Vinaconex-linked An Quy Hung Holding buys GTD shares in Thuong Dinh Footwear, owner of a golden land near the Vinhomes project

On April 7, 2026, An Quy Hung Holding, a Vinaconex-related company, purchased 423,000 shares of Thuong Dinh Shoes Joint Stock Company (GTD), bringing its total GTD holding to over 2.2 million shares, or about 24% of the company. That day, there were no GTD trades on the regular matching system; however, negotiated deals accounted for more than 1.86 million GTD shares, with a total transaction value of over 344 billion VND. The implied average price was near 185,000 VND per share, about 10% above GTD’s closing price of 166,900 VND. Based on the purchase price of roughly 185,000 VND per share, the investment for 423,000 shares was estimated at about 78 billion VND.

Recent share acquisitions by An Quy Hung Holding

Four days earlier, on April 3, An Quy Hung Holding had also bought 1.35 million GTD shares, increasing its ownership from 4.94% to 19.45% and making it a significant shareholder. On the same day, GTD recorded a negotiated trade of 1.35 million shares valued at more than 259 billion VND, with an average price of 191,900 VND per share.

Across the five-day period, the company executed two GTD acquisitions totaling more than 1.77 million shares, with an estimated transaction value of about 337 billion VND.

Background of An Quy Hung Holding

An Quy Hung Holding was established in October 2025 and is led by CEO Nguyen Xuan Tung. The charter capital is 500 billion VND. Vinaconex’s CEO Nguyen Xuan Dong holds 79.2%, Mrs. Do Thi Thanh holds 19.2%, and Nguyen Xuan Tung holds 1.6%. An Quy Hung Holding is the parent company of An Quy Hung Limited Liability Company.

Previously, Pacific Holdings held 52.4% of Vinaconex, later reducing its stake to 45.1%.

Thuong Dinh Shoes: public company non-compliance and trading restrictions

On April 7, Thuong Dinh Shoes announced that it did not meet the criteria to be a public company. As of the February 4, 2026 shareholder list, two major holders owned more than 8.6 million shares, representing 92.66% of voting shares: Mai Huyen Trang held about 6.4 million shares (68.66%), while Long Hai Investment and Development Co. held more than 2.2 million shares (24%). The remaining 95 shareholders held 682,200 shares (7.34%).

Audited financials for the year ended December 31, 2025 showed negative equity of more than 12.4 billion VND, which contributed to the company’s failure to comply with public company criteria.

Separately, the Hanoi Stock Exchange decided to restrict GTD trading from April 9, 2026, allowing trading only on Fridays due to the negative equity shown in the 2025 audited financials. GTD also remained on a watch/alert status due to three consecutive years of auditor-issues.

Financial performance and losses

In 2025, Thuong Dinh Shoes reported revenue of over 66 billion VND, down 16% from 2024. The company recorded a net loss of about 39 billion VND, with accumulated losses by end-2025 of about 106 billion VND.

Assets, land holdings, and prior share sale

Thuong Dinh Shoes was founded in 1957 as the X30 workshop under the military district and later renamed. The company has faced competitiveness from international brands. It owns the Thượng Đình land parcel at 277 Nguyen Trai, Hanoi (over 3.6 hectares), adjacent to the Vinhomes Galaxy super project. The land is planned for conversion to a commercial-residential project with total investment of about 1,600 billion VND, targeting completion around 2030.

The company also owns two plots totaling nearly 36,000 m2 in Dong Van Industrial Zone, Ha Nam, with leases extending to 2054, along with other leased sites in Hanoi.

At end-2025, Hanoi authorities offered 6.38 million GTD shares for sale at an initial price of 20,500 VND per share. Two investors won all shares. The highest bid reached 216,000 VND per share, the lowest was 134,000 VND, and the average was around 215,999 VND—about ten times the starting price and roughly three times the market price of GTD at that time.