Thuan An Paper (TAH) to List on UPCoM July 21, 2026 at VND 4.5 Trillion Market Cap
This Aveluro analysis covers TAH (Ta Paper Jsc) on UPCOM in the Basic Resources sector. The classified event type is ipo, with positive sentiment and a deterministic market-impact score of 6.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. 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
Thuan An Paper Trading Service Joint Stock Company (ticker: TAH), Vietnam’s largest industrial paper exporter, will list on the UPCoM market on July 21, 2026. The company, founded by the Lieu family, has a market capitalization of nearly VND 4,500 billion based on the reference price of VND 16,500 per share. In 2025, TAH reported a 770% surge in net profit to VND 605 billion on revenue of VND 5,984 billion, up 53% year-on-year.
Key Facts
- Listing date: July 21, 2026, on UPCoM under ticker TAH.
- Number of registered shares: 270 million.
- Reference price on first trading day: VND 16,500/share, implying a market cap of VND 4,455 billion (approx. USD 178 million).
- 2025 net profit: VND 605 billion, up 770% from 2024.
- 2025 revenue: VND 5,984 billion, up 53% year-on-year.
- The Lieu family holds approximately 75.5% of the company’s charter capital.
- The company exports 15,000-20,000 tons per month to markets including China, the Middle East, Africa, Cambodia, and Malaysia.
What Happened
The Hanoi Stock Exchange (HNX) approved the registration of TAH shares for trading on UPCoM. The company will list 270 million shares with a first-day reference price of VND 16,500 per share. Thuan An Paper was founded in 2017 by Mr. Lieu Binh An, an ethnic Chinese entrepreneur. The company is headquartered in Minh Hung 3 Industrial Park, Binh Phuoc province (now part of Dong Nai).
As of June 11, 2026, the company had 120 shareholders, with three major shareholders holding 71.5% of charter capital. Chairman Lieu Kien Khang, son of the founder, owns 51%. Founder Lieu Binh An holds nearly 11.5%, and his wife Hoai Tu An holds 9%. In total, the Lieu family controls about 75.5% of the company.
Market Context
TAH is listing on UPCoM, the unlisted public company market, which typically has lower liquidity and less stringent disclosure requirements than the main exchanges (HOSE or HNX). The paper and packaging sector in Vietnam has benefited from strong export demand and the growth of e-commerce, which drives demand for corrugated packaging materials. TAH’s 2025 profit surge reflects these tailwinds, though the company’s high family ownership may limit free float and trading liquidity.
Strategic Significance
Thuan An Paper is the largest exporter of industrial paper in Vietnam, with a monthly export volume of 15,000-20,000 tons. Its product lines — Testliner, Medium, and Kraft Top Liner — are essential for corrugated cardboard packaging, which is closely tied to e-commerce and consumer goods. The company’s Phase 1 plant, operational since 2017, has a capacity of 250,000 tons per year. The listing provides a public valuation benchmark and potential access to capital markets for future expansion, though the controlling family stake may limit corporate governance improvements.
What to Watch
- First-day trading volume and price movement on July 21, 2026, to gauge market demand.
- Q2 2026 earnings release (expected around mid-July) to see if profit growth continues.
- Any announcements regarding Phase 2 capacity expansion or new export contracts.
- Changes in foreign ownership limits or investor interest given the company’s export focus.
- Potential dividend policy or share issuance plans post-listing.