QBS Dismisses CEO Hoang Van Hung as Losses Mount on UPCoM

Overview

Quang Binh Import-Export JSC (ticker QBS, registered on UPCoM) has removed Hoang Van Hung from the position of Chief Executive Officer effective 25 September 2026, according to a board resolution disclosed by the company. The dismissal leaves Vietnam’s smallest listed fertilizer and chemicals trader without a named successor at a time when its revenue base has collapsed and losses continue to accumulate.

Key Facts

• QBS board resolution dismisses CEO Hoang Van Hung effective 25 September 2026, citing personal reasons.
• Hoang Van Hung, born 1982, had served as CEO since 28 April 2020, a tenure of more than six years.
• The company states he holds no QBS shares and is no longer an insider following the change.
• No successor has been named in the disclosure document.
• Q2/2026 net revenue was VND 51 million, up 112.5% year-on-year, but the quarter still produced a net loss of about VND 13.8 billion.
• H1/2026 net revenue reached VND 75 million, with parent-company net loss of approximately VND 14.4 billion.
• Full-year 2025 revenue was about VND 150 million with a net loss of roughly VND 78.4 billion; 2024 losses were approximately VND 140.5 billion.
• QBS shares closed at VND 500 on 27 September 2026, implying a market capitalisation of roughly VND 35 billion.

What Happened

The change was announced through a board of directors resolution published by Quang Binh Import-Export JSC. The document states that Hoang Van Hung was relieved of the CEO role for personal reasons, effective 25 September 2026, and that he ceases to hold any position or insider status at the company. The filing does not identify a replacement, and the company has not indicated whether an interim appointment will be made or whether the board will assume executive oversight in the interim.

Hung’s departure follows a period in which QBS has effectively ceased operating at commercial scale. Revenue for the first half of 2026 amounted to VND 75 million, a figure smaller than the salary cost of most executive teams, while the net loss for the same period reached approximately VND 14.4 billion. The company’s own financial statements, cited in the disclosure, show that the deterioration predates the management change: QBS lost about VND 140.5 billion in 2024 and a further VND 78.4 billion in 2025.

Market Context

QBS trades on UPCoM, Vietnam’s unlisted public company market, where liquidity and disclosure standards are materially weaker than on HOSE or HNX. The stock closed at VND 500 per share on 27 September 2026, the exchange’s minimum tick, giving the company a market capitalisation of about VND 35 billion. At that price the equity is effectively a residual claim on a shell-like balance sheet rather than a going-concern valuation. The broader Vietnamese chemicals and fertilizer sector has seen divergent performance, with larger producers benefiting from stable domestic demand while micro-cap traders such as QBS have been squeezed out by the consolidation of import channels and tighter credit for small distributors.

Strategic Significance

For long-term investors the relevant question is not who replaces Hoang Van Hung but whether QBS retains any viable operating business. A company generating VND 75 million of half-year revenue against VND 14.4 billion of losses is consuming capital far faster than it earns it, and the absence of a named successor suggests the board has not yet settled on a turnaround plan. The dismissal of a six-year CEO without a replacement, combined with the fact that he held no equity, points to a governance vacuum rather than a strategic reset. Any thesis on QBS would rest on asset value, a potential restructuring, or a reverse merger, none of which the current filing addresses.

What to Watch

• A subsequent QBS filing naming an interim or permanent CEO, or confirming that the board will manage operations directly.
• Q3/2026 financial statements, expected by the end of October 2026, showing whether revenue remains near zero and whether losses are narrowing.
• Any disclosure on the company’s cash position, outstanding debt, or negotiations with creditors.
• UPCoM trading activity and volume at the VND 500 floor, which would indicate whether any residual market interest exists.
• Audited 2026 accounts and any going-concern qualification from the auditor, which would clarify the company’s medium-term viability.