Major changes in the shareholder structure are taking place at PC1 Group JSC (HoSE: PC1) following an incident involving several key executives. As the stock plunged more than 40 percent and market sentiment turned cautious, many major investment institutions successively increased their holdings, making PC1 home to several new major shareholders.

Major institutions become PC1 shareholders

Most recently, CII Invest bought nearly 1.1 million PC1 shares in the July 16 trading session, raising its ownership from 4.91 percent to 5.17 percent of charter capital and officially becoming a major shareholder.

Earlier, CII Invest's parent company, HCMC Technical Infrastructure Investment JSC (CII), also bought an additional 3.88 million PC1 shares in early June, increasing its stake to 5.38 percent. As such, the CII group now holds a combined 10.55 percent stake in PC1, making it the second-largest shareholder group after former Chair Trinh Van Tuan, who owns 21.38 percent.

Another institution that has stepped up its buying is VietinBank Capital, the fund management company under VietinBank. On July 9, the company bought an additional 14.1 million shares, raising its holdings to 31 million shares, equivalent to a 7.54 percent stake, and becoming a major shareholder of PC1.

PC1 now has four major shareholders: Trinh Van Tuan, CII, CII Invest and VietinBank Capital.

The buying wave came after PC1 went through one of its most difficult periods in years. From early March to mid-May, the stock fell about 40 percent, at one point dropping from above VND31,000 to around VND18,000 per share, wiping nearly VND5.7 trillion off its market capitalization.

The steep decline came amid an upheaval in May, when Trinh Van Tuan and six other key executives were prosecuted for an investigation into alleged violations involving "accounting regulations causing serious consequences" and "embezzlement of assets."

The company subsequently had to prepare for an extraordinary general meeting of shareholders to dismiss and elect additional board members and restructure its management apparatus.

Notably, CII said its investment in PC1 was purely financial in nature and that it had no intention of participating in the company's management, including nominating personnel to the board of directors or the supervisory board.

Stock rebounds, VND1.7 trillion in market capitalization recovered

After the steep decline, PC1 shares have made a significant recovery. From their mid-May low to date, the stock price has risen about 24 percent, adding more than VND1.7 trillion to the company's market capitalization. On the July 17 trading session, PC1 was priced at VND21,800 per share.

The recovery came as liquidity in the broader stock market remained relatively weak, investor sentiment was still cautious and many stocks had yet to regain their previous prices. Therefore, the successive purchases by major institutions are seen as one factor helping improve investor sentiment toward PC1.

However, PC1's recovery has not been driven solely by capital inflows. After the sharp decline, the company's valuation became considerably more attractive than before the upheaval. For long-term investors, the steep discount could create an opportunity to gain exposure to a company that still has a notable operating foundation.

According to CII's explanation, its investment decision was driven by PC1's portfolio of operating energy projects, including several power projects benefiting from the feed-in tariff (FIT) mechanism, as well as projects scheduled to come online in the near future. The sector also fits the expansion strategy of the HCMC-based infrastructure company, which is moving into the energy industry.

PC1 has evolved from a power construction contractor into a group operating in multiple fields, including power transmission, hydropower, wind power, industrial real estate, mining and industrial manufacturing. 

The company is running several hydropower plants, developing wind power projects and owning a nickel-copper mining project in Cao Bang, a sector expected to benefit from the energy transition.

Business results also show that its core operations have not weakened. In the first quarter of 2026, PC1 posted revenue of more than VND2.168 trillion, up 17 percent year on year, while after-tax profit reached VND270 billion, an increase of 86 percent. The company has set a full-year revenue target of more than VND15.6 trillion and after-tax profit of over VND1.05 trillion.

Manh Ha