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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Green SM changes its brand from Xanh SM to Green SM. The Green Smart Mobility and Intelligent Transport Joint Stock Company (GSM) announced the brand change from Xanh SM to Green SM. The change aims to unify brand identity across the entire system and marks the company's three-year operation. In…
According to an unusual-disclosure filing, Dua Fat Group (UPCoM: DFF) no longer meets the conditions to maintain its status as a public company. The company’s shareholders’ equity as of December 31, 2025 fell negative by more than VND 487 billion, failing to satisfy requirements under the Securities Law.
In 2025, DFF recorded a record loss, leaving the company with only six employees.
Revenue in 2025 was roughly flat year-on-year at about VND 294 billion. However, gross profit turned negative by about VND 26 billion, compared with a gross loss of nearly VND 8.3 billion in the prior year.
Financing costs rose sharply to VND 712 billion, nearly triple the previous year. The increase was largely attributed to a loss from the difference on selling pledged shares totaling VND 528 billion, together with interest expense of VND 177 billion.
The pledged sale related to bond DFFH2123001 with a value of VND 150 billion. The bond had an 18-month tenor, originally maturing on March 31, 2023, then extended to January 15, 2024, with no further extension to date.
The bond was secured by assets including more than 25 million DFF shares held by Chairman Le Duy Hung, Le Van Thinh (his younger brother), and Tran Thi Hong Nhung (Hung’s wife). Although all shares were disposed of to meet obligations to bondholders, with DFF shares trading around VND 600 per share, the proceeds were only VND 73.5 billion—creating the large valuation gap referenced in the filing.
By the end of 2025, DFF’s net loss reached a record nearly VND 725 billion, versus about VND 463 billion in the prior year. Cumulative losses increased to nearly VND 1.3 trillion, and negative equity stood at VND 487 billion.
Total assets declined about 18% to around VND 2.7 trillion. Current assets were nearly VND 2.1 trillion, while cash holdings were just over VND 1 billion. Total liabilities rose to about VND 3.2 trillion, exceeding total assets.
Audited 2025 financial statements prepared by Moore Audit and IT Services MOORE AIS C (AISC) declined to express an opinion.
Among the reasons cited, AISC reported limitations in verifying certain year-end balances:
AISC also raised going-concern concerns, noting that current liabilities exceed current assets, negative equity persists, and principal and interest on borrowings overdue total nearly VND 1.2 trillion. The auditor further pointed to reported bad debt provisions of about VND 708 billion and staff shortages as additional factors affecting confidence in ongoing operations.
Notably, the number of employees at year-end 2025 was exactly six, down from 41 in 2024.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
