XMC Vice Chair Sells Entire 28.24% Stake for VND 202B

Overview

Vice Chairwoman Dinh Thi Thanh Ha of Xuan Mai Corp (XMC) sold her entire 28.24% stake in the company, raising nearly VND 202 billion. The transaction, executed via two block trades between July 27 and August 6, 2026, leaves her with no shares. XMC, listed on UPCOM, is planning a rights issue to boost capital.

Key Facts

• Vice Chairwoman Dinh Thi Thanh Ha sold 20,162,472 XMC shares, representing 28.24% of the company.
• The sale was completed between July 27 and August 6, 2026, through two block trades.
• Total proceeds were nearly VND 202 billion, at an average price of VND 10,000 per share.
• Ha had increased her stake earlier in 2026 by buying nearly 4 million shares.
• XMC targets 2026 consolidated revenue of over VND 2,573 billion (+4% YoY) and after-tax profit of nearly VND 38 billion (+86% YoY).
• The company plans to issue up to 36 million shares to existing shareholders in a 2:1 rights issue (2 existing shares entitle 1 new share) during 2026-2027.
• The rights issue price is set at VND 10,000 per share; if fully subscribed, charter capital will rise to over VND 1,071 billion.
• XMC closed at VND 9,900 on August 16, 2026.

What Happened

According to a filing with the Hanoi Stock Exchange, Vice Chairwoman Dinh Thi Thanh Ha sold all 20,162,472 XMC shares she held, equivalent to 28.24% of the company’s capital. The sale was executed through two block trades between July 27 and August 6, 2026, with a total value of nearly VND 202 billion, averaging VND 10,000 per share. Following the transaction, Ha no longer holds any XMC shares.

The sale comes after Ha had increased her stake earlier in the year by purchasing nearly 4 million shares. The company, meanwhile, is pursuing an aggressive expansion plan. For 2026, Xuan Mai Corp targets consolidated revenue of over VND 2,573 billion, up about 4% from 2025, and after-tax profit of nearly VND 38 billion, an 86% increase. To support this growth, the company plans to raise capital through a rights issue of up to 36 million shares to existing shareholders at a ratio of 2:1, priced at VND 10,000 per share. If fully subscribed, the charter capital would increase to over VND 1,071 billion.

Market Context

XMC trades on the UPCOM exchange, where it closed at VND 9,900 on August 16, 2026. The stock’s price is slightly below the rights issue price of VND 10,000, which may affect shareholder appetite for the offering. The sale by the Vice Chairwoman, who was a significant insider, could raise concerns about corporate governance and future strategic direction, especially given the planned capital raise. The construction sector in Vietnam has been recovering, but XMC’s small market cap and reliance on insider support may make it vulnerable to sentiment shifts.

Strategic Significance

The exit of a key insider, who had recently increased her stake, sends a mixed signal to the market. While the sale could be for personal reasons, it reduces insider alignment with minority shareholders. The planned rights issue, if successful, would strengthen the company’s balance sheet and fund expansion, but the low profit target relative to revenue suggests thin margins. Long-term investors should assess whether the capital raise will translate into improved profitability and whether new strategic investors emerge to fill the governance void left by Ha’s departure.

What to Watch

• Completion and subscription rate of the rights issue, expected during 2026-2027.
• Q3 2026 earnings report to see if the company is on track to meet its 2026 targets.
• Any new major shareholder or strategic partnership announcements following Ha’s exit.
• Regulatory filings regarding the use of proceeds from the rights issue.
• Market reaction to the sale and the rights issue, particularly any further price movement below the issue price.