Vietnamese Securities Stocks Fall 74% in 2026; LPS Hits Limit-Down Post-IPO

Overview

Nearly 74% of Vietnamese securities stocks have fallen in 2026, with LPS (Chứng khoán LPBank) hitting limit-down on its fifth trading day after listing on HOSE. Despite the bearish price action, major securities firms including HSC, PHS, TCX, and SSI continue to raise capital and pay dividends, reflecting a divergence between market sentiment and corporate strategy.

Key Facts

• LPS shares closed at 27,550 VND on August 24, 2026, after hitting limit-down, reducing market capitalization to 38,808 billion VND.
• Over 1,000 investors who participated in LPS’s IPO had only four trading sessions to realize gains before losses.
• HSC is offering nearly 270 million shares to existing shareholders at a 4:1 ratio, priced at 10,000 VND per share, from July 29 to August 28, 2026.
• HSC aims to raise charter capital from 10,808 billion VND to over 15,800 billion VND, with participation from Dragon Capital and HFIC.
• PHS completed a private placement of approximately 500 billion VND on August 18-19, 2026, attracting foreign investors.
• TCX will increase capital by 20% through a stock dividend for 2025, expected in Q3-Q4 2026.
• SSI paid a 10% cash dividend and plans a 20% stock dividend, with the record date on August 18, 2026.

What Happened

On August 21, 2026, FTSE Russell announced the inclusion of seven Vietnamese securities stocks in its FTSE Global Equity Index Series (GEIS). The news initially sparked a rally, but sentiment reversed quickly. By August 24, many securities stocks closed lower, with LPS hitting limit-down on its fifth day on HOSE. This made LPS one of several recent IPOs in the sector to decline after listing, alongside VPS and VPX.

According to Tuổi Trẻ’s statistics, nearly 74% of securities stocks have fallen in 2026, creating a paradox: while the sector is expected to benefit from liquidity, market upgrades, and financial product demand, share prices are disappointing. Meanwhile, major shareholders continue to inject capital. HSC is conducting a rights issue, PHS completed a private placement, and TCX and SSI are executing dividend and capital increase plans.

Market Context

LPS, listed on HOSE, closed at 27,550 VND on August 24, 2026, after its limit-down session. PHS (UPCOM) closed at 10,300 VND on August 23, and TCX (HOSE) at 40,800 VND on August 24. The sector’s decline contrasts with the broader market’s positive expectations from FTSE GEIS inclusion and ongoing capital raises. The divergence suggests that retail investors are cautious despite institutional optimism.

Strategic Significance

For long-term investors, the ongoing capital raises by major securities firms signal confidence in the sector’s growth prospects, driven by market upgrades and increasing financial product demand. The participation of foreign investors in PHS’s placement and Dragon Capital’s involvement in HSC’s rights issue underscore this view. However, the poor price performance of recent IPOs like LPS highlights risks associated with valuations and market timing. Investors should focus on firms with strong capital bases and strategic positioning to benefit from the sector’s long-term growth.

What to Watch

• Completion of HSC’s rights issue by August 28, 2026, and subsequent capital increase.
• TCX’s stock dividend implementation in Q3-Q4 2026.
• SSI’s stock dividend distribution and any further capital plans.
• Price performance of LPS and other recent IPOs in the securities sector.
• Any regulatory changes or market upgrades that could affect sector sentiment.