The most expensive stock on the stock exchange is put on warning list

The Hanoi Stock Exchange (HNX) has just announced that the XDC stock of Tan Cang Construction Joint Stock Company will be put on warning status from tomorrow (July 13). The reason is that the company has not yet held the 2023 Annual General Meeting of Shareholders within the maximum time limit from the end of the fiscal year as prescribed. This is the most expensive stock on the stock exchange at VND999,900.

Within 15 days from the date the stock is warned as prescribed, XDC must send a written document to HNX explaining the cause and providing a solution.

The most expensive stock on the stock exchange has been put on warning since July 13.

At the end of June, the company issued a written explanation for the ceiling increase for 5 consecutive sessions. XDC said that the increase in stock price depends entirely on the supply and demand of the stock market and the needs of investors. The company does not have any intervention or control over the stock price movements.

XDC started to attract attention in the market when it increased continuously since the beginning of May with many consecutive ceiling sessions and surpassed VNZ code of VNG Corporation to become the most expensive stock on the stock exchange. However, the liquidity of this stock is very poor, with only a few hundred units per session, even some days without trading. In particular, since reaching nearly 1 million VND/share on June 29, it has completely lost liquidity. For example, in today's session (July 12), there were 1,400 shares placed for sale at the floor price of 850,000 VND/share but there were no buyers.

XDC shares were newly traded on UPCoM on December 1, 2022 after the company had equitized. Previously, in October 2022, nearly 3.28 million XDC shares were offered for initial public offering (about 36% of shares), with a starting price of VND 15,322/share, equivalent to an expected mobilization value of more than VND 50 billion. However, only 3 investors registered to participate in the auction and successfully purchased 8,200 shares, with an average price of VND 15,502/share. After that, HNX approved XDC to register for trading on UPCoM for the winning shares of 8,200 shares out of the total 9 million shares of this company.

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