Opening the official trading session on September 25 on the US Nasdaq stock exchange (September 25 evening Vietnam time), VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong decreased for the fourth consecutive session.
Specifically, as of 8:40 p.m. on September 25 (Vietnam time), VFS shares decreased by 7% compared to the previous session to 14.6 USD/share.
With the current price of 14.6 USD/share, the capitalization of VinFast Auto (VFS) of billionaire Pham Nhat Vuong stands at 34 billion USD.
In the past 12 sessions, VinFast shares fluctuated between 14-18 USD/share. Liquidity decreased to 2-3 million units/session, instead of 10-20 million units/session during the bustling days at the end of August.
In the session on September 22, VinFast recorded 2.24 million units transferred.
With its stock price falling for four consecutive sessions, VinFast's capitalization has dropped to 15th in the world among automakers, behind China's Li Auto and even behind Maruti Suzuki India.
The world's largest electric car company Tesla, owned by billionaire Elon Musk, currently has a capitalization of 762 billion USD. China's largest electric car company BYD has a capitalization of 96 billion USD.
VinFast shares fell after the electric car company announced its second-quarter business results and information about its stock offering.
On September 21, VinFast filed an application to offer and sell common shares to a number of shareholders, including Black Spade's sponsors, others related to Black Spade, and VinFast's key shareholders: Vietnam Investment Group Corporation (VIG) and Asian Star Trading & Investment (Asian Star).
Specifically, this group will issue a total of more than 75.7 million common shares.
This is 17 times more shares than the 4.5 million listed VFS shares (out of a total of more than 2.3 billion VFS shares in circulation).
Notably, Mr. Pham Nhat Vuong's two private investment companies, VIG and Asian Star, will bring 46.29 million VinFast shares to the market, equivalent to about 2% of outstanding shares.
If VIG and Asian Star sell these 46.29 million VinFast shares, this group can earn 674 million USD (based on the price at the beginning of the session on September 25). If the transaction is successful, Vingroup, together with VIG and Asian Star, will own about 96.6% of VinFast's outstanding shares.
According to the plan, VinFast will receive all proceeds from the offering of common shares registered by VIG and Asian Star, after deducting taxes and fees, according to the commitment of Vingroup Chairman Pham Nhat Vuong on the previously signed sponsorship agreement.
Before listing VFS shares on Nasdaq, Vingroup and Mr. Pham Nhat Vuong committed to sponsor the electric car company with a total amount of up to 2.5 billion USD to serve business operations. This amount will be disbursed within 1 year after VFS is listed. Of which, Mr. Vuong will sponsor 1 billion USD, Vingroup will sponsor 500 million USD in a non-refundable manner, and at the same time lend VinFast 1 billion USD for a maximum of 5 years.
However, the application to offer more than 75 million VFS shares has not yet been announced effective by the US Securities and Exchange Commission (SEC).
VinFast shares debuted on the US Nasdaq stock exchange on August 15 at $37/share. VinFast had reached $93/share in the session on August 28. VinFast's capitalization at that time reached nearly $210 billion.
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