PSH stock manipulation: More than 1,400 billion VND matched within the group in nearly a year
PSH shares quickly hit the floor on the morning of May 30. One of the four individuals in the group of manipulators who were punished was the son of the Chairman of the Board of Directors of Nam Song Hau Petroleum Investment and Trading Joint Stock Company (PSH).
The State Securities Commission (SSC) has announced a decision to impose administrative sanctions in the field of securities and the stock market, and at the same time, applied preventive measures to prevent violations of the law on securities and the stock market against four individuals for manipulating the stock market. In addition, there are 13 individuals for lending their accounts to others for securities trading, leading to manipulation of the stock market for shares of Nam Song Hau Petroleum Investment and Trading Joint Stock Company ( NSH Petro, code PSH - HoSE).
According to Decision No. 593/QD-XPHC, based on the results of supervision and inspection by the State Securities Commission, four individuals including Mr. Mai Huu Phuc (residing at 37/7 Nguyen Ngoc Loc, Ward 14, District 10, Ho Chi Minh City), Ms. Vo Nhu Thao (No. 197, Yen Trung area, Le Binh ward, Cai Rang district, Can Tho), Ms. Do Thuy Tien (278 Hamlet G2, Thach An commune, Vinh Thach district, Can Tho city), Mr. Tran Minh Hoang (37/206 Doi Can, Ba Dinh, Hanoi) have violated the stock market manipulation.
All four individuals were administratively fined VND 1.5 billion each. Applying preventive measures to prevent violations of the law on securities and the securities market, the State Securities Commission banned securities transactions for a period of 02 years, starting from May 27, 2024, and banned holding positions at securities companies, securities investment fund management companies, branches of foreign securities companies and fund management companies in Vietnam, and securities investment companies for a period of 02 years for 03 individuals including Mr. Mai Huu Phuc, Ms. Vo Nhu Thao and Ms. Do Thuy Tien.
As for Mr. Tran Minh Hoang, the State Securities Commission prohibits securities trading according to the provisions of Point d, Clause 3 and Clause 5, Article 306 of Decree No. 155/2020/ND-CP and prohibits him from holding positions at securities companies, securities investment fund management companies, branches of foreign securities companies and fund management companies in Vietnam, and securities investment companies for a period of 03 years.
Stock manipulation path: Matching within the group 1,400 billion VND
During the period from February 1, 2021 to May 27, 2022, Mr. Mai Huu Phuc, Ms. Vo Nhu Thao, Ms. Do Thuy Tien and Mr. Tran Minh Hoang used 26 accounts under the names of 15 investors to continuously buy and sell PSH shares.
During the period from February 1, 2021 to August 25, 2021, the group of 26 accounts participated in 135/140 trading sessions; placed 12,860 buy orders with a total volume of 91,506,800 shares, accounting for 64.5% of the total market, the matched buy volume was 66,953,000 shares, accounting for 67.2% of the total market. At the same time, the group placed 7,587 sell orders with a total volume of 109,736,100 shares, accounting for 60.4% of the total market, the matched sell volume was 74,760,900 shares, accounting for 75.1% of the total market.
Of which, 97/134 sessions had a buy order ratio of over 70%, 98/134 sessions had a buy matched ratio of over 70%; 87/135 sessions had a sell order ratio of over 70%, 108/133 sessions had a sell matched ratio of over 70%.
During the period from August 26, 2021 to May 27, 2022, the group participated in 81/186 trading sessions. These accounts tended to sell with a net selling volume of 15,269,400 shares. Specifically, the group placed 1,584 buy orders with a total volume of 14,625,200 shares, accounting for 3.1% of the total market, the matched buy volume was 9,568,000 shares, accounting for 3.9% of the total market and placed 1,090 sell orders with a total volume of 37,162,200 shares, accounting for 7.5% of the total market, the matched sell volume was 24,837,400 shares, accounting for 10.1% of the total market.
In total, intra-group matching occurred in 157/371 trading sessions. Of which, 133/157 sessions were in the period from February 1, 2021 to August 25, 2021) with a total matching volume of 55,279,600 shares, the corresponding matching value reached over VND 1,310.26 billion. The remaining 102/157 sessions had a cross-matching ratio of over 50%.
On the negotiated trading system, a group of 26 accounts conducted intra-group negotiated transactions with a volume of 5.6 million PSH tickets, the total intra-group matching value was nearly 91.12 billion VND.
Thus, from February 1, 2021 to May 27, 2022, Mr. Mai Huu Phuc, Ms. Vo Nhu Thao, Ms. Do Thuy Tien and Mr. Tran Minh Hoang used the above 26 accounts to continuously buy, sell and trade PSH shares between accounts with each other for the purpose of creating fake supply and demand, manipulating PSH stock prices, violating the provisions of Clause 3, Article 12 of the Law on Securities.
The results of the inspection and calculation of the illegal income obtained from the violations of Mr. Mai Huu Phuc, Ms. Vo Nhu Thao, Ms. Do Thuy Tien and Mr. Tran Minh Hoang showed that there was no illegal income.
A series of events happened to NSH Petro , stock price dropped to the floor on the morning of May 30
The decision to impose administrative penalties related to stock manipulation violations was announced and immediately affected the price of PSH shares on the stock exchange. This morning alone, 3.19 million shares were matched. The shares traded in red and hit the floor from 10am. Currently, the price of PSH shares is at 7,170 VND/share.
Since being listed in mid-2020, PSH shares reached VND30,000/share in mid-2021, which was also the time when the State Securities Commission identified four individuals for manipulating stock prices.
PSH stock price also fell to 4,700 VND/share on April 17, 2024. This was also the trading session that saw the matched volume skyrocket to 20 million shares. PSH price has generally increased steadily over the past month.
NSH Petro is known as one of the largest petroleum distributors in the Southwest region (West). According to the website update, the company has 67 stores, 550 agents, a petrochemical refinery with a capacity of 700,000 liters of finished products/day and 9 warehouses with a total capacity of more than 500,000 m3. The company was established on February 14, 2012, headquartered in Hau Giang province, the Chairman of the Board of Directors and legal representative is Mr. Mai Van Huy. NSH Petro's charter capital is currently over VND 1,261 billion, with total assets by the end of 2023 reaching nearly VND 11,000 billion.
In 2023, this company received an opinion except from the auditor. Specifically, TTP Auditing Company Limited said that on December 18, 2023, NSH Petro received a decision from the Hau Giang Provincial Tax Department on enforcing the administrative decision on tax management by suspending the use of invoices from December 18, 2023 to December 17, 2024. The amount of money to be enforced is VND 1,140 billion.
According to the latest update on the submissions at the 2024 Annual General Meeting of Shareholders, which was updated on May 27, NSH Petro asked for shareholders' opinions on the private issuance of VND 1,300 billion in 2024 and the first quarter of 2025. In which, Mr. Mai Van Huy - Chairman of the Board of Directors is the investor expected to buy over 10% of the charter capital. The purchase amount is to serve working capital needs, specifically to buy raw materials for production and business activities. If the above issuance plan is successful, it will double the current charter capital of this petroleum enterprise.
Source: https://baodautu.vn/thao-tung-co-phieu-psh-hon-1400-ty-dong-khop-noi-nhom-trong-gan-mot-nam-d216384.html
Comment (0)