Selling for 10 times the starting price, Hanoi is about to earn over 1.379 billion VND thanks to Thuong Dinh Shoes.

A lot of over 6.38 million shares of Thuong Dinh Shoe Company were successfully auctioned off for a total value of over 1.379 billion VND.

Thuong Dinh Shoes was established in 1957 and has been operating for 68 years - Photo: Thuong Dinh Shoes Fanpage

The Hanoi Stock Exchange (HNX) has just announced the results of the auction of over 6.38 million shares of Thuong Dinh Footwear Joint Stock Company (GTD) owned by the Hanoi People's Committee.

Specifically, this auction attracted 15 investors with a starting price of 20,500 VND per share. The volume of shares registered for purchase reached nearly 39.3 million shares. The highest bid for the entire lot of shares auctioned was 216,000 VND per share, more than 10 times the starting price.

In the end, the average winning bid price was determined to be 215,999 VND per share, and two domestic investors won the bid. The total value of shares sold was recorded at over 1.379 billion VND.

The period for these two investors to pay for the shares is from December 16th to December 22nd.

Following the HNX divestment announcement, GTD shares of Thuong Dinh Shoes reached a peak for 5 consecutive sessions in two periods: from November 19th to November 25th and from November 26th to December 2nd.

In the two explanatory documents, the company stated that its production and business operations were proceeding normally and there were no unusual fluctuations affecting the share price. The increase in market price was an objective development based on supply and demand in the market. The company did not take any action that affected the share trading price.

In mid-November, the Hanoi People's Committee announced the transfer of its entire 68.67% stake in Thuong Dinh Shoe Company.

As of August 29, 2025, this company has three shareholders holding more than 5% of the share capital: the Hanoi People's Committee (68.87%), Ms. Nguyen Hoang Yen (21.08%), and Ms. Tran Thi Thanh (5.35%).

Thuong Dinh Shoes, formerly known as X30 Enterprise, was established in 1957 under the management of the Military Supply Department - General Department of Logistics, specializing in the production of hard hats and rubber sandals for the army. This enterprise once produced basketball shoes for export to the Soviet Union and former Eastern Europe, employing nearly 1,000 staff and workers.

In 2015, the company conducted an initial public offering (IPO) of over 1.9 million shares at an average price of over 48,000 VND per share. By 2016, the business had successfully converted into a joint-stock company with a charter capital of 93 billion VND.

This price was maintained until the initial public offering (IPO) on the UpCOM exchange at the end of 2016; however, trading liquidity was virtually nonexistent.

Despite its former popularity, Thuong Dinh Shoes has gradually lost market share. Since 2023, the export market has shrunk, with almost no orders because Thuong Dinh Shoes failed to meet the social responsibility assessment requirements of its European export customers (the company's main export market). As a result, the company can only accept small-scale processing orders, generating low revenue.

Regarding the domestic market, since the COVID-19 pandemic, the consumption of the company's products has been steadily declining. This is due to price competition among domestic manufacturers and competition from products from China.

Despite expanding its online sales channels alongside traditional dealer sales, the situation remains unfavorable. Revenue from domestic shoe sales has decreased, and the company cannot increase production because it would further tie up capital.

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Source: https://tuoitre.vn/ban-gap-10-lan-gia-khoi-diem-ha-noi-sap-thu-hon-1-379-ti-dong-nho-giay-thuong-dinh-20251217144214527.htm