A series of stocks were suspended from trading, including Shark Thuy's IBC.

On September 8, the Ho Chi Minh City Stock Exchange (HoSE) consecutively issued decisions to suspend trading of shares of enterprises such as Hai Phat Investment Joint Stock Company (HPX), Apax Holdings Investment Joint Stock Company (IBC), The Golden Group Joint Stock Company (TGG), An Giang Import-Export Joint Stock Company (AGM), and Tien Bo Group Joint Stock Company (TTB) due to violations of information disclosure regulations.

Previously, HoSE reminded the units to disclose information on the 2023 semi-annual audit report. However, up to now, the above enterprises have not yet made the disclosure. This has violated the regulation "Listed organizations continue to violate regulations on information disclosure on the stock market after being placed on the restricted trading list". Therefore, HoSE said that it has transferred the above stocks from the restricted trading list to the suspended trading list according to regulations.

Specifically, on August 31, HoSE issued a letter reminding An Giang Import-Export Joint Stock Company due to the delay in disclosing information on the audited semi-annual financial report for 2023. Previously, AGM shares were put on the restricted trading list.

Hàng loạt cổ phiếu bị đình chỉ giao dịch, có cả IBC của Shark Thủy - Ảnh 1.

For Hai Phat Investment Joint Stock Company, HPX shares have been restricted from trading since May 16 due to late submission of audited financial statements for 2022. In addition, after being restricted from trading and being reminded by HoSE, the company has not yet announced its semi-annual audited financial statements for 2023.

Recently, on September 5, Hai Phat Investment Joint Stock Company (HPX) announced its audited financial report for 2022 with many notable changes. Accordingly, revenue decreased by 26% compared to the self-prepared report of VND 1,634.58 billion. Notably, the parent company's after-tax profit suddenly turned negative VND 60.41 billion, while before the audit, it was VND 140.47 billion in profit. Accordingly, the undistributed accumulated profit of Hai Phat Investment Company as of December 31, 2022 was only VND 154.3 billion.

Explaining the change in profit from profit to loss after auditing, HPX said that some customers changed their investment goals and agreed with the company to liquidate the purchase/transfer contracts.

Despite poor business performance, HPX stock has continuously hit the ceiling in recent sessions. Compared to the beginning of the second quarter of 2023, the market price of this stock has increased by more than 80%.

At Apax Holdings Investment Joint Stock Company, IBC shares have been restricted from trading since May 16 due to late submission of the 2022 financial report. Despite being restricted from trading and being reminded by HoSE, the company has yet to announce its second quarter 2023 financial report and its semi-annual audited financial report for 2023. IBC shares were previously placed under warning since July 11, due to the organization listing without holding an annual general meeting of shareholders more than 6 months after the end of the fiscal year.

Apax Holdings is chaired by Mr. Nguyen Ngoc Thuy (Shark Thuy). Recently, this company has faced a financial crisis. The Apax Leaders English center system has been involved in many scandals regarding uneven teaching quality, unpaid teacher salaries leading to a shortage of teachers, and delayed tuition compensation for parents when branches are closed...

Since the end of March, Apax Holdings and Apax Leaders have been restructuring strongly. Currently, this English system is operating with 37 centers, mainly concentrated in the North. The number of students as of the end of July 2023 is more than 11,100 people, double that of the end of March.

On the stock market, IBC shares plummeted at the end of last year, from a peak of over VND25,000 to over VND2,000 and have been fluctuating around this price since the beginning of the year. At the close of the session on September 8, IBC was priced at VND2,520/share.

Source