On September 10, VNG Corporation issued a written explanation at the request of the Hanoi Stock Exchange (HNX). Accordingly, VNG said that Mr. Le Hong Minh is still the general director of the enterprise.

In the explanatory document, VNG affirmed that it did not appoint Mr. Wong Kelly Yin Hong to replace Mr. Le Hong Minh. Mr. Kelly is only carrying out the assignment and task assigned by Mr. Minh to support the management, ensure the company's operations as well as protect the rights and interests of shareholders.

VNG also said that it has not received a resignation letter from Mr. Le Hong Minh. Therefore, Mr. Minh is still the general director - the legal representative of VNG Corporation.

According to VNG, the company's operations, production and administration are taking place normally.

On the Upcom floor, VNZ shares of VNG Corporation hit the ceiling for the second consecutive session, gaining 53,400 VND/share (equivalent to +14.99%) to 409,600 VND/share. In the previous session on September 11, VNZ increased by 50,700 VND (+15%).

VNZ shares increased sharply by a total of more than VND100,000/share after two sessions amid a seemingly positive situation at technology unicorn VNG.

Mr. Le Hong Minh is the founder and former chairman of the technology unicorn VNG Corporation (Vinagame) with many products: Zalo social network, ZaloPay wallet, a series of famous games Vo Lam Truyen Ky... He is the largest individual shareholder of VNG.

VNG was established in 2004, originally named VinaGame Joint Stock Company, with a charter capital of 15 billion VND. After many capital increases, VNG's capital scale has reached hundreds of billions of VND. After two decades, VNG has become Vietnam's first technology unicorn, at one point valued at more than 2 billion USD.

VNZ shares were listed on Upcom in early 2023, then jumped to over VND1.56 million/share in mid-February 2023 and are currently at VND409,600/share. The peak capitalization was USD2.3 billion and is now nearly VND12 trillion.

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VNZ shares hit the ceiling.

Opening the trading session on September 12, the Vietnamese stock market (TTCK) recorded a fairly positive session with low selling pressure. However, the increase was not much due to low demand and cautious investors. Liquidity was at its lowest level in many months, reaching only VND8,000 billion on HoSE as of 2:15 p.m.

Most of the VN30 group's pillar stocks increased slightly, notably banking, retail, technology and real estate stocks.

The VN-Index increased nearly 6 points, to about 1,259 points.

The Vietnamese stock market performed positively with most stocks increasing in price again after two sessions of decline in the context of a spectacular turnaround in the US stock market, with the Dow Jones industrial index going from a decrease of 700 points to an increase of more than 100 points in the session of September 11 (ending early morning of September 12, Vietnam time).

Asian stocks also rose enthusiastically in the session on September 12.

US stocks rose again after the consumer price index (CPI) fell to its lowest level since 2021, paving the way for an interest rate cut next week (September 18) by the US Federal Reserve (Fed).

According to the US Department of Labor, in August 2024, the CPI increased by 0.2% compared to the previous month, in line with the forecast. Compared to the same period last year, the CPI increased by 2.5%, down 0.4 percentage points compared to July and lower than the forecast of 2.6%.

However, the core CPI, which excludes volatile food and energy prices, rose 0.3% in the month.

This information makes investors less worried about US inflation and the Fed may lower interest rates to avoid the US economy falling into recession.

Earlier, global stocks fell broadly due to concerns that the US economy was falling into recession while China's economy was stagnant with low consumer demand.

'Reckless player' Le Hong Minh: The career of playing and making top-notch games reaches a 'sharp turn' Mr. Le Hong Minh is the founder, former chairman and CEO of the technology unicorn VNG Corporation (Vinagame) with many products: Zalo social network, ZaloPay wallet, a series of famous games Vo Lam Truyen Ky...