English school Apax Leaders operator shares to be delisted for non-disclosure of information

By Tat Dat December 17, 2025 | 06:40 pm PT

Disgraced Shark Tank investor Nguyen Ngoc Thuy’s Apax Holdings, the operator of English language school Apax Leaders, is set to be delisted from the stock market for failure to disclose information.

The Hanoi Stock Exchange has announced that it would cancel the trading registration of Apax Holdings’ IBC shares on the Unlisted Public Company Market (UPCoM).

Nguyen Ngoc Thuy, Egroup chairman. Photo courtesy of Apax Leaders

UPCoM encourages smaller companies to list their shares before moving on to the two larger exchanges, the Hanoi Stock Exchange and the Ho Chi Minh Stock Exchange.

Apax Holdings has not released its audited financial reports since 2022, and has not organized the annual general meeting since 2023.

The last trading day of IBC will be on Dec. 19 before it is delisted on Dec. 22.

Its share now trades at VND1,700 (US$0.065), unchanged since 2023-end after reaching VND26,000 in 2017.

Apax Holdings is a subsidiary of Egroup, of which Thuy is chairman.

A police investigation into Thuy found that he swindled over 10,100 investors out of VND7.68 trillion ($291 million) by selling them non-existent shares in Egroup.

He and his accomplices relied on the English school’s reputation to convince the victims since it had 120 centers around the country at some point. They took even real estate as payment for the shares.