In the trading session on March 20, ORS shares - Tien Phong Securities, chaired by Mr. Do Anh Tu, continued to be sold off heavily in the afternoon and extended the series of downward days with a floor-price session.

At the close of the session on March 20, ORS hit the floor, losing 6.82%, down to VND12,300/share with millions of units remaining for sale, while buyers were left empty-handed. In just 3 weeks, since February 27, ORS shares have dropped about 23%, equivalent to a market capitalization of more than VND1,100 billion, down to VND4,100 billion.

TPB shares of Tien Phong Bank of Mr. Do Minh Phu - brother of Mr. Do Anh Tu - also fell sharply by 5.3% on March 20, down to VND15,200/share. Since February 24, TPB has decreased by 11%, from VND17,100/share.

BCG Land (BCR) shares also fell 3.3%.

ORS shares fell in the context that the securities industry group - including ORS - has quite bright prospects in 2025 when the stock market has been vibrant since the beginning of the year and tends to attract cash flow, when the economy is targeted for high growth of 8%.

In 2024, ORS reported a profit of VND 481 billion, an increase of 70% over the previous year, far exceeding the plan.

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Mr. Do Anh Tu, younger brother of Mr. Do Minh Phu. Photo: TPB

Mr. Do Anh Tu is the younger brother of Mr. Do Minh Phu - Chairman of Tien Phong Bank - TPBank (TPB).

ORS used to be called Phuong Dong Securities, until April 2019 when it was renamed Tien Phong Securities (trading name TP Securities - TPS) after a private placement to increase capital from 240 billion to 400 billion by issuing 16 million shares to 2 individuals. Mr. Do Anh Tu then joined the Board of Directors of ORS.

Mr. Do Anh Tu is still Vice Chairman of the Board of Directors of Tien Phong Bank, holding about 3.7% of TPBank shares. Mr. Tu's two children hold about 6.4% of TPB shares.

Tien Phong Securities was the focal point for arranging dozens of bond lots of businesses related to Bamboo Capital, with a total value of up to tens of thousands of billions of VND, in the period before the bond market fell into a frozen state after the bond incidents of Tan Hoang Minh, Van Thinh Phat...

On February 24 and 26, the Hanoi Stock Exchange (HNX) announced that bonds BCR12101 of BCG Land JSC (BCR) - a business in the BCG ecosystem - and HIC12103 of Helios Investment and Services JSC - worth thousands of billions of VND were temporarily suspended from trading at the request of competent State agencies.

These are bond lots registered and custodianed by ORS.

The gold business family built the banking and real estate empire of tycoon Do Minh Phu . Mr. Do Minh Phu's family is famous for its gold, silver and gemstone business, but broke through and became more famous thanks to banking finance and real estate.