Dragon Capital and CII Group Accumulate PC1 Shares, Become Major Shareholders

Overview

Dragon Capital’s DCDS fund acquired 2.99 million shares of PC1 in May, while CII group accumulated a 5.77% stake, becoming a major shareholder. These developments occur against a backdrop of leadership changes and a significant stock price correction for the energy and infrastructure company.

Key Facts

• Dragon Capital’s DCDS fund bought 2.99 million PC1 shares in May, valued at approximately VND 58 billion, at an average price of VND 19,350 per share.
• The DCDS fund had no PC1 holdings at the end of April 2025, but the stock reappeared in its portfolio at end-May with a 0.91% weight.
• CII group, through its subsidiary CII Trading and Investment Company, purchased nearly 3.9 million PC1 shares on June 2, raising its total stake to 5.77% (over 23.7 million shares).
• PC1’s stock price fell from a peak of VND 31,000 to a low of VND 17,650 before recovering to VND 19,150 as of June 9, 2026.
• PC1 Chairman Trinh Van Tuan and six other leaders were prosecuted and detained for alleged accounting violations and asset embezzlement.
• PC1 operates 7 hydropower plants with total capacity of 212 MW and is building two more projects in Cao Bang province.
• CII stated its investment in PC1 is based on PC1’s portfolio of existing solar projects under FIT tariffs and upcoming projects.

What Happened

According to the DCDS fund’s May portfolio report, it held 2.99 million PC1 shares at month-end, worth about VND 58 billion, after having zero exposure in April. The fund had previously held a small position of 457,000 shares in March 2026 before selling out in April. The purchase coincides with a period of significant leadership upheaval at PC1, including the prosecution of Chairman Trinh Van Tuan and six other executives.

Separately, CII group disclosed that it became a major shareholder in PC1 after its subsidiary bought nearly 3.9 million shares on June 2, lifting the group’s total holdings to 5.77%. CII said the investment was based on PC1’s existing renewable energy assets, including solar projects with feed-in tariff (FIT) benefits, and its pipeline of new projects.

Market Context

PC1 shares (HOSE) have experienced high volatility, dropping from VND 31,000 to a low of VND 17,650 amid the leadership scandal, before recovering to VND 19,150. The stock closed at VND 19,150 on June 9, 2026, with volume of 2 million shares. CII shares (HOSE) closed at VND 16,400, down 0.91%, on volume of 4.8 million shares. The accumulation by two major institutional investors suggests confidence in PC1’s underlying business value despite governance issues.

Strategic Significance

Dragon Capital’s re-entry and CII’s stake-building signal that institutional investors see value in PC1’s core energy infrastructure business, particularly its hydropower and solar assets. PC1 is a key player in Vietnam’s power transmission construction and renewable energy, with 212 MW of hydropower capacity and multiple solar projects. CII’s strategic investment may also indicate potential synergies between the two companies in infrastructure and energy projects. The leadership crisis remains a risk, but the stock’s recovery from lows suggests the market is pricing in a potential resolution.

What to Watch

• Further disclosures from Dragon Capital or CII regarding additional PC1 share purchases.
• Updates on the legal proceedings involving PC1’s former chairman and executives.
• PC1’s Q2 2026 earnings report to assess operational impact of the leadership changes.
• Progress on PC1’s two new hydropower projects in Cao Bang province.
• Any strategic cooperation announcements between PC1 and CII.