Loc Troi LTG loses public company status, delisting risk on UPCoM
This Aveluro analysis covers LTG (BVTV An Giang) on UPCOM in the Food & Beverage sector. The classified event type is regulation change, with negative sentiment and a deterministic market-impact score of 7.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
The State Securities Commission (SSC) has revoked the public company status of Loc Troi Group (LTG) effective August 11, placing its shares at risk of delisting from the UPCoM exchange. The decision follows prolonged delays in publishing audited financial statements, a violation of securities law. This development affects LTG’s tradability and raises governance concerns for investors.
Key Facts
- SSC revoked LTG’s public company status effective August 11, 2025.
- LTG shares are at risk of delisting from UPCoM, with procedures for securities registration cancellation at VSDC to follow.
- On July 2, 2025, SSC’s Inspectorate fined LTG VND 85 million for disclosure violations.
- LTG delayed publication of multiple required documents by 15+ days, including Q3/Q4 2025 and Q1 2026 financial statements, reviewed semi-annual 2025, audited annual 2025, and 2025 annual report.
- HNX suspended LTG trading from June 26, 2025, due to missing audited 2024 financials.
- LTG terminated its contract with EY Vietnam and hired UHY Auditing and Consulting to complete outstanding reports.
- LTG was founded in 1993 as An Giang Plant Protection Company, operating in agriculture.
What Happened
The State Securities Commission announced the revocation of Loc Troi Group’s public company status, effective August 11, 2025. The decision follows a period of repeated delays in financial reporting, which violated disclosure obligations under the Securities Law. The SSC did not specify the exact reason, but the law allows revocation if a company fails to publish audited annual financial statements for two consecutive years.
Loc Troi had been struggling with its auditor, Ernst & Young Vietnam (EY), over the timing of reviewed and audited reports. The company terminated EY’s contract and subsequently signed with UHY Auditing and Consulting on June 12, 2025, to complete the outstanding reports. Despite these efforts, the SSC’s action indicates the delays were not resolved in time.
Market Context
LTG shares last traded at VND 5,300 on June 21, 2025, down 3.64% on low volume of 52,100 shares, reflecting investor uncertainty. The stock has been suspended on UPCoM since June 26, 2025, and the revocation of public company status could lead to full delisting, making shares illiquid. This adds to the challenges for a company in the agriculture sector, which has faced operational and financial headwinds.
Strategic Significance
The revocation of public company status is a severe governance setback for Loc Troi. It signals a breakdown in regulatory compliance and transparency, which are critical for investor confidence. For long-term investors, the loss of public status may limit access to capital markets and reduce the company’s ability to raise funds. The move also highlights the risks of investing in companies with weak disclosure practices, particularly in Vietnam’s evolving regulatory environment.
What to Watch
- Confirmation of LTG’s delisting from UPCoM and the timeline for securities registration cancellation.
- Publication of audited 2024 and 2025 financial statements, which could restore some credibility.
- Any appeal or legal action by Loc Troi against the SSC’s decision.
- Trading updates from HNX regarding LTG’s suspension status.
- Management’s communication strategy to address shareholder concerns and potential restructuring plans.