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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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UP Securities Company (UPSC) has approved a private placement of more than 67.6 million shares, a move expected to effectively double the company’s current outstanding share count. The transaction is designed to increase UPSC’s charter capital to VND 1,000 billion, with proceeds of about VND 676.2 billion.
The private placement will be for over 67.6 million shares at a fixed price of VND 10,000 per share. If fully completed, UPSC’s charter capital would rise to VND 1,000 billion.
Based on the planned proceeds of approximately VND 676.2 billion, UPSC intends to allocate around VND 400 billion to strengthen its proprietary trading capital and more than VND 276 billion for margin lending. Disbursements are planned for 2026.
UPSC said three investors are expected to participate in the private placement: one organization and two individuals who are executives of the company.
If the purchases proceed as planned, the three investors would hold a combined 69.03% of UPSC’s charter capital.
Bolt Holdings JSC was established on February 29, 2024, and operates mainly in real estate. Its initial charter capital was VND 10 billion, with three founders: Do Hoang Minh (80%), Dinh Van Hiep (10%), and Cao Tan Thanh (10%). At the time of formation, Cao Tan Thanh served as CEO.
By January 2026, Bolt Holdings increased its capital to VND 110 billion. Vu Khanh Din serves as CEO and legal representative and is described as an independent member of UPSC’s board. Cao Tan Thanh previously held the UPSC chairmanship from June 2024 until an extraordinary general meeting in June 2025.
On February 9, Cao Tan Thanh transferred 3 million UPSC shares, reducing his stake from 26.4 million shares (81.6%) to 23.6 million shares (72.33%), while remaining the largest shareholder. The shareholder controlling Bolt Holdings, Do Hoang Minh, is reported to be the son of Do Anh Dung, chairman of Tan Hoang Minh Group. Dinh Van Hiep also serves as CEO and legal representative for several entities associated with the Tan Hoang Minh ecosystem.
By March 2026, Bolt Holdings increased capital from VND 110 billion to VND 810 billion, though the ownership structure was not disclosed.
The capital increase plan was approved at UPSC’s 2026 annual general meeting held on March 16. At the same meeting, shareholders approved the 2026 business plan, including revenue of VND 350 billion, which UPSC said would double the 2025 figure.
UPSC also set targets of VND 62.5 billion in pre-tax profit and VND 50 billion in net profit, described as record highs for the company. The company plans to increase total assets to VND 1,500 billion in 2026, up 64% compared with the end of 2025.
UPSC also plans to propose no dividend for 2025.
Separately, more than 32.37 million UPSC shares began trading on UPCoM on March 20, 2026, under the ticker UPS, with a reference price of VND 10,400 per share.
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