Controlled and trading-restricted stock: How did GKM Holdings explain?

According to the written explanation regarding GKM stock remaining under control (per Decision No. 659/QD-SGDHN), GKM Holdings' leadership stated that the specific cause was due to technical difficulties encountered during the collection, inspection, reconciliation, and confirmation of figures between internal departments and the independent auditing firm. This particularly affected several important financial items, including long-term financial investments, receivables, and certain provisions.

GKM stock of GKM Holdings Joint Stock Company continues to be kept under control and trading restriction by the HNX - Illustration photo.

This process required multiple rounds of discussion, document supplementation, and additional explanations to ensure that the Financial Statements accurately and objectively reflect the company's situation while fully complying with Vietnamese Accounting Standards. Consequently, the Company failed to disclose information within the regulated timeframe.

Regarding the cause of the stock being placed under trading restriction (per Decision No. 660/QD-SGDHN), it was due to the listed organization continuing to violate information disclosure regulations after being put under control. Specifically, the submission of the reviewed semi-annual financial statements for 2025 was delayed by more than 45 days compared to the regulated deadline. GKM Holdings stated that the aforementioned difficulties continued to impact the progress of information disclosure, leading to prolonged violations. The Company seriously accepts responsibility for these shortcomings.

Regarding remedies and the recovery roadmap, the corporate leadership stated that to overcome accumulated losses and bring undistributed profits back to positive territory, the company will restructure its debt, negotiate for extensions, and reduce loan interest rates. It will also focus on debt recovery, optimize costs, and cut management expenses by ≥ 20%. At the same time, the company aims to expand its market and sign new contracts with major projects.

The enterprise also guarantees timely information disclosure by establishing a strict internal control process for disclosure deadlines, adding personnel to the accounting and information disclosure department, and collaborating closely with the auditing organization to complete and publish outstanding reports in the third quarter of 2026.

Furthermore, the company is committed to improving its overall financial situation and ensuring regulatory compliance through solutions such as: seeking strategic partners or investors; enhancing corporate governance and information transparency; and monitoring and reporting progress periodically to the Hanoi Stock Exchange (HNX).

In the market, GKM stock is currently trading at a price of 1,400 VND/share and is only allowed to trade during Friday afternoon sessions.

In another development, Mr. Nguyen Huu Phu – Chairman of the Board of Directors (BOD) of GKM Holdings – recently submitted his resignation from his positions as a Board Member and Chairman of the BOD of GKM, effective from June 16, 2026.

According to the resignation letter, Mr. Phu stated that he could not arrange his personal time to undertake the workload and committed to coordinating the handover of work (if any) in accordance with the company's regulations and current laws.

The step-down of GKM Holdings' leader takes place in the context of the business having just gone through a disastrous financial year. Specifically, in 2025, GKM Holdings' total revenue reached a mere nearly 10 billion VND, fulfilling less than 2% of the set target plan. Not only that, but the company also suffered a record net loss of up to 39 billion VND, a sharp contrast to the 4 billion VND profit recorded in the previous year.

In addition to the dismal business results, the company's financial picture has also flashed red alerts. In the audited 2025 financial statements, the auditing unit emphasized that GKM's short-term debt exceeded its short-term assets by nearly 15 billion VND as of December 31, 2025. This is the core reason leading auditors to raise serious questions about the business's ability to continue as a going concern in the near future.

The downward spiral of GKM Holdings shows no signs of stopping, as during the first quarter of 2026, the company continued to record a 35% decline in net revenue year-on-year, reaching only 1.6 billion VND, and reported an additional net loss of nearly 2 billion VND.

In the market, GKM stock is currently trading at a price of 1,400 VND/share. Due to trading restrictions, this stock can only be traded during the afternoon session every Friday.