HNX Suspends LTG and RDP Stocks on UPCoM for Disclosure Violations

Overview

HNX has suspended trading of LTG (Loc Troi Group) and RDP (Rang Dong Holding) on UPCoM effective June 26, 2026, citing serious violations of information disclosure obligations. LTG failed to submit its audited 2024 financial statements, while RDP faces bankruptcy proceedings. The suspensions underscore regulatory enforcement on UPCoM and raise concerns about corporate governance at both firms.

Key Facts

• HNX suspended LTG from trading on UPCoM from June 26, 2026, for failing to disclose audited 2024 financial statements.
• LTG terminated its audit contract with Ernst & Young Vietnam (EY) due to disagreements over the timing of interim review and annual audit reports.
• LTG had previously been restricted to trading only on Fridays due to late submission of semi-annual 2024 and 2025 review reports.
• RDP’s suspension was maintained due to a court decision to open bankruptcy proceedings and mandatory delisting for serious disclosure violations.
• RDP received a bankruptcy ruling from the People’s Court of Ho Chi Minh City on June 25, 2026, following a petition from its 97.75%-owned subsidiary Rang Dong Films.
• RDP also faces trading restrictions for late submission of semi-annual 2025 review reports and a warning for failing to hold its 2025 annual general meeting.
• LTG closed at VND 5,300 on June 21, 2026, down 3.64% with volume of 52,100 shares.

What Happened

On June 23-24, 2026, HNX announced the suspension of LTG and RDP stocks on UPCoM due to serious violations of information disclosure regulations. For LTG, the suspension stems from the company’s failure to submit its audited 2024 financial statements. LTG’s board had previously resolved to terminate the audit contract with EY, citing a lack of consensus on the timing of report issuance. LTG stated that the delay has harmed its reputation and led to violations with shareholders, regulators, and creditors, and risks losing its public company status.

For RDP, the suspension is linked to a court decision to open bankruptcy proceedings. On June 25, 2026, the People’s Court of Ho Chi Minh City accepted a petition from Rang Dong Films, a subsidiary 97.75%-owned by RDP, which demonstrated that RDP is insolvent under the 2014 Bankruptcy Law. RDP also faces additional trading restrictions and a warning for failing to hold its annual general meeting.

Market Context

LTG shares closed at VND 5,300 on June 21, 2026, down 3.64% on low volume of 52,100 shares. The stock had already been under trading restrictions due to late financial reports. RDP has been under similar restrictions. Both stocks trade on UPCoM, the unlisted public company market, which typically has lower liquidity and less stringent disclosure requirements than HOSE or HNX. The suspensions highlight regulatory scrutiny on UPCoM and may further erode investor confidence in these names.

Strategic Significance

For LTG, the suspension underscores governance and operational challenges at one of Vietnam’s largest agricultural firms. The termination of the EY audit contract and failure to file audited statements raise questions about internal controls and financial transparency. For RDP, the bankruptcy proceedings signal severe financial distress, with the subsidiary’s petition indicating that the parent company is unable to meet its obligations. Both cases illustrate the risks of investing in companies with weak disclosure practices and potential solvency issues.

What to Watch

• LTG’s selection of a new independent auditor and timeline for completing the 2024 audited financial statements.
• LTG’s ability to hold its annual general meeting and maintain public company status.
• RDP’s bankruptcy proceedings and potential outcomes, including restructuring or liquidation.
• Any regulatory actions or fines imposed by HNX or the State Securities Commission.
• Trading volume and price movements for LTG and RDP if trading resumes.