VNG shares restricted from trading due to late submission of financial reports

VNZ - the most expensive stock on the stock market - was put on restricted trading list from May 25, only allowed to trade in Friday sessions every week.

According to the Hanoi Stock Exchange (HNX), VNZ - a stock of VNG Corporation - was late in submitting its 2022 audited financial report more than 45 days from the deadline, which is subject to trading restrictions as prescribed.

Explaining the reason for the delay in submitting the audited financial report, VNZ said that it is implementing it in parallel according to Vietnamese Accounting Standards (VAS) and International Accounting Standards (IFRS). This company operates in many countries around the world , with 33 subsidiaries and 7 affiliated companies, so it needs a lot of time to check, compare, and confirm information, ensuring that the financial report data is consistent and meets accounting standards both domestically and internationally. In the official letter requesting an extension to submit the report, VNG said that this was due to objective reasons and was necessary to ensure the legitimate rights and interests of shareholders and investors.

VNZ shares were once the center of attention when they continuously hit the ceiling after being listed on the UPCoM market, under the HNX.

This code started with a reference price of 240,000 VND in the first trading session in early January. After that, VNZ quickly became the stock with the highest market price on the stock market with a series of consecutive ceiling price sessions, with only 100 shares matched. At one point, VNG's stock price increased to more than 1.3 million VND.

However, profit-taking pressure later caused VNZ to fall below the 1 million VND threshold. At the end of today's session, VNZ's market price stopped at 740,000 VND.

Minh Son

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