Skyrocketing 4,700%, the most expensive new stock on the stock exchange has been revealed

Trading session on June 27, at 9:15 am, XDC shares of Tan Cang Construction Company Limited increased to the ceiling price on UpCom (15%) reaching 767,100 VND/share.

With this price, XDC officially surpassed VNZ shares of VNG Corporation (730,000 VND/share), becoming the stock with the highest market price on the stock exchange at the present time.

Since the session on April 24, XDC shares have increased continuously for 39 sessions, with the market price increasing by more than 4,780%.

This increase also helped an individual's assets increase sharply after only 2 months. On April 25, Mr. Do Phu Dat bought 500 shares, increasing his ownership ratio from 0% to 6.1%. Thereby, Mr. Dat officially became a major shareholder.

However, on May 12, the Hanoi Stock Exchange corrected that Mr. Dat had not officially become a major shareholder of XDC because his ownership ratio before the transaction had not been clearly determined.

Based on the price at the time of purchase, Mr. Do Phu Dat only needed to spend 9 million VND for 500 XDC shares. Thus, Mr. Dat earned about 370 million VND.

Price chart between XDC and VNZ. (Source: Tradingview)

Tan Cang Construction Company Limited, formerly a Naval Engineering Unit, was established in 1996. After many mergers, in 2007, the company was officially established, operating as a one-member LLC with 100% capital held by Saigon Newport Corporation.

The company currently operates mainly in the fields of construction, repair of works; dredging of river ports, seaports and leasing of machinery and equipment for shore cranes. The business areas are in the provinces of Quang Nam, Khanh Hoa, Vung Tau, and Ho Chi Minh City.

XDC shares will start trading on UPCoM from December 1, 2022 with an outstanding volume of 8,200 shares. The company's charter capital is VND 90 billion - equivalent to 9 million shares.

According to the newly released 2022 audit report, Tan Cang Construction's revenue was VND279 billion - down 15% compared to the previous year (99% of revenue came from construction and installation activities); after-tax profit decreased by 19% to VND7.6 billion.

Increasing 37 times, a construction stock is about to surpass the record price of VNG? The market has recorded a stock that has increased nearly 37 times in the past 2 months. If it hits the ceiling in the next session, this stock will surpass the VNZ market price of the technology unicorn VNG.

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