According to the Ho Chi Minh City Stock Exchange (HOSE), Tran Uyen Phuong, daughter of Tran Quy Thanh, who is the owner of Vietnam's No. 1 beverage group Tan Hiep Phat, has registered to sell 4 million YEG shares of Yeah1 Group JSC from May 24 to June 23, through order matching or agreement.

Phuong is the second largest shareholder in Yeah1 with 6.9 million shares, equivalent to 22.06% of capital in YEG. If these shares are sold, her ownership will decrease from nearly 21.6% to nearly 8.8%. Previously, Phuong paid VND50,000 per share to become a major shareholder of Yeah1.

This information caused many investors to be more cautious about Yeah1. In early April, YEG status changed from warning to supervision by HOSE. This is another step backwards for the Yeah1 Group after two years of losses.

The YEG price continued to fall from nearly VND350,000 when it was listed in mid-2018 to the current level of VND21,000 per share. YEG continuously set “falling records” when Vietnam's stock market was busy with billions of USD worth of shares transferred each session.

The VN-Index has been in the top of the world's strongest stock indexes since the beginning of the year with an increase of more than 16%. Over the past year, the index has increased by nearly 50% despite the Covid-19 pandemic.

Yeah1 had losses for two consecutive years, with over VND385 billion of losses in 2019 and VND182 billion in 2020.

Yeah1’s boss Nguyen Anh Nhuong Tong.

Yeah1's loss-making business is related to the multi-channel network crisis with Youtube.

In March 2019, Yeah1 had to sell all 100% of shares in ScaleLab (headquarters in Holywood) to the former owners, Brenner Pass Investment Corp., for $12 million after buying 100% of the shares of ScaleLab in January 2019 at the same price.

Yeah1 was forced to sell ScaleLab after being penalized by YouTube.

Specifically, YouTube terminated the Content Hosting Agreement (CHSA) from March 31, 2019 for financial investment companies/subsidiaries with business activities related to YouTube Adsense of Yeah1, including SpringMe Pte. Ltd., Yeah1 Network Pte Ltd and ScaleLab LLC.

These are all foreign companies that Yeah1 of Mr. Nguyen Anh Nhuong Tong had acquired before.

In 2020, YEG had a net loss of nearly VND180 billion through expanding its existing media ecosystem to the consumer ecosystem. Yeah1 needs capital to initially invest in goods, personnel and business strategies that lead to increased costs. The new business segment is still in the stage of finding markets and partners. Even though it has revenue, it is still unable to cover costs in a short time.

Yeah1 recently expanded its business into the field of providing food, beverages and electronics. The company has approved a plan under which its subsidiary - Giga1 - contributes capital with partners to establish two other subsidiaries, Gigagoods JSC and Gigawin Distribution CTGCP. Gigagoods has charter capital of VND1.8 trillion, and focuses on the distribution of food, beverage and personal care products. Gigawin's main business is the distribution of electronic and refrigeration products.

V. Ha

Foreign investors will soon return to Vietnam's stock market: HSBC

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