HNX to HoSE Migration: Circular 139/2025 Deadline Hits 19.7B Shares
This Aveluro analysis covers PVS on HNX in the Oil & Gas sector. The classified event type is regulation change, with neutral sentiment and a deterministic market-impact score of 7.0/10. Source coverage came from CafeF - Doanh nghiệp, 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
Under Circular 139/2025/TT-BTC, every company listed on the Hà Nội Stock Exchange (HNX) must transfer its listing to the Hồ Chí Minh Stock Exchange (HoSE) no later than 31 December 2026. The rule covers 299 issuers and close to 19.7 billion shares, and would move the affected tickers from HNX’s ±10% daily price band to HoSE’s ±7%. PVS, SHS, MBS, CEO, HUT, NTP, VCS, KSF, THD, NVB, KSV and SHB are among the names cited as exposed to the transition.
Key Facts
- Circular 139/2025/TT-BTC sets a final transfer deadline of 31 December 2026, extended by one year from the earlier roadmap.
- HNX listed 299 companies with nearly 19.7 billion shares as of the 24 September 2026 statistics cited in the article.
- Aggregate HNX listed value at par exceeds VND 196,000 billion, with market capitalisation of roughly VND 470,000 billion.
- Four HNX issuers carry USD billion-scale market capitalisation: KSF (Sunshine Group), THD (Thaiholdings), NVB (Ngân hàng Quốc dân) and KSV (Tổng công ty khoáng sản TKV).
- Those four names alone account for about 41% of HNX listed-equity market capitalisation.
- PVS told its shareholder meeting it expects to move to HoSE in Q4 2026 if the market reorganisation stays on schedule, and is weighing a voluntary listing transfer if the common roadmap slips.
- HNX applies a ±10% daily band versus ±7% on HoSE; HoSE currently allows ±20% on the first trading day for newly listed stocks, but no first-day band has been announced for Circular 139 transfers.
- SHB moved from HNX to HoSE on 11 October 2021, using its final HNX close as reference with a ±7% first-day band.
What Happened
The article, drawing on the circular text and exchange statistics dated 24 September 2026, describes one of the largest reorganisation exercises in the history of Vietnam’s equity market. All HNX-listed shares must be received by HoSE by the end of 2026, a deadline pushed back twelve months from the prior schedule. Liquidity on HNX has long been concentrated in a small group of tickers, with most listings trading thinly, so the transfer would place a long tail of low-turnover names onto the country’s main board.
PVS, the Petrovietnam technical services arm, is the most specific case cited. According to the report of its shareholder meeting, the company expects to complete a move to HoSE in the fourth quarter if the broader arrangement proceeds as planned, and has also considered a proactive listing transfer should the common timetable continue to lag. The article notes that no announcement has yet been made on the first-day trading band for stocks migrating between the two exchanges under Circular 139, leaving open how the opening session will be priced.
Market Context
PVS closed at VND 31,600 on 26 September 2026 on HNX, alongside SHS at VND 13,700, MBS at VND 16,200 and CEO at VND 11,200. The migration question sits against a Vietnamese market in which HNX hosts a mix of securities firms, banks, energy services and mining names, while HoSE carries the index-tracking flows and the bulk of institutional liquidity. The narrower ±7% band on HoSE mechanically reduces the maximum single-session move for migrating tickers, which matters most for the smaller, thinner HNX names where ±10% swings are common.
Strategic Significance
The strategic case for the transfer rests on index eligibility and liquidity depth rather than on any change in company fundamentals. HoSE membership brings these issuers closer to the benchmark construction and passive-flow universe that HNX listings largely sit outside, which over time can widen the institutional shareholder base for names such as PVS and the securities houses. The offsetting consideration is the tighter price band: a ±7% ceiling compresses daily volatility, which may reduce the appeal of the smaller HNX tickers to short-horizon traders while making them easier for larger funds to size positions without moving the tape. For the four USD billion-cap names that together represent about 41% of HNX market capitalisation, the transfer would materially reshape the exchange’s own profile.
What to Watch
- Formal HoSE acceptance announcements and transfer dates for PVS, SHS, MBS, CEO and the other named tickers.
- Any State Securities Commission or HoSE guidance on the first-day trading band for Circular 139 transfers, following the SHB precedent of ±7%.
- PVS shareholder-meeting follow-up on whether it proceeds under the common roadmap or files for a voluntary transfer.
- HNX and HoSE monthly listing statistics tracking the countdown from 299 issuers toward zero before 31 December 2026.
- Index provider reviews of HoSE composition and any resulting rebalancing flows once the migrated tickers begin trading.