Hanoi (VNS/VNA) - Most companies are slowing down their listing plans in thecontext of unfavourable market movements and poor business performances, with someeven withdrawing their listing documents.

In the first week of April 2023, for the first time there were two companieswithdrawing their listing documents from the Ho Chi Minh Stock Exchange (HoSE).Of them, Phu Hung Securities Company withdrew their listing documents for 150million shares submitted on November 8, 2022 with the reason that the stockmarket situation was not favourable for the listing of shares.

Ton Dong A Joint Stock Company withdrew its listing application for nearly 115million shares submitted on April 22, 2022, due to the macro-economic situationat home and abroad leading to negative business results in 2022. In 2022, thecompany lost 276.5 billion VND (11.7 million USD).

In addition, one enterprise that cancelled its listing plan on HOSE was SacomReal Estate Joint Stock Company (SamLand), because the listing plan was nolonger consistent with the company's development orientation in the nearfuture.

In 2022, SamLand lost 61.79 billion VND, while in 2021, it reported a profit of5.96 billion VND. At this year's shareholders' meeting, the company expected tolose nearly 16 billion VND in 2023.

SamLand is the investor of the 55.2ha Nhon Trach project in the southernprovince of Dong Nai and the SamLand Riverside project in HCM City. These twoprojects are behind schedule, with the SamLand Riverside project facing problemswith land laws.

At the beginning of March 2023, HoSE announced that it would stop consideringthe application for listing shares of An Giang Agro-Food Import-Export JointStock Company, because this company had not submitted additional documents thatthe bourse requested.

Many other enterprises have submitted listing documents, but so far, they havenot yet completed the procedures to be approved by HoSE for listing such as ThanhCong Securities Company, which submitted a listing application for more than100 million shares on March 17, 2022; Vietnam Construction Securities Companyfiling for listing 16.8 million shares on March 18, 2022; Quy Nhon Port JointStock Company with 40.4 million shares on April 18, 2022; CRV Real Estate GroupJoint Stock Company with 672.4 million shares on June 8, 2022; VCP Energy andConstruction Joint Stock Company with 83.79 million shares on June 14, 2022 andSaigon SRG Investment Joint Stock Company with 92.9 million shares on August11, 2022.

According to regulations, enterprises wishing to list shares on HoSE must havecharter capital of 120 billion VND or more, two consecutive profitable yearsbefore the year of listing registration, return on equity (ROE) of at least 5%,no debt overdue for more than a year, no accumulated loss, at least 20% ofvoting shares owned by at least 300 shareholders who are not majorshareholders, shares have been traded on UPCoM for at least two years andapproved for listing by the general meeting of shareholders./.