TVC buys only 69,500 TVB shares, stake rises to 73.29%

Overview

TVC (Tập đoàn Quản lý tài sản T-Corp, HNX) reported it acquired only 69,500 TVB shares during the period from August 6 to September 4, 2026, far short of the 1.87 million shares it had registered to buy. The company attributed the incomplete transaction to unfavorable market conditions. As a result, TVC’s ownership in TVB (Chứng khoán T-Cap, HoSE) rose marginally to 73.29% from 73.23%.

Key Facts

• TVC registered to buy 1.87 million TVB shares between August 6 and September 4, 2026.
• Only 69,500 shares were purchased via order matching, representing about 3.7% of the registered volume.
• TVC’s stake in TVB increased from 79.91 million shares (73.23%) to 79.98 million shares (73.29%).
• TVC previously failed to sell any of 24.8 million registered TVB shares during June 29–July 28, 2026, also citing unfavorable market conditions.
• In an earlier transaction (May 5–June 3, 2026), TVC bought 497,500 of 500,000 registered shares, raising its stake from 72.78% to 73.23%.
• TVB’s H1 2026 operating revenue was VND 29 billion, down 34% year-on-year; net profit after tax reached VND 6.7 billion, up from VND 6.1 billion in H1 2025.
• TVB shares closed at VND 6,470 on September 4, 2026; TVC closed at VND 7,500 on the same date.

What Happened

TVC, the parent company of securities firm TVB, announced that it could not complete its planned purchase of 1.87 million TVB shares during the August 6–September 4, 2026 window. The company managed to buy only 69,500 shares through order matching, citing unfavorable market conditions as the reason for the shortfall. This follows a similar pattern in the previous period (June 29–July 28, 2026), when TVC failed to sell any of the 24.8 million TVB shares it had registered to offload.

The transaction was part of TVC’s ongoing effort to increase its holding in TVB. In the May–June 2026 period, TVC successfully acquired 497,500 of 500,000 registered shares, lifting its stake from 72.78% to 73.23%. The latest partial purchase brings TVC’s ownership to 73.29%.

Notably, TVC’s chairwoman Nguyễn Thị Hằng also serves as CEO of TVB and personally holds 50,000 TVB shares (0.04%). The repeated incomplete transactions suggest that TVB’s share liquidity is thin, making large block trades difficult without moving the price.

Market Context

TVB shares closed at VND 6,470 on September 4, 2026, while TVC closed at VND 7,500 on the HNX. The securities sector has faced headwinds in 2026, with TVB’s H1 operating revenue down 34% year-on-year, though net profit rose slightly to VND 6.7 billion due to lower costs and no tax expense. TVC’s repeated failure to execute large trades in TVB highlights the limited free float and low trading volume in TVB, which is majority-owned by TVC. The parent company’s stake has been climbing steadily, from 72.78% in May to 73.29% now, but each attempt to adjust its position has been constrained by market conditions.

Strategic Significance

TVC’s persistent efforts to increase its stake in TVB, despite partial executions, signal a long-term commitment to consolidating control over its securities subsidiary. With TVC already holding over 73% of TVB, the parent company has significant influence over TVB’s strategic direction, including potential capital allocation or restructuring. The inability to execute large trades may reflect low liquidity in TVB shares, which could deter minority investors and limit TVB’s ability to raise capital through equity issuance. For long-term investors, the key question is whether TVC will eventually seek to delist TVB or use it as a vehicle for broader financial services integration, given the close management overlap between the two entities.

What to Watch

• TVC’s next registered transaction in TVB shares, if any, and whether it is fully executed.
• TVB’s Q3 2026 earnings report, due in October, to assess whether revenue decline persists.
• Any regulatory filings regarding changes in TVC’s ownership or potential delisting plans.
• TVB’s trading liquidity metrics, such as average daily volume, to gauge feasibility of large block trades.
• TVC’s own financial results and any statements from management about future stake adjustments.