On the morning of June 29, XDC shares of Tan Cang Construction Company Limited no longer increased by the ceiling price of 15% as in the previous 30 sessions. However, with an increase of 117,800 VND, this stock reached a very good price of 999,900 VND/share.
This is the stock with the highest market price on all 3 Vietnamese stock exchanges at the present time, far surpassing other codes.
The sharp increase in XDC shares started on April 21, from the price of VND13,700/share. Thus, this stock has increased nearly 72 times in just over 2 months, equivalent to an increase of 71,000%. However, liquidity is very low. Each session only has a few hundred codes matched, the highest is a few thousand.
XDC shares recorded an unprecedented increase in the Vietnamese stock market even though the company did not have any special business results or information to announce to the public.
XDC started registering to trade on UPCOM from December 1, 2022 with an outstanding share volume of 8,200 shares. The company's charter capital is VND 90 billion, equivalent to 9 million shares.
Before equitization, XDC was a company 100% owned by Saigon Newport Corporation. The company's main business lines are construction and repair of works; dredging of live ports, seaports and leasing of machinery and shore crane equipment. The business areas are in Quang Nam, Khanh Hoa, Vung Tau and Ho Chi Minh City.
In the last 5 years, XDC's revenue and profit have not been special, not increasing. Revenue is only a few hundred billion/year but profit is only a few billion to tens of billions of VND.
Currently, the shareholder structure of XDC is also unclear because Tan Cang Construction One Member Co., Ltd. has not yet converted into a joint stock company.
However, the increase in XDC shares could help the company's capitalization skyrocket. And if it still has 9 million shares, XDC's capitalization would reach VND9,000 billion.
A representative of a securities company said that XDC is a type of stock with no liquidity, there is almost no "goods" outside the public. The price increase and decrease are difficult to control, shareholders only need to "change hands" a few hundred shares for the stock to hit the ceiling.
Recently, sharing with VietNamNet , Mr. Luu Chi Khang, Director of Research Center of CSI Securities Company, said that in some cases, stock prices are pushed up to help use as collateral for loans.
“This is called creating liquidity and holding stocks for a long time,” Mr. Khang shared.
According to this expert, stock prices are often fixed not by natural supply and demand, but simply by exchanges between "left and right hands".
Recently, the authorities have punished many cases of stock market manipulation. Many stocks involved in price manipulation cases increased and decreased dozens of times in a short period of time and many of them were praised on social networks even though the businesses were doing poorly, even losing money.
Some typical cases include manipulation in the "APEC family" stock group with Mr. Nguyen Do Lang, General Director of Asia Pacific Securities Corporation (APS), who has just been prosecuted and temporarily detained. Or before that, there was the manipulation in the Louis group by Do Thanh Nhan; the Trinh Van Quyet case; or the MTM Company case when former Chairman Tran Huu Tiep was sentenced to life in prison for fraud and appropriation of property.
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