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Vinaconex plans to acquire 2.23 million GTD shares, representing 24.03% of GTD's charter capital, without requiring a public offer. The move is tied to Vinaconex's plan to exploit the 277 Nguyen Trai land site in Hanoi, which is expected to be developed into a mixed-use complex. Vinaconex aims to raise its GTD ownership to 48%. A related party to Vinaconex, An Quý Hưng Holding, previously bought a large block of GTD shares, bringing its stake to about 24%. With close personnel and ownership links within the Vinaconex-VCG ecosystem, the group could increase its total GTD holding to about 48% if these deals close. Beyond the share transfers, Vinaconex has registered to participate in GTD's large private placement. GTD plans to issue 216.5 million new shares at a sale price of 10,000 VND per share. Vinaconex's affiliate VCG plans to acquire 53.1 million shares; An Quý Hưng Holding plans to buy about 51.9 million shares. If successful, the offering would bring GTD around 2,165 billion VND, mostly to fund the 277 Nguyen Trai land project. The site covers more than 36,000 square meters and is expected to be developed into a complex including housing, retail, offices, and a school, with total investment of about 9,907 billion VND. In another development, Giay Thuong Dinh has undergone rapid leadership changes. On 16 January 2026, the company appointed several senior executives, with Nguyen Thanh Nhon as CEO, Vu Thai Duong as Deputy CEO in charge of finance, and Dao Xuan Nghia as Deputy CEO, effective from 14 January 2026. Nhon is currently CEO of Vinaconex Commercial Development, while Duong is involved in Vinaconex ecosystem units such as Vinaconex Dung Quat, Vinaconex 16, and Vinaconex Capital One. The presence of executives with close ties to VCG signals rising Vinaconex influence at GTD beyond ownership to management. However, Giay Thuong Dinh's financials remain weak. In 2025, net revenue fell more than 15% to about 66.4 billion VND, while net loss rose to over 38.7 billion VND, nearly threefold from the previous year. Cumulative losses by end-2025 reached about 106 billion VND, with negative equity of more than 12 billion VND. Total assets shrank to about 76 billion VND, down about 37% from the start of the year, while total liabilities stood at 88.4 billion VND, under pressure from short-term borrowings. The financial position has led to GTD being placed on UPCoM watch and trading restrictions. The 2025 audit report contains a qualified opinion related to unsettled accounts, and auditors highlight substantial going-concern uncertainty due to short-term debt exceeding current assets and ongoing losses. Looking ahead, Giay Thuong Dinh set a cautious 2026 plan with revenue around 40 billion VND and no profit, with output lower than the previous year as the company reallocates resources to its new strategy.
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