HNX maintains trading restrictions on APT as it reports negative equity and mounting debt, risking delisting

The Hanoi Stock Exchange (HNX) has decided to maintain trading restrictions on APT Joint Stock Company - Seafood Trading and Business (APT) after the company reported negative equity in its 2025 audited financial statements. The negative equity exceeds 2.6 trillion VND, so APT is only allowed to trade on Friday sessions. HNX also continues a trading warning because the company’s annual audited financial statements have received a disclaimer of opinion for three consecutive years.

Trading restrictions and warning

Under the HNX decision, APT must issue a written explanation of the causes and propose remediation within 15 days from the effective date of the decision.

HNX’s trading warning is tied to the three consecutive years of disclaimer-of-opinion in the company’s annual audited financial statements.

Public company status and equity figures

In January 2026, APT informed the State Securities Commission that it no longer meets the conditions to remain a public company from 01/01/2026.

APT’s charter capital is 88 billion VND. Equity as of 31/12/2024 was negative by about 1,466 billion VND. Under the new Securities Law No. 56/2024/QH15, one condition to maintain public company status is having positive equity of at least 30 billion VND.

2025 audited results and balance sheet

According to the 2025 audited financial report, APT recorded a loss of 1,153 billion VND, extending decades of losses and bringing cumulative losses to about 2,700 billion VND.

As of 31/12/2025, total assets were about 195 billion VND, while liabilities were around 2,800 billion VND. The liabilities are mainly principal and interest on loans from Sacombank.

Debt background and litigation

In May 2022, Sacombank filed a lawsuit against APT. In 2025, another major shareholder, Satra, also filed a suit for nearly 25 billion VND.

The company attributes its difficulties to a debt incurred in early 2009, when APT borrowed 103 billion VND and 5,833 taels of gold from Phuong Nam Bank (now part of Sacombank). The loan was converted to about 103 billion VND (roughly 17.6 million VND per tael).

Gold loan revaluation and debt burden

As of 31/12/2025, the gold loan debt was revalued to about 891 billion VND, up 500 billion from the previous year. The conversion based on the SJC gold price increased from about 84.2 million VND per tael to about 152.8 million VND per tael.

As a result, APT’s total debt to Sacombank, including principal and interest, exceeds 2.4 trillion VND, in addition to a dong-denominated loan of nearly 300 billion VND. The company states it cannot repay these debts.