Meey Group wants to IPO, list on US stock exchange: Share price is only 200 VND, auditors give opinions

Meey Group wanted to list on Nasdaq but the price per share dropped from VND10,000 to VND200 after 6 years. The company did not meet the requirements to list on UpCOM.

Meey Group signs international financial consulting agreement - Photo: Meey Group

Initial public offering (IPO) and listing of shares on international stock exchanges such as Nasdaq, USA are considered the ambition of Vietnamese enterprises to expand to the big sea.

Ambition to list on US stock exchange

However, currently only one Vietnamese company, VinFast, meets the standards and is listed on this floor. Previously, VNG Corporation also had this plan but has not yet implemented it.

Recently, a secretive real estate company, Meey Land Group Joint Stock Company (Meey Group), announced plans to explore similar opportunities. The company said it would cooperate with foreign financial consulting partners to prepare the necessary procedures and processes.

Meey Group introduces itself as a Real Estate Technology - Finance (Protech) enterprise. On his personal website, Mr. Hoang Mai Chung - Chairman of the Board of Directors said that he has the idea of ​​building an ecosystem including a chain of 26 technology products serving the real estate business sector.

Accordingly, Mr. Chung and partners with the same idea agreed to contribute money to develop the ecosystem together.

The amount of contribution is conventionally recorded in Mey points (Mey). In the initial stage, every 460 VND is recorded as 1 Mey.

He said that when the business successfully builds an ecosystem, its benefits in the company will be shared and transferred back to the partners who contributed money according to the conversion rate. The partners who contributed money and Mr. Chung will benefit together and be responsible for any risks.

Meeey Group's audited charter capital report in July 2025 shows that the company was established on August 15, 2019 with a charter capital of 30 billion VND. With a volume of 3 million units, each share of the company has a par value of 10,000 VND.

In February 2025, the company increased its capital by 430 billion VND. As of July 30, 2025, the company had 2.3 billion VND in equity capital, equivalent to 460 billion VND. Each share is worth 200 VND. Thus, the par value of the shares has been divided 50 times compared to the time of establishment.

This additional capital contribution is the debt of 340.5 billion VND that the enterprise borrowed from Mr. Hoang Mai Chung and 89.4 billion VND borrowed from Meey Community Joint Stock Company.

Meey Group increased charter capital from debt conversion - Photo: Financial Statements.

Not eligible for listing on Upcom floor

The report said that as of July 30, 2025, the number of capital contributors of Meey Group increased to 99 shareholders. With this number, Meey Group has not yet met the minimum requirement of 100 shareholders to register on the UpCom floor.

In fact, in 2021, the Vietnam Securities Depository Center issued a Securities Registration Certificate and assigned the securities code MEY to the enterprise. However, on February 13, 2025, VSDC canceled the MEY securities registration because the enterprise canceled its public company status.

The financial report for the fiscal year ending March 31, 2025, shows that the company recorded more than VND122 billion in net revenue, down 4.3% year-on-year. Most of the revenue came from software sales, with more than VND104 billion. Profit after tax reached VND1.4 billion, 1.8 times higher than the previous year.

With contributed capital of up to 2.3 billion shares, basic earnings per share are only 4.36 VND, a sharp decrease compared to 254.4 VND in fiscal year 2024.

A notable point is that as of March 31, 2025, the total assets of the enterprise were more than 1,111 billion VND. Of which, long-term unfinished assets, specifically basic construction costs, were nearly 541 billion VND, accounting for nearly 49%. This cost is allocated to projects such as Meey-Wtt, Meey Media, Meey Data and a series of other projects.

However, the International Auditing Company Limited - Thanh Cong branch gave an exception audit opinion. This unit believes that these costs do not meet the criteria to record intangible fixed assets.

Regarding capital structure, the enterprise borrowed and owed short-term financial leases of nearly VND 507 billion as of March 31, 2025, 2.7 times higher than at the beginning of the period. Of which, Mr. Hoang Mai Chung lent nearly VND 499 billion to supplement working capital for production and business activities. The interest rate on this loan is 0% in the form of credit.

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Source: https://tuoitre.vn/meey-group-muon-ipo-niem-yet-san-my-gia-co-phan-chi-200-dong-kiem-toan-neu-y-kien-20251030101000365.htm