Negative equity and an inadequate shareholder structure cause Giay Thuong Dinh to fail to meet public-company criteria, risking delisting from UPCoM

Giay Thuong Dinh Joint Stock Company (GTD) has notified the State Securities Commission (UBCKNN), the Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSDC) that it no longer satisfies the conditions to remain a public company. The company’s negative equity and an unsuitable shareholder structure raise the risk that GTD may lose its public-company status and be delisted from UPCoM.

Notice to regulators and failure to meet public-company conditions

As of the record date 2/4/2026, Giay Thuong Dinh had 9.3 million outstanding shares held by 97 shareholders. Two major shareholders held more than 8.6 million shares, accounting for 92.66% of voting rights: Ms. Mai Huyen Trang owned nearly 6.4 million shares (68.66%), while Long Hai Investment and Development Joint Stock Company held over 2.2 million shares (24%). The remaining 95 non-major shareholders collectively held 682,200 shares (7.34%).

Based on the audited financial statements for the year ended 31/12/2025, published on 30/3/2026, the company’s equity was negative by more than VND 12.4 billion. Under Article 32(1)(a) of the 2019 Securities Law (as amended by Law 56/2024/QH15), GTD does not meet the requirement for “shareholders’ equity of at least VND 30 billion” and the shareholder structure requirement of “at least 10% of voting shares held by at least 100 investors who are not major shareholders.”

Trading restrictions and warning status

Previously, HNX placed GTD under trading restrictions from 9/4/2026, allowing trading only in Friday sessions, citing negative equity in the 2025 audited financial statements. In addition, GTD shares have remained on a warning status due to an auditor’s qualified opinion for three consecutive years.

2025 business performance and financial position

The 2025 audited financial statements show net revenue of about VND 66.4 billion, down 15.7% year-on-year. After deducting cost of goods sold, gross profit was about VND 385 million, down 96.2%. As a result, the company recorded a net loss of over VND 38.7 billion after taxes and fees, nearly triple the loss of the same period last year.

As of 31/12/2025, total assets decreased 36.9% year-on-year to about VND 76 billion. Fixed assets accounted for 62.6% of total assets (VND 47.6 billion), while inventories were about VND 16.4 billion (21.6% of assets). On the liabilities side, total liabilities were about VND 88.4 billion, down 6% from the start of the year, including short-term borrowings and financial leases of VND 28.2 billion (31.9% of total liabilities).

Company background

Giay Thuong Dinh traces its origins to Xí nghiệp X30, established in 1957 under the Army Supplies Department. Before converting to a joint-stock company, it operated as a state-owned enterprise named Công ty TNHH MTV Giày Thượng Đình and was once a well-known footwear brand in Vietnam’s northern market.

In 2016, the company transitioned to a joint-stock model and listed 9.3 million shares on UPCoM under the ticker GTD, with a market capitalization at that time exceeding VND 400 billion. At that time, the Hanoi People’s Committee held more than 6.38 million shares, about 68.67% of capital.