Nguyen Do Lang, founder of Vietnam’s Apec ecosystem, is set to cut his holdings in APS and API by selling 20 million shares across the two distressed affiliates, a move that could fetch him nearly 98 billion dong and further reduce his direct control over both companies.
Vietnam Apec founder to sell APS and API shares
The planned sale matters because it comes as both HNX-listed firms remain under warning and control status, are barred from margin trading and are posting heavy losses, underscoring the pressure on the Apec group’s listed assets and the difficulty of restoring investor confidence.
Lang has registered to sell 10 million shares each in Asia-Pacific Investment JSC, or API, and Asia-Pacific Securities JSC, or APS, from Nov. 5 to Dec. 4 through negotiated deals and matching orders. At closing prices on Nov. 4, the transactions would yield about 98 billion dong, or roughly $3.9 million.
If completed, Lang’s APS stake would fall to 1.87 million shares from more than 11.87 million, cutting his ownership to 2.25% from 14.3%. His API holding would drop to 6.48 million shares from more than 16.48 million, reducing his stake to 7.71% from 19.6%.
The proposed divestment lands against a weak operating backdrop. APS reported third-quarter revenue of less than 10 billion dong, down about 90% from a year earlier, and posted a 42.67 billion dong net loss as proprietary trading and FVTPL revaluation losses hit 54.98 billion dong. Over the first nine months, it remained loss-making despite a nearly 51.84 billion dong reversal of management expense provisions.
API’s results were even weaker, with third-quarter revenue of about 6 billion dong and a net loss of more than 38 billion dong. Nine-month losses widened to about 93 billion dong, more than 11 times the prior-year period, adding to the strain on a company already under HNX caution and control restrictions.
The Apec group’s listed companies have also been weighed down by losses tied to the broader “Apec family” portfolio, including API, IDJ, Apec Group and Apec Finance, leaving accumulated losses deep in negative territory and keeping the stocks under pressure. For investors, the key question is whether the share sale is simply a founder’s liquidity move or another sign that the group’s recovery remains remote.
With Vietnam’s market still trying to recover foreign inflows and improve sentiment after a long stretch of selling, any further weakness in APS and API could keep retail buyers cautious. The stocks will likely stay sensitive to liquidity, balance-sheet repair and whether management can stop the losses from deepening in the coming quarters.
| Entity | Gains | Losses |
|---|---|---|
| Nguyen Do Lang | ▲Cash proceeds | ▼Direct ownership |
| APS | ▲Potential float increase | ▼Founder support perception |
| API | ▲Potential float increase | ▼Control concentration |
| Retail investors | ▲Possible trading liquidity | ▼Confidence in turnaround |
