Masan Group Sells 2% of MSR to Boost Free Float Ahead of HoSE Listing

Overview

Masan Group (MSN) has sold 2% of its subsidiary Masan High-Tech Materials (MSR) to increase free float, paving the way for MSR’s planned listing on the Ho Chi Minh Stock Exchange (HoSE) next year. The transaction occurs amid a sharp rise in tungsten prices, which have surged approximately 700% over the past 12 months due to strong demand from AI chip manufacturing and other high-tech industries.

Key Facts

• Masan Group sold nearly 22 million shares, equivalent to 2% of MSR’s outstanding shares, reducing its ownership to 92.89%.
• The sale was oversubscribed, with employees and existing professional investors participating.
• Masan plans to sell up to an additional 3% of MSR within the next year.
• MSR aims to list on HoSE next year, transitioning from the current UPCoM market.
• Tungsten prices (APT) have surpassed USD 3,000/mtu, up ~700% year-on-year.
• MSR reported Q1 net revenue of VND 2,990 billion (+115% YoY) and record net profit of VND 540 billion.
• MSR targets full-year 2025 revenue of VND 20,300 billion and net profit of VND 2,500 billion.

What Happened

Masan Group announced the completion of a sale of 2% of its subsidiary Masan High-Tech Materials (MSR), increasing MSR’s free float and improving liquidity. The transaction is part of a broader strategy to prepare MSR for a listing on HoSE, expected next year. According to Masan CEO Danny Le, the company plans to sell up to an additional 3% of MSR within the next 12 months.

The sale comes as MSR benefits from a dramatic rise in tungsten prices, which have surged approximately 700% over the past year, driven by tight supply and growing demand from AI chip manufacturing, defense, and other high-tech industries. MSR’s Q1 results showed a 115% revenue increase and record quarterly profit, with the company expecting continued growth.

Market Context

MSN shares closed at VND 78,900 on May 13, 2026, up 1.54% on volume of 6.5 million shares. MSR shares rose 2.93% to VND 42,200 on volume of 3.0 million shares. Both stocks trade on HOSE. The broader market has been buoyed by strong export performance and foreign investor interest in Vietnam’s technology and materials sectors. The tungsten price rally has been a key catalyst for MSR, which is positioning itself as a critical supplier for the global AI supply chain.

Strategic Significance

Masan’s gradual divestment of MSR shares serves multiple strategic purposes: it increases free float to meet HoSE listing requirements, provides capital to reduce parent company leverage, and unlocks shareholder value by highlighting MSR’s unique position in the tungsten market. Tungsten is classified as a strategic mineral in many countries, and MSR’s integrated operations from mining to high-tech materials processing give it a competitive edge. The listing on HoSE is expected to improve MSR’s access to capital and attract a broader investor base, particularly as global demand for AI-related materials continues to grow.

What to Watch

• MSR’s Q2 2025 earnings release, expected in August, to confirm continued revenue and profit growth.
• Tungsten price trends, particularly APT pricing above USD 1,500/mtu, which is key to MSR’s debt reduction targets.
• Progress on MSR’s HoSE listing application and any additional share sales by Masan.
• Masan Group’s debt reduction progress, targeting net debt/EBITDA below 2x by year-end.
• Regulatory developments regarding strategic minerals and export controls that could impact tungsten supply and pricing.