Kafi Securities (KAI) Debuts on UPCoM with 750M Shares, H1 Profit Up 155%

Overview

Kafi Securities (KAI) officially commenced trading on the UPCoM market at the Hanoi Stock Exchange (HNX) on September 9, 2026, with 750 million shares. The move is part of the company’s IPO roadmap and capital market strategy. The debut follows strong interim results: H1 2026 revenue rose 104% year-on-year to VND 2,024 billion, while pre-tax profit surged 155% to nearly VND 370 billion.

Key Facts

• KAI began trading on UPCoM on September 9, 2026, with 750 million ordinary shares.
• Total registered trading value at par 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.
• 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 in H1 2026 was nearly VND 370 billion, up 155%.
• Margin lending balance hit VND 11,675 billion at end-June 2026, up 34% year-on-year.
• Total client transaction value in H1 2026 exceeded VND 93,000 billion, up 101%.

What Happened

At a ceremony on the morning of September 9, 2026, Kafi Securities held a bell-ringing event to mark the first trading day of its shares on UPCoM at the Hanoi Stock Exchange. The company had received HNX approval for UPCoM registration on August 28, 2026. The 750 million shares, under ticker KAI, began trading immediately.

According to the company’s reviewed semi-annual 2026 financial statements, total assets reached VND 26,112 billion as of June 30, 2026, nearly quadruple the end-2023 level. Equity exceeded VND 8,238 billion. The company’s retail operations expanded significantly, with margin lending balances up 34% year-on-year to VND 11,675 billion, and total client transaction value up 101% to over VND 93,000 billion in the first half.

CEO Trịnh Thanh Cần stated that the listing marks a new phase for Kafi, with larger scale, higher governance standards, and greater responsibility to shareholders and the market. The company plans to use IPO proceeds to expand business, invest in technology, and develop products. It will continue focusing on digital retail brokerage and margin lending, while expanding into derivatives and covered warrants.

Market Context

KAI trades on UPCoM, the unlisted public company market operated by HNX. The debut comes amid a period of strong growth for Vietnamese securities firms, driven by rising retail participation and margin lending. Kafi’s H1 results outpace many peers, with revenue and profit growth exceeding 100%. The company’s total assets of VND 26,112 billion place it among mid-to-large-cap securities firms. The stock’s initial trading on UPCoM may see limited liquidity compared to HoSE-listed peers, but the company has signaled plans to list on HoSE once conditions are met.

Strategic Significance

Kafi’s UPCoM debut is a strategic step toward becoming a fully public company, enhancing transparency and access to capital. The strong H1 performance underscores its successful retail-focused strategy, which has driven rapid balance-sheet growth. The planned HoSE listing could improve liquidity and valuation, as many institutional investors prefer main-board listings. The company’s expansion into derivatives and covered warrants positions it to capture growing demand for sophisticated products. However, the competitive landscape remains intense, with larger rivals like SSI and VNDirect dominating the market.

What to Watch

• Completion of HoSE listing procedures and timeline for main-board transfer.
• Q3 2026 earnings release to see if growth momentum continues.
• Changes in margin lending balance and total client assets as indicators of retail activity.
• Regulatory updates on securities market reforms that could affect trading volumes.
• Any capital raises or M&A activity following the IPO.