VDP Stake Change: Le Quang Hai Lifts Vidipha Holding to 15.73%

Overview

Le Quang Hai purchased an additional 60,000 shares of Dược phẩm Trung ương Vidipha (ticker VDP, HOSE), lifting his ownership to more than 5.03 million shares, or 15.73% of charter capital, according to a disclosed ownership-change report. Fellow major shareholder Nguyen Quoc Hung also increased his position to 13.79%. The purchases occurred during Vidipha’s ongoing rights issue, which is reshaping the company’s shareholder base.

Key Facts

• Le Quang Hai bought 60,000 VDP shares on 22/9/2026, raising his holding to over 5.03 million shares, equal to 15.73% of charter capital.
• Hai first became a major shareholder on 7/8 after buying more than 4.95 million VDP shares, taking his stake from 19,200 shares to nearly 4.97 million shares, or 22.503% at the time.
• The newly purchased shares came from the undistributed portion of Vidipha’s rights offering and are subject to a one-year transfer restriction.
• Nguyen Quoc Hung bought 114,915 VDP shares on 23/9, lifting his holding from 4.3 million to over 4.41 million shares, or 13.79%; his brother Nguyen Quoc Anh holds an additional 400,345 shares, or 1.25%.
• Vidipha is offering nearly 9.94 million shares to existing shareholders at a 100:45 ratio and VND 10,000 per share, targeting over VND 99.3 billion.
• Charter capital is expected to rise from VND 220.8 billion to more than VND 320.2 billion if the offering completes.
• About VND 97.2 billion of proceeds is earmarked for machinery and equipment and over VND 2 billion for factory renovation for an EU-GMP Cephalosporin powder-injection line.
• In H1 2026, Vidipha posted net revenue of VND 428 billion and parent-company after-tax profit of VND 31 billion, up 16% year on year.

What Happened

According to the ownership-change report, Le Quang Hai acquired 60,000 VDP shares on 22/9/2026, taking his total holding above 5.03 million shares, equivalent to 15.73% of charter capital. His current ratio is below the 22.503% recorded in August because Vidipha is executing a share issuance to raise capital; the shares he just bought were part of the undistributed portion of that offering and carry a one-year transfer restriction. Hai has no related parties holding VDP shares.

In the same offering round, Nguyen Quoc Hung purchased 114,915 VDP shares on 23/9, raising his ownership from 4.3 million to more than 4.41 million shares, or 13.79% of charter capital. His younger brother, Nguyen Quoc Anh, holds a further 400,345 shares, or 1.25%. The accumulation contrasts with August filings in which Chairman Kieu Huu registered to sell his entire 1.65 million shares (7.48%), board member Tran Van Dat registered to divest all 899,320 shares, and Nguyen Thi Anh Thuy, a related party of Dat, registered to sell more than 1.02 million shares, all citing portfolio restructuring.

Market Context

VDP closed at VND 31,550 on 24/9/2026 on HOSE. The stock trades in the small-cap pharmaceuticals segment, where liquidity is typically thin and ownership changes by individual investors can move the register materially. Vidipha’s rights issue at VND 10,000 per share sits well below the market price, which helps explain why insiders and existing large holders are absorbing the undistributed portion. The broader Vietnamese pharmaceutical sector continues to draw interest from investors tracking EU-GMP upgrade cycles and domestic manufacturing capacity, though VDP’s market profile remains concentrated among a small group of named shareholders.

Strategic Significance

The central strategic question for VDP is whether the incoming capital and the EU-GMP Cephalosporin powder-injection line translate into higher-margin export or hospital-tender revenue. The VND 99.3 billion raise is modest relative to Vidipha’s VND 428 billion H1 revenue, but the equipment is targeted at a regulated product category where certification can open public-tender and export channels. The simultaneous exit registrations by the chairman and a board member, against accumulation by Hai and Hung, suggest a transfer of influence rather than a broad loss of confidence. For long-term holders, the key variable is execution on the EU-GMP line and whether the enlarged charter capital dilutes per-share earnings before the new capacity contributes.

What to Watch

• Completion status of the nearly 9.94 million-share rights offering and confirmation that charter capital reaches VND 320.2 billion.
• Disclosure of whether Chairman Kieu Huu and board member Tran Van Dat completed their registered full exits.
• Further ownership-change filings from Le Quang Hai or Nguyen Quoc Hung, including any purchases after the one-year lock-up on the newly acquired shares.
• Progress updates on the EU-GMP Cephalosporin powder-injection line, including equipment installation and certification timelines.
• H2 2026 and full-year results against the VND 990 billion revenue and VND 68 billion after-tax profit targets.