UBCKNN fines Đại Trường Thành Holdings and Smart Dragon for disclosure violations in the securities market

On 24 April 2026, the State Securities Commission (UBCKNN) issued Decision No. 207/QĐ-XPHC imposing administrative penalties for violations in the securities and stock market against Đại Trường Thành Holdings (registered address: Biệt thự CPV 5-41, Vinhomes Central Park, Khu Tân Cảng, Số 720A Điện Biên Phủ, Phường Thạnh Mỹ Tây, TP.HCM).

Penalties for Đại Trường Thành Holdings

Đại Trường Thành Holdings was fined VND 92.5 million for violating the deadline for disclosure of information. The company delayed disclosure by 15 days or more for documents including: standalone and consolidated financial statements for Q2, Q3, Q4 2023; standalone and consolidated financial statements for Q1, Q2 2024; standalone and consolidated semi-annual financial statements for 2023, 2024, 2025 that have been reviewed; standalone and consolidated financial statements for 2023 and 2024 that have been audited; consolidated financial statements for Q3, Q4 2024; consolidated financial statements for Q1–Q4 2025; annual reports for 2023, 2024; and corporate governance reports for 2024, 2025.

The company also delayed disclosure by less than 15 days for documents including: the corporate governance report for the first six months of 2024; standalone Q3 2024 financial statements; and standalone Q4 2025 financial statements.

Penalties for Smart Dragon

Smart Dragon, a company under Smart Dragon Investment, was also fined VND 92.5 million for failing to publish information as required. The documents not disclosed on time included: reports on the use of funds from 2022 bond issuance; representations of bonds issuer commitments to bondholders in 2022; semi-annual 2023 financial statements; semi-annual 2023 bond covenants; 2023 financial statements; audited reports on funds from 2023 bond issuance; 2024 financial statements; interest and principal payments on bonds in 2024; semi-annual 2025 financial statements; semi-annual 2025 interest and principal payments; and semi-annual 2025 audited reports on bond proceeds.

Smart Dragon also published information not in accordance with timelines for: 2023 interest and principal payments; 2023 commitments performance; 2025 semi-annual commitments performance; disclosures on the settlement of additional bond principal and interest after late payments for bond SMDB2124001; and updated payment disclosures for bond SMDB2124001 after late payments.

Bond SMDB2124001 details and collateral

Regarding bond SMDB2124001, the announcement states that the issue date was 20 January 2021 with an issue size of VND 1,900 billion. The bond is secured by Smart Dragon assets arising from asset transfers related to The Spirit of Saigon project, with Saigon Glory as the developer. In addition, assets related to part of The Spirit of Saigon project are used as collateral for the bond.

Project description linked to the collateral

The Spirit of Saigon is constructed on an area of more than 8,500 square meters, comprising two towers of 55 and 48 floors, a 7-floor podium, and an underground level connected to the Ben Thanh–Suoi Tien metro line.