VNG shares again placed under trading restrictions

By Minh Son October 24, 2023 | 09:57 pm PT

VNG Campus in Ho Chi Minh City. Photo courtesy of the company

Trading in tech unicorn VNG Corporation’s shares has been restricted to Fridays for a second time this year for failure to submit its financial reports to the stock exchange.

The Hanoi Stock Exchange, which operates the Unlisted Public Company Market on which VNZ is listed, announced the penalty Wednesday.

VNG has not submitted its half-year results to the exchange more than 45 days after the deadline passed.

A similar restriction was imposed for eight sessions in May after the company failed to submit its audited financial report for 2022.

VNG is among the most expensive stocks in Vietnam, surging at one point to over VND1.3 million ($52.90). It is now trading at around VND800,000.

The company recently put off its plan to hold an initial public offering and list on the Nasdaq bourse in the U.S. due to unfavorable market conditions.

The Ho Chi Minh City-based company is an online game producer and operator of popular messaging app Zalo.