Penny stock up 40 times in two months

By Minh Son June 27, 2023 | 09:50 pm PT

Tan Cang Construction Company stocks have risen by 40 times in less than two months to VND767,000 ($32.59) to become the most expensive in the Vietnamese market.

They closed Tuesday with a 15% gain and took over from gaming company VNG Corp as the highest-priced share.

For the first four months Tan Cang’s XDC stock was flat at VND15,000-18,000 before it started to repeatedly hit the ceiling from April-end onwards.

By the end of June the stock, listed on the Unlisted Public Company Market, had gained the maximum daily allowed 15% on 27 days, including a straight nine-session streak.

Only 8,200 XDC shares are listed, and most of them belonging to parent company.

Tan Cang was established in 1996 by Saigon Newport Corp, a port operator based in Ho Chi Minh City, with a charter capital of VND90 billion.

Last October it auctioned over 3.2 million shares, or a 36.4% stake, but only 8,200 were bought.

Last year, its revenues fell by 15% to VND279 billion and profits by 19% to VND7.6 billion.