From last week until now, shares of F88 Investment Joint Stock Company have consistently reached their daily trading limits. Trading opened this morning with the stock quickly hitting its ceiling price of 278,700 Vietnamese dong per unit. As F88 trades on UPCoM, its shares can fluctuate by up to 15% each session. The market price of F88 has now doubled after its sixth consecutive limit-up session.
This also marks an unprecedented high for the stock based on its adjusted price. The company recently completed the issuance of 101,65 million shares from its owner's equity.
F88's strong rally has significantly increased the assets of its shareholders on the stock market. The company currently has six major shareholders, each owning more than 5% of the capital. Based on this morning's market price, the value of F88 shares held by these shareholders all exceeds one trillion Vietnamese dong.
| Skydom | 33.646.184 | 9.377,19 |
| Phung Anh Tuan | 13.261.508 | 3.695,98 |
| Ngo Quang Hung | 11.969.308 | 3.335,85 |
| Bronze Blade | 10.566.309 | 2.944,83 |
| Asia Investment Company | 9.087.728 | 2.532,75 |
| Winter Flame | 6.058.494 | 1.688,50 |
Skydom, a subsidiary of Mekong Capital, is the largest shareholder, holding 30,55% of the capital. Its shares are currently valued at nearly 9,400 billion Vietnamese dong, equivalent to over 350 million US dollars.
Mekong Capital has been a strategic investor in F88, acting as a "godfather" fund for Vietnam's largest pawn shop and financial services chain. In early 2017, Mekong Capital first invested in F88 during its Series A funding round when F88 had only 15 stores. The exact amount was not disclosed, but financial circles at the time estimated it to be an 8-figure sum, ranging from 10 to 20 million US dollars.
Mekong Capital declined to confirm the precise figure to VnExpress, citing commitments and confidentiality obligations to its investors and portfolio companies.
Series A is a crucial stage for new companies seeking capital, typically used to fund product development, initial marketing and branding efforts, staff recruitment, and early-stage business operations. According to the cross-border fundraising platform Carta, Series A rounds typically raise 5-15 million US dollars, though some companies have received up to 20 million US dollars.
In early 2023, Mekong Capital further invested 20 million US dollars in F88 during its Series C round. This investment aimed to expand F88's network and facilitate digital transformation across its system.
In total, Mekong Capital has invested approximately 30-40 million US dollars in F88. Based solely on the current share value, the fund has realized a ten-fold return on its initial investment.
Beyond Mekong Capital, F88's executives also hold substantial assets due to the rising share price. Chairman of the Board of Directors Phung Anh Tuan is the second-largest shareholder, owning more than 12% of the capital. His F88 shares are valued at nearly 3,700 billion Vietnamese dong. Additionally, Ngo Quang Hung, a member of the Board of Directors, holds nearly 11% of F88's shares, valued at over 3,300 billion Vietnamese dong.
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Outside an F88 store in Ha Noi. *Photo: F88*
Established in 2013, F88 is one of Vietnam's fastest-growing personal financial services providers, with a widespread branch network covering both urban and rural areas. It currently operates nearly 900 stores nationwide. F88's primary revenue source comes from collateralized lending fees. In 2024, F88 reported close to 2,15 million collateralized asset transactions. The chain also generates revenue from insurance agency services.
Regulations stipulate that a stock increasing at its daily limit for five consecutive sessions requires a written explanation to be submitted to the State Securities Commission (SSC). F88's leadership attributes the stock price increase solely to objective market supply and demand dynamics and independent investor decisions. They affirm that the company's business, financial, and governance operations are proceeding normally, with no unusual fluctuations or undisclosed material events.
F88 also stated that in 2025, the company will continue its growth momentum and strengthen its operational foundation and risk management. It is preparing plans to list its shares on HoSE at an appropriate time.
Tat Dat
