Former famous actor Vietnamese giants 2,000 billion and then ran away

Mr. Nguyen Anh Nhuong Tong, Chairman Yeah1 Corporation (YEG), registered to sell all of more than 4 million YEG shares by put-through/order-matching method from June 1 to June 10.

Previously, Mr. Tong also registered to sell 3.7 million YEG shares, down from 7.7 million shares to 4 million shares, equivalent to a decrease from the ownership ratio from 24.7% to 12. 9% by agreement method. This number of shares also coincides with the number of shares of Ms. Tran Uyen Phuong, Deputy General Director of Tan Hiep Phat Group, announced to have purchased on the same day.

With the number of shares Ms. Phuong bought, Ms. Phuong became a major shareholder of YEG after owning 4.5 million shares, equivalent to 14.3% of the capital.

Thus, Mr. Tong officially left his shirt when he was no longer a co-founder of YEG.

Yeah1 is the first media enterprise listed on the Vietnamese stock exchange, which is said to be a “unicorn” startup when it resonates, with the first floor price on June 26, 2018 for 250,000 VND/ cp, set a record on the stock market. At the end of that trading session, YEG shares again set another record with a ceiling increase of 50,000 VND/share, reaching a price of 300,000 VND/share.

At the time of listing, Mr. Nguyen Anh Nhuong Tong was directly owning 7.42 million shares of YEG. If calculated at the price of 300,000 VND/share, at that time Mr. Tong had a fortune of 2,226 billion VND on the stock exchange.

However, the incident in the first month of March 2019 YouTube announced the termination of the content hosting agreement with the related unit, since then, YEG’s business and stock price plummeted.

Specifically, in January 2019, Yeah1 Group made a deal to acquire the largest YouTube channel network in the US, ScaleLad, with more than 1,700 influencers, 400 million followers and about 3 billion views per month. It is also the fastest growing media company in America.

Yeah1 acquired all ownership shares from shareholders of ScaleLab LLC (headquartered in Hollywood, USA). From the date of signing of the share purchase contract is complete, ScaleLab LLC will become an indirect subsidiary of Yeah1. ScaleLad shareholders will receive $12 million from this deal and $8 million over the next two years, depending on ScaleLad’s performance.

However, ScaleLab LLC was shocked when it was stopped by YouTube for breaking the rules of the game on the YouTube channel. In the end, Mr. Nhuong Tong had to rush to sell the largest YouTube channel in the US, ScaleLab, just over a month after buying

Accordingly, YouTube announced that it will terminate the Content Hosting Agreement (CHSA) after March 31, 2019 for financial investment companies/subsidiaries with business activities related to The group’s YouTube Adsense business, which includes SpringMe Pte. Ltd., Yeah1 Network Pte Ltd and ScaleLab LLC. These are all foreign companies that Yeah1 acquired by Mr. Nguyen Anh Nhuong Tong.

YouTube said that SpringMe Pte. Ltd. (Thailand-based company, Yeah1 Group indirectly owns 16.93%) had channel selection management activities that did not conform to YouTube’s process. This leads YouTube to apply the same policy to all other companies related to YouTube Adsense under the group, namely Yeah1 Network Pte Ltd and ScaleLab LLC.

The announcement of the termination of YouTube’s cooperation is a fatal blow to YEG’s ascent path.

The next day, YEG’s shares recorded many series of floor sessions, especially in the 11 sessions from March 5-18, 2019, YEG stock fell from 245,000 dong/share to 110,500 dong/share, down 55. % of value, equivalent to VND4,200 billion of market capitalization, evaporated. From the beginning of 2019 to the end of August 2019, YEG lost more than 3/4 of its value, from the price range of 235,000 VND/share to 50,700 VND/share. Currently, on the market, YEG shares fell to the bottom when closing on June 6 at 22,850 VND/share.

Stocks hit the bottom, shareholders fled

After many failed attempts to work with YouTube, all of YEG’s achievements were lost. As a result, HoSE decided to put YEG stock on alert from April 8, 2020. Caused by YEG’s losses in 2019.

Facing consecutive difficulties, YEG has a new strategy. In 2020 Yeah1 re-focuses, in which YEG cuts TV channels; namely, two ineffective channels Yeah1 Family and iMove from the end of March 2020, thereby saving 1.4 million USD per year.

Besides, YEG also stopped investing in movie production from Yeah1 CMG, but focused on developing platforms that can interact with users, for example AppNews platform KOL, Adnetwork, Mega1.

However, all of YEG’s restructuring efforts were unsuccessful. Results after 2 years, from a business worth $ 400 million, now losing 90% of its value on the stock exchange, a total loss of 567 billion dong. Closing the session on April 9, 2021, YEG stock was only 31,550 VND/share.

Currently, the major shareholders of YEG all fled when Mr. Nhuong Tong, the founding chairman of YEG, sold the last 4 million shares, officially no longer related to YEG. Ms. Tran Uyen Phuong, Deputy General Director of Tan Hiep Phat Group sold 4.1 million shares, leaving only 0.84% ​​of charter capital. Foreign fund DFJ VinaCapital Venture Investment, a member of VinaCapital, also intends to divest its capital from YEG when it registers to sell the remaining 3 million shares.

After a series of divestment moves by major shareholders, including Mr. Nhuong Tong, the founder also wiped his hands and ran away, leaving Yeah1 almost empty corpse now.

Ngoc Cuong

A series of leaders were handled, HOSE tightened management of stocks on the floorRegulatory agencies tightened supervision and sanctioned businesses/shares on the stock market after violations of leaders of departments and listed companies.