The Hanoi Stock Exchange (HNX) has officially decided to cancel the registration of nearly 710 million FLC shares from trading on the UPCoM market starting December 31.

According to HNX’s announcement, the 710 million shares, with a par value of 10,000 VND each (approximately $0.40), represent a total nominal value of about $284 million. The final trading day for FLC shares on UPCoM will be December 30.

This decision follows the State Securities Commission’s directive issued on December 18, which officially revoked FLC’s public company status.

FLC was once one of the most actively traded and closely watched stocks on Vietnam’s exchanges, known for its high liquidity and strong volatility.

The company’s stock debuted in October 2011 on HNX, soaring 240% within its first three months of trading. In 2013, it was transferred to the Ho Chi Minh City Stock Exchange (HOSE).

However, since the stock manipulation case involving former chairman Trinh Van Quyet was prosecuted, FLC has plunged into deep crisis. On February 20, 2023, FLC was forcibly delisted from HOSE due to serious violations of disclosure obligations, affecting nearly 710 million shares.

After delisting from HOSE, the shares were moved to UPCoM but continued to face restrictions and trading suspensions due to delayed financial reporting. The final step now is complete cancellation of its trading registration.

To date, FLC has only released its reviewed semi-annual financial statements for 2021 and the audited 2021 annual report. The Annual General Meeting of Shareholders (AGM) resolutions for 2021 also remain unpublished, contrary to disclosure requirements.

At the second extraordinary shareholders’ meeting in 2025, held on November 11, FLC’s leadership announced plans to complete necessary procedures for the company’s shares to resume trading on UPCoM in the first quarter of 2026.

During 2025, the group aims to publish its consolidated financial reports for 2021–2024, followed by the 2025 audited report in Q1 2026.

Not only FLC but several other companies within the same ecosystem - including GAB, KLF, AMD, and HAI - have also faced simultaneous delisting and trading cancellations across Vietnam’s stock market.

Duy Anh