Hai Phat Invest (HPX) owned by president Do Quy Hai has continued to see unusual developments in transactions after information about transaction suspension.

At the September 14 session, the bourse saw special transactions with orders of 83 million units matched with the trading value of VND456 billion. With 304 million listed shares, the total trading value on that day amounted to 27 percent of the total shares of the realtor.

Though the bottom-fishing demand for the share was high, selling pressure prevailed at that session and the HPX share closing price still slid to the floor level of VND5,480 per share and the oversold floor-price stock amount was 12.6 million units.

The selling pressure on HPX shares began on September 11 and the share price dropped by 25 percent after four successive sessions after the HCMC Stock Exchange released a decision on HPX suspension, starting September 18.

The selling pressure and bottom-fishing demand took place before the HPX share suspension which was due to repeated violations of the regulation on information exposure. 

The quiet of the real estate market and debt burden led to Hai Phat’s bad business performance. This was the second time that Hai Phat had witnessed such a big transaction.

Prior to that, on November 30, 2022, 146.5 million shares, or nearly 50 percent of the company’s stocks, were transferred within a morning. At that time, HPX share prices hit the ceiling after a decrease in 12 trading sessions in a row.

At that moment, HPX was the third stock rescued after the prices of Novaland (NLV) shares and Phat Dat (PDR) increased again after 17 sessions of falling to floor level.

Hai Phat Invest is known as a big player in the northern real estate market. However, it still fell into a state of illiquidity because of the long quiet period in the real estate market and the crisis in the corporate bond market, following scandals at Van Thinh Phat and Tan Hoang Minh.

HPX shares dropped to a low of VND4,000 per share from the VND26,000 per share in October 2022. The share price bounced back in August and early September as investors believed the real estate market has bottomed out and tough days are over.

However, its financial situation is still unclear as audited report has not been made public.

Manh Ha