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A series of stocks related to Mr. Nguyen Van Tuan “lay on the floor”

Closing the last session of the week, GEX code of GELEX Group Joint Stock Company stood at 34,050 VND/share, down 6.97%, equivalent to 2,550 VND per share “evaporating”.

With more than 851 million shares outstanding, GELEX’s market capitalization has been blown away by more than VND 2,100 billion. This is GEX’s 4th consecutive plunge, causing the price per share to drop by 16.5%, equivalent to VND6,800/share.

A series of stocks related to Mr. Nguyen Van Tuan 'on the floor' - 1

A series of GEX “family” stocks related to Mr. Tuan “smoothly” dropped in price in the past week.

Similarly, VGC shares of Viglacera Corporation fell to the floor price of 6.9% to 53,900 dong, “flying” 4,000 dong/share. In the last 4 trading days, shares of VGC code all decreased, with 2 “floor” sessions.

IDICO Corporation’s IDC code was also “on the floor” with a decrease of approximately 10%, causing each share to lose 7,200 dong. With 300 million shares outstanding, in the last session of the week alone, IDICO’s market capitalization was “washed away” by more than VND 2,100 billion.

VIX Code of Joint Stock Company Stock VIX dropped 6.85% to 20,400 dong, equivalent to a loss of 1,500 dong per share. Before that, VIX also spent 3 “red” days, down more than 10%, from 24,400 VND/share to 21,900 VND/share.

Two tickers MHC of MHC Joint Stock Company and PLX of Long Son Petroleum Industrial Park Investment Joint Stock Company also decreased by 6.7% and 13.1%, respectively.

Observing market movements, it can be seen that GELEX “them” stock started to be heavily dumped from the beginning of this week when information about “market manipulation” and “fraud” broke out. For the whole week, GEX shares fell 13.4%, VGC fell 15.6%, IDC fell 19.5%, VIX fell 11.3%, MHC fell 8.6% and PXL dropped 19.3%.

The common point is that these stocks are all part of the overlapping ownership network of GELEX, an enterprise related to General Director Nguyen Van Tuan. Previously, the group of stocks “they” GEX once attracted the market’s attention when hitting the ceiling price in November 2021.

The fact that the “family” of GEX stocks fell deeply, causing Mr. Tuan’s assets on the stock exchange to drop deeply, to more than 1,100 billion VND.

Who is the “smooth” giant Tuan?

Mr. Nguyen Van Tuan (Tuan “smooth”) – known as the “tycoon” of M&A – was born in 1984 in Ha Nam.

Mr. Tuan currently holds many important positions in many large enterprises such as: Chairman of the Board of Directors of Vietnam Electric Cable Joint Stock Company (Cadivi, code CVA), Member of the Board of Directors cum General Director of GELEX Group (GELEX, code GEX). ), Chairman of the Board of Directors of Viglacera Corporation (Vigalacera, code VGC), Chairman of the Board of Directors of GELEX Electrical Equipment Joint Stock Company (Gelex Electric, code GEE), Chairman of the Board of Directors of GELEX Infrastructure Joint Stock Company …

GELEX is a group that acquires Melia Hanoi Hotel, a 5-star hotel located in the center of Hanoi. However, this group and Mr. Tuan personally only received public attention after the Da River water was contaminated with waste oil in 2019. GELEX Energy Company Limited holds a large stake in Song Da Clean Water Company. .

The ecosystem of GELEX-related businesses is quite diverse, including securities, real estate, electrical equipment, clean water business…

Closing the last session of the week, VN-Index down 20.35 points to 1,482 points. The whole floor had 92 gainers, 370 losers and 38 standstill stocks.

HNX-Index down 9.59 points to 432.02 points. There were 57 gainers, 177 losers and 48 standstill stocks on the whole floor.

UPCoM-Index dropped 1.97 points to 113.84 points.

Market liquidity dropped sharply compared to the previous session, the total matched value reached 26,224 billion dong, down 9.5%, of which, the matched value on HoSE alone decreased by 11% to 22,477 billion dong.

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