Rare move: Stock surges, construction firm proactively seeks trading probe

Construction and Investment Company 3-2 (C32) has taken the rare step of asking Vietnam's State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE) to investigate unusual trading activity in its shares. The company noted that its stock experienced a significant surge without any corresponding material information, business events, or financial changes that would warrant such a price movement.

C32's stock saw 11 consecutive trading halts, climbing from approximately 11,200 VND to 19,250 VND per share, an increase of over 70%. Trading volume also tripled during this period. The company emphasized that this unprecedented volatility in its stock since listing has led it to suspect potential organized buying activities aimed at increasing influence or control over the enterprise.

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In the period the stock has risen sharply recently, the company has not generated any material information, đột biến business events, or significant changes that could impact the stock price.

In its request, C32 urged regulators to review all C32 stock transactions since May, identify related accounts, and clarify any potential violations. The company seeks transparency to protect investor interests. This proactive request is unusual; typically, companies only provide explanations when mandated by exchanges after prolonged price surges.

HoSE had previously asked C32 for an explanation regarding its stock's price fluctuations following a series of trading halts in early June. While regulatory inquiries into such stock behavior are common, C32's initiative to request an investigation into its own stock's trading is a notable departure from standard practice in the Vietnamese stock market.

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This is an unprecedented development for the company's stock since listing. The company believes it cannot rule out the possibility of organized buying activities to increase influence or control over the enterprise.