the UPCoM market on September 9, following approval from the Hanoi Stock Exchange (HNX) on August 28. The listing comes as the brokerage reports rapid asset growth and strong profit expansion, with plans to further increase capital this year.

Key Facts

• 750 million ordinary shares (KAI) will be listed on UPCoM, with first trading day on September 9.
• Total registered securities value at par is VND 7,500 billion, matching current charter capital.
• As of June 30, 2026, total assets reached VND 26,112 billion, nearly 4x the VND 6,528 billion at end-2023.
• H1 2026 operating revenue was VND 2,024 billion (+104% YoY); pre-tax profit VND 370 billion (+155%); after-tax profit VND 295 billion (+154%).
• Margin lending balance hit VND 11,675 billion at end-June, up 34% YoY and 9% from end-2025.
• Foreign ownership limit is 100%; foreign investors currently hold 150 million shares (20% of charter capital).
• Kafi targets 2026 pre-tax profit of VND 1,050 billion (+129% YoY) and plans to raise charter capital from VND 7,500 billion to VND 8,787.5 billion.

What Happened

On August 28, the Hanoi Stock Exchange approved Kafi Securities Joint Stock Company’s registration to trade its shares on the UPCoM system. The 750 million shares, with a par value of VND 10,000 each, are scheduled for their first trading session on September 9. The total registered value at par is VND 7,500 billion, equivalent to the company’s current charter capital.

The listing follows Kafi’s transition to a public company, confirmed by the State Securities Commission on July 6. At the time of filing on July 16, Kafi had charter capital of VND 7,500 billion, shareholders’ equity exceeding VND 8,237 billion, and 141 shareholders. The foreign ownership limit is set at 100%, with foreign investors currently holding 20% of the company.

Kafi’s financial performance has been robust. According to the reviewed semi-annual 2026 financial statements, total assets reached VND 26,112 billion as of June 30, nearly four times the level at end-2023. Shareholders’ equity stood at over VND 8,238 billion, up from VND 1,634 billion at end-2023. In H1 2026, operating revenue rose 104% year-on-year to VND 2,024 billion, with pre-tax profit up 155% to nearly VND 370 billion and after-tax profit up 154% to about VND 295 billion.

Proprietary trading remains the largest revenue source, accounting for nearly 69% of operating revenue in H1, while interest from loans and receivables contributed about 27%. Margin lending has grown significantly, with the balance reaching VND 11,675 billion at end-June, up 34% year-on-year and 9% from end-2025. This represents a more than 55-fold increase from VND 209 billion in 2022. Customer transaction value also surged, reaching VND 93,175 billion in H1 2026, up 101% year-on-year.

Market Context

KAI will debut on UPCoM (HNX-operated) amid a period of rapid expansion for the brokerage. The company’s charter capital grew from VND 1,000 billion in 2023 to VND 7,500 billion in 2025, enabling greater lending and investment capacity. The Vietnamese securities sector has seen increased trading activity and margin demand, benefiting firms like Kafi. The listing provides a public market valuation for KAI, which had no prior trading history. The stock’s initial price will be determined by market forces, with the company’s strong growth metrics likely attracting investor attention.

Strategic Significance

Kafi’s listing on UPCoM marks a key milestone in its transition from a private firm to a public company, providing liquidity for existing shareholders and access to capital markets. The planned capital raise to VND 8,787.5 billion, including a public offering of VND 1,250 billion at a minimum price of VND 15,000 per share, will support its aggressive growth targets. The company’s focus on proprietary trading and margin lending aligns with a buoyant Vietnamese equity market, but also exposes it to market volatility and regulatory risks. The 100% foreign ownership limit could attract international investors, potentially increasing demand for the stock.

What to Watch

• First trading day on September 9: observe initial price discovery and trading volume.
• Completion of the planned capital increase: monitor subscription results and pricing.
• Q3 2026 financial results: assess whether growth momentum continues, especially in margin lending and proprietary trading.
• Regulatory changes affecting margin lending or proprietary trading activities.
• Foreign investor participation: track changes in foreign ownership levels post-listing.