Kafi Securities Lists 750M Shares on UPCoM as H1 Profit Surges 154%

Overview

Kafi Securities Joint Stock Company (ticker: KAI) will officially trade 750 million shares on the UPCoM exchange starting September 9, 2026. The listing follows the company’s registration as a public company in July 2026 and comes amid strong growth in revenue and profit, positioning KAI as a notable new entrant in Vietnam’s securities sector.

Key Facts

• KAI lists 750 million shares on UPCoM on September 9, 2026, with a charter capital of VND 7,500 billion (USD ~300 million).
• Foreign ownership limit is set at 100%; foreign investors currently hold 150 million shares, or 20% of charter capital.
• H1 2026 operating revenue reached VND 2,024 billion, up 104% year-on-year; net profit after tax was VND 295 billion, up 154%.
• Total assets at June 30, 2026 stood at VND 26,112 billion, nearly 4x the VND 6,528 billion at end-2023.
• Margin lending balance hit VND 11,675 billion at June 30, 2026, up 34% YoY and 9% from end-2025; over 55x higher than 2022’s VND 209 billion.
• Customer transaction value in H1 2026 reached VND 93,175 billion, up 101% YoY; full-year 2025 was VND 134,000 billion.
• Charter capital grew from VND 1,000 billion in 2023 to VND 7,500 billion by 2026.

What Happened

According to the company’s registration statement, Kafi Securities has been approved to trade 750 million common shares under the code KAI on the UPCoM system. The total registered value at par is VND 7,500 billion, matching the firm’s current charter capital. This follows the State Securities Commission’s confirmation on July 6, 2026, that Kafi had completed its public company registration.

Kafi’s financial results for the first half of 2026 show robust expansion. Operating revenue rose 104% to VND 2,024 billion, while pre-tax profit increased 155% to nearly VND 370 billion and net profit after tax grew 154% to about VND 295 billion. The company’s total assets have grown rapidly, from VND 6,528 billion at end-2023 to VND 26,112 billion by mid-2026. Proprietary trading remains the largest revenue contributor at nearly 69% of operating revenue, followed by lending and receivables at about 27%.

Market Context

KAI will debut on UPCoM (HNX-operated) at a time when Vietnam’s securities sector is experiencing heightened retail participation and margin lending growth. The company’s margin loan book has expanded dramatically, from VND 209 billion in 2022 to over VND 11,675 billion by June 2026, reflecting a broader industry trend. Kafi’s customer transaction value also surged, with H1 2026 reaching VND 93,175 billion, up 101% YoY. The listing provides investors with a new pure-play on Vietnam’s retail brokerage and margin finance growth.

Strategic Significance

Kafi’s UPCoM listing marks a key milestone in its transition from a private firm to a public company, potentially paving the way for a future main-board listing. The company’s aggressive capital expansion—charter capital up 7.5x since 2023—underscores its ambition to scale margin lending and technology infrastructure. With a 100% foreign ownership limit and existing 20% foreign stake, KAI could attract significant international interest, especially as Vietnam’s stock market awaits potential emerging-market status upgrades. The company’s reliance on proprietary trading (69% of revenue) introduces volatility risk, but the growing contribution from margin lending suggests a shift toward more stable, recurring income.

What to Watch

• Q3 2026 earnings release (expected October 2026) to see if growth momentum persists.
• Any announcements regarding a potential move to HOSE or HNX main board.
• Changes in foreign ownership levels post-listing, given the 100% room.
• Regulatory updates on margin lending caps or securities business requirements.
• Market conditions affecting proprietary trading returns, given its large revenue share.