Kafi Securities (KAI) Debuts on UPCoM with VND 7.5 Trillion Market Value

Overview

Kafi Securities (KAI) officially commenced trading on the UPCoM market on September 9, 2026, with 750 million shares and a registered value of VND 7,500 billion. The company, which has undergone a comprehensive restructuring since 2022, reported robust H1 2026 financials, including a 104% revenue increase and a 155% rise in pre-tax profit. This listing marks a key milestone in Kafi’s IPO strategy and its path toward a potential HOSE listing.

Key Facts

• KAI shares began trading on UPCoM on September 9, 2026, with 750 million ordinary shares.
• Total registered value of securities at par value is VND 7,500 billion, matching the company’s current charter capital.
• As of June 30, 2026, total assets reached VND 26,112 billion, nearly four times the figure at end-2023.
• Shareholders’ equity stood at over VND 8,238 billion.
• H1 2026 operating revenue was VND 2,024 billion, up 104% year-on-year.
• Pre-tax profit for H1 2026 was nearly VND 370 billion, up 155% year-on-year.
• Margin lending balance at end-June 2026 was VND 11,675 billion, up 34% year-on-year; total client transaction value in H1 2026 exceeded VND 93,000 billion, up 101%.

What Happened

On August 28, 2026, the Hanoi Stock Exchange (HNX) approved Kafi Securities’ registration to trade on UPCoM. The first trading session for KAI took place on September 9, 2026, with 750 million shares listed. The company’s CEO, Trịnh Thanh Cần, stated that the listing marks a new phase with larger scale, higher governance standards, and greater responsibility to shareholders and the market.

Kafi’s strong growth is attributed to a comprehensive restructuring initiated in 2022. The company’s H1 2026 financial statements, which were reviewed, show significant expansion in retail brokerage and margin lending. The listing on UPCoM is part of a broader strategy to enhance financial capacity, invest in technology, and prepare for a future listing on the Ho Chi Minh City Stock Exchange (HOSE).

Market Context

KAI closed its first trading day at VND 12,900 per share on September 9, 2026, implying a market capitalization of approximately VND 9,675 billion (around USD 300 million). The securities sector in Vietnam has seen increased retail participation and margin lending growth, which benefits firms like Kafi. The company’s move to UPCoM is typical for firms seeking to establish a public market presence before an upgrade to a main exchange. KAI’s debut comes amid a broader trend of securities companies expanding their capital base to compete in a growing market.

Strategic Significance

Kafi’s listing on UPCoM is a strategic step to access capital markets, improve governance, and increase transparency. The company plans to use the proceeds to expand its digital retail model, grow brokerage and margin lending market share, and diversify into derivatives and covered warrants. The strong H1 results indicate successful execution of its restructuring plan. For long-term investors, KAI offers exposure to Vietnam’s retail brokerage boom, but the stock’s liquidity and valuation will depend on the company’s ability to maintain growth and eventually list on HOSE, which could attract more institutional interest.

What to Watch

• KAI’s quarterly earnings reports for Q3 and Q4 2026 to see if growth momentum continues.
• Updates on the company’s plan to list on HOSE, including any regulatory filings or timeline announcements.
• Changes in margin lending balance and total client transaction value as indicators of retail activity.
• Any capital-raising activities, such as private placements or rights issues, that could dilute existing shareholders.
• Regulatory developments affecting the securities sector, including potential changes in margin requirements or trading rules.