Continuously in recent months, many listed enterprises have received decisions to restrict transactions, or even more seriously, suspend them, due to information disclosure activities.
 |
| Rang Dong's market capitalization "evaporated" more than 230 billion VND in the past month |
Series of restricted and suspended stocks
At the end of the trading session last week (September 27), RAL shares of Rang Dong Light Bulb and Vacuum Flask Joint Stock Company closed at VND134,600/share – the lowest level in the past 3 months. After RAL shares were put on the list of ineligible for margin trading on August 22, the downward trend in price has been quite clear over the past month.
According to the announcement of the Ho Chi Minh City Stock Exchange (HoSE), RAL shares were cut margin because the Company delayed in announcing the audited semi-annual financial report for 2024 by more than 5 working days from the deadline for information disclosure. With a good fundamental foundation with "admirable" revenue growth in the first half of the year and the tradition of a state-owned enterprise established in the 60s that quickly established its brand in the hearts of consumers, the information disclosure violation was an unexpected minus point, putting RAL shares in the group of stocks with margin cuts.
HoSE also listed ABS shares of Binh Thuan Agricultural Services Company as ineligible for margin trading for the same reason. However, unlike Rang Dong, this company's business situation was gloomy in the first half of the year.
Most recently, HoSE decided to transfer ITA shares of Tan Tao Investment and Industry Joint Stock Company from restricted trading to suspended trading from September 26. The reason is that Tan Tao violated regulations on information disclosure by not yet announcing the audited financial statements for 2023, the annual report for 2023 and the semi-annual reviewed financial statements for 2024.
Shares of Central Power Real Estate (LEC) and DRH Holdings (DRH) companies were also changed from restricted trading to suspended trading.
Seriously violating the obligation to disclose information as prescribed, Minh Huu Lien Joint Stock Company must transfer its transactions to the UPCoM floor. The penalty of suspending stock transactions will continue even when the company transfers to the floor. Previously, in May 2024, the company was also administratively fined nearly VND 283 million for violations of information disclosure.
Disclosure requirements will be even higher.
Strengthening supervision, inspection and examination continues to be the task emphasized at the Conference to review the direction and operation of the first 6 months of the year and deploy tasks for the last 6 months of 2024. Not only with the regulations on information disclosure activities of enterprises listed and registered for stock trading on the stock exchange, but securities companies - market members who do not fulfill their disclosure obligations are also "whistled".
In May 2024, HVS Securities Company was fined VND125 million by the State Securities Commission for arbitrarily changing its head office without approval from the regulatory agency. The company had to pay an additional fine of VND85 million for failing to report a solution for failing to maintain the conditions for granting a license to establish and operate a securities business. In mid-September, HVS was also suspended from all operations for failing to maintain the required facilities.
The State Securities Commission is ready to take strong action against violations related to information disclosure. In the future, the requirements for information disclosure will be further increased. The roadmap for information disclosure in English has been set out in Circular No. 68/2024/TT-BTC recently issued by the Ministry of Finance.
According to Ms. Tran Anh Dao, Deputy General Director in charge of the HoSE Executive Board, many activities are carried out by management agencies to increase business awareness so that information disclosure is not only a mandatory obligation, but also an activity to increase business value, through transparent corporate governance activities, and development in accordance with environmental and social standards.
– Listed organizations and large-scale public companies periodically disclose information: From January 1, 2025.
– Listed organizations and large-scale public companies shall disclose extraordinary information, disclose information upon request and disclose information on other activities of public companies: From January 1, 2026.
– Public companies not subject to the provisions of Points a and b of this Clause shall periodically disclose information: From January 1, 2027.
– Public companies not subject to the provisions of Points a and b of this Clause shall disclose extraordinary information, disclose information upon request and disclose information on other activities of public companies: From January 1, 2028.
Source: https://baodautu.vn/manh-tay-voi-doanh-nghiep-tre-hen-cong-bo-thong-tin-d226123.html
Comment (0)