Dragon Capital sells MWG stake, no longer a major shareholder

Overview

Dragon Capital-related funds have sold 541,366 shares of Mobile World Investment Corporation (MWG), reducing their combined ownership to 4.96% and ceasing to be a major shareholder. Separately, MWG board member Doan Van Hieu Em registered to sell 2 million shares. The selling follows a 16% rise in MWG’s stock price over the past month and the company’s strong Q1 2026 earnings.

Key Facts

• Dragon Capital-related funds sold 541,366 MWG shares, reducing ownership from 5% to 4.96% of charter capital.
• Vietnam Enterprise Investments Limited sold 461,366 shares; Norges Bank sold 200,000 shares; Samsung Vietnam Securities Master Investment Trust (Equity) bought 120,000 shares.
• Board member Doan Van Hieu Em registered to sell 2 million MWG shares, reducing his holdings from 3.55 million to 1.55 million shares, with the transaction period from May 6 to June 4.
• MWG shares rose 16% from VND 74,200 to VND 86,000 between March 23 and May 6.
• In Q1 2026, MWG reported net revenue of VND 46,462 billion (+29% YoY) and net profit of VND 2,758 billion (+78% YoY), achieving 25% of the full-year revenue target and 30% of the profit target.
• As of March 31, MWG had 1,014 The Gioi Di Dong stores, 2,006 Dien May Xanh stores, 409 An Khang pharmacies, 95 Avakids stores, and 212 Erablue stores in Indonesia.

What Happened

According to a filing with the Ho Chi Minh Stock Exchange (HoSE), Dragon Capital-related funds sold 541,366 MWG shares, reducing their combined stake from 5% to 4.96% of charter capital. As a result, the group is no longer a major shareholder in MWG. The selling was executed by multiple funds within the group, including Vietnam Enterprise Investments Limited (sold 461,366 shares) and Norges Bank (sold 200,000 shares), while Samsung Vietnam Securities Master Investment Trust (Equity) bought 120,000 shares.

Separately, MWG board member Doan Van Hieu Em registered to sell 2 million MWG shares from May 6 to June 4. After the transaction, his holdings will decrease from 3.55 million to 1.55 million shares. The selling comes after MWG’s stock price appreciated 16% over the past month, from VND 74,200 to VND 86,000 per share.

Market Context

MWG shares closed at VND 81,000 on April 15, 2026, down 1.10% with a volume of 3,065,500 shares. The stock has been on an upward trend, rising 16% in the period from March 23 to May 6. The broader VN-Index reached a new high of 1,915.37 points in the week ending May 8, while foreign investors were net sellers on HoSE, with net selling value of over VND 4,327 billion. MWG is listed on HoSE and is the largest retail company in Vietnam by market capitalization.

Strategic Significance

The reduction in Dragon Capital’s stake below the 5% threshold removes a major institutional holder from the register, potentially reducing foreign ownership pressure but also signaling a lack of conviction from a prominent foreign fund. The simultaneous insider selling by a board member may raise concerns about near-term sentiment, though the sales occur after a significant price run-up. MWG’s strong Q1 results, with revenue and profit growth exceeding 25% of annual targets, suggest the company’s fundamentals remain robust, driven by expansion in electronics retail and the BHX supermarket chain.

What to Watch

• Completion of Doan Van Hieu Em’s share sale by June 4 and any subsequent filings.
• Further changes in foreign ownership levels, as Dragon Capital’s exit may open room for other foreign investors.
• MWG’s Q2 2026 earnings release, expected in July, to confirm if growth momentum continues.
• Any additional insider selling or buying by other board members or major shareholders.
• The impact of foreign net selling on MWG’s stock price in the coming weeks.