TCX Ends First 250 HOSE Sessions Down 12.79% as Post-IPO Wave Splits

Overview

TCX, the ticker of CTCP Chứng khoán Kỹ Thương (TCBS), completed its 250th trading session on HOSE on 22 October, closing 12.79% below its first-session opening price. The milestone arrives as Vietnam’s third IPO wave accelerates: 10 listings have raised about VND 60,900 billion since late 2025, more than nine times the VND 6,500 billion raised across 16 IPOs in 2021-2024, according to the State Securities Commission (UBCKNN).

Key Facts

• TCX marked its 250th HOSE session on 22 October, down 12.79% from its first-session opening price.
• The stock rose as much as 30.12% at its interim peak before giving back those gains.
• F88 was up 92% at its own 250-session mark on 10 August 2026, on relatively thin liquidity.
• AIG and CRV were down 32% and 28% respectively at the equivalent milestone.
• UBCKNN reported 16 IPOs raising about VND 6,500 billion in 2021-2024, versus 10 IPOs raising VND 60,900 billion since late 2025.
• The regulator has cut the post-IPO listing deadline from 90 days to 30 days; 7 of the 10 recent issuers are now listed, with 3 still completing procedures.
• VPX, VCK, DCV and GEL are approaching their own 250-session marks, with most trading below their listing reference price.

What Happened

TCBS listed TCX on HOSE and the stock has now traded through a full year. Measured from the opening print of its debut session, the shares are 12.79% lower, a round trip that included a roughly 30.12% advance at the peak of early enthusiasm. The article, drawing on exchange trading data through the 27 October session, frames the result as typical of first-year performance rather than a company-specific failure.

The comparison set is deliberately broad. F88, the consumer-lending chain, finished its 250th session on 10 August 2026 up 92%, the standout of the cohort despite modest turnover. AIG and CRV, by contrast, were down 32% and 28%. The article attributes the dispersion to listing valuation, growth expectations, operating results, market conditions and cash flow rather than a single factor. Separately, UBCKNN Vice Chairwoman Lê Thị Việt Nga said the 2021-2024 period produced 16 IPOs worth about VND 6,500 billion, while the current wave has raised VND 60,900 billion from 10 deals, with the listing timeline shortened to 30 days.

Market Context

TCX closed at VND 28,450 on 27 October on HOSE, with the securities sector broadly sensitive to brokerage margins, margin-lending demand and turnover on the exchange. The stock’s first-year pattern, an early pop followed by a fade, mirrors the experience of several recent listings: CRV last closed at VND 23,000 and AIG at VND 46,700, while F88 at VND 49,800 is the outlier that held its gains. The article notes that most of the newer cohort, including VPX, VCK, DCV and GEL, trades below its listing reference price, a signal that primary-market pricing has run ahead of secondary demand.

Strategic Significance

For long-term holders, the relevant question is whether TCX’s first-year drawdown reflects listing valuation rather than franchise deterioration. TCBS enters the listed arena as one of Vietnam’s largest retail brokerage and bond-distribution platforms, and its earnings are levered to retail participation and margin balances, both of which were soft during parts of its first year. The regulatory shift tying IPO to listing within 30 days increases the supply of new paper and compresses the window in which issuers can time a debut, which should, over time, push offer prices closer to fundamental value. That is a structural negative for first-day pops and a positive for investors who buy after the lock-up noise clears.

What to Watch

• TCX third-quarter 2026 results and margin-lending balances, which drive brokerage revenue.
• HOSE turnover and retail participation trends into year-end 2026.
• The 250-session milestones for VPX, VCK, DCV and GEL, and whether they break the below-offer pattern.
• UBCKNN guidance on the shortened 30-day listing process and any further IPO pipeline disclosures.
• Foreign-ownership room and block-trade activity in TCX as the first-year lock-up period lapses.