PX1, TNM, TB8 Delisted from UPCoM After Public Company Status Revoked

Overview

The Hanoi Stock Exchange (HNX) has canceled trading registration for three companies—PX1, TNM, and TB8—on the UPCoM market due to the State Securities Commission (SSC) revoking their public company status. This regulatory action, based on Decree 155/2020/ND-CP, results in delisting with final trading dates in April and May 2026, impacting investor access to these stocks.

Key Facts

• HNX canceled trading registration for PX1 (20 million shares, VND 200 billion face value) effective April 20, 2026, with last trading on April 17, 2026, following SSC revocation on April 7, 2026.
• TNM (5.8 million shares, VND 58 billion face value) faces cancellation on April 22, 2026, with last trading on April 21, 2026, after SSC revocation on April 10, 2026.
• TB8 (1.25 million shares, VND 12.5 billion face value) will be canceled on May 5, 2026, with last trading on May 4, 2026, following SSC revocation on April 3, 2026.
• The delistings cite Point A, Clause 1, Article 137 of Decree 155/2020/ND-CP, detailing implementation of the Securities Law.
• Common reasons for losing public company status include falling below 100 non-professional shareholders holding at least 10% of voting shares or charter capital dropping under VND 30 billion.
• The SSC issued revocation documents numbered 2654/UBCK-GSĐC for PX1 and unspecified for TNM and TB8.

What Happened

The Hanoi Stock Exchange (HNX) issued decisions to cancel trading registration for three companies on the UPCoM market: PX1 (Công ty Cổ phần Xi măng Sông Lam 2), TNM (Công ty Cổ phần Xuất nhập khẩu và Xây dựng Công trình), and TB8 (Công ty Cổ phần Sản xuất và Kinh doanh vật tư thiết bị - VVMI). According to HNX announcements, the cancellations follow the State Securities Commission (SSC) revoking their public company status, as detailed in regulatory filings such as document 2654/UBCK-GSĐC for PX1 dated April 7, 2026.

The delistings are scheduled sequentially: PX1 on April 20, 2026, TNM on April 22, 2026, and TB8 on May 5, 2026, with corresponding last trading dates set one day prior. HNX cited legal grounds under Point A, Clause 1, Article 137 of Decree 155/2020/ND-CP, which governs securities regulations. The article notes that companies typically lose public status due to failing minimum shareholder counts or charter capital thresholds.

Market Context

PX1, TNM, and TB8 trade on the UPCoM market, Vietnam’s unlisted public company trading platform operated by HNX. Delisting removes these stocks from public trading, likely reducing liquidity and investor visibility. The affected companies span sectors like cement (PX1), import-export and construction (TNM), and equipment manufacturing (TB8), but the regulatory action is tied to compliance issues rather than sector-specific trends. No recent price data is provided in the source, but such delistings often precede minimal trading activity as dates approach.

Strategic Significance

This event underscores regulatory enforcement in Vietnam’s capital markets, as the SSC actively revokes public company status for non-compliance with shareholder or capital requirements. For long-term investors, it highlights the importance of monitoring corporate governance and regulatory adherence in small-cap UPCoM stocks, which may face higher delisting risks. The use of Decree 155/2020/ND-CP signals ongoing scrutiny under Vietnam’s updated securities framework, potentially affecting other marginal companies.

What to Watch

• Post-delisting shareholder communications from PX1, TNM, and TB8 regarding future plans or potential relisting.
• SSC enforcement actions against other UPCoM companies for similar compliance failures.
• Trading volumes and price movements in the days leading to final trading dates for each stock.
• Updates on whether companies meet criteria to regain public status, such as increasing shareholders or capital.