CRV Real Estate Group shares to debut on HCMC bourse on October 10

More than 672 million shares of CRV Real Estate Group JSC have been officially approved for listing on the Ho Chi Minh Stock Exchange (HoSE) starting October 10, with a reference price of VND26,000 ($0.99) apiece on the first trading day.

CRV shares will debut with a ±20% price fluctuation band. At the reference price, CRV’s market capitalization is estimated at nearly VND17,472 billion ($662.19 million).

CRV Real Estate is a key entity within the ecosystem of Hoang Huy Group, a major property developer in Vietnam. On June 18, Hoang Huy Investment Services JSC (HoSE: HHS) officially acquired a 51% stake in CRV, thereby gaining controlling rights.

This transaction completed the restructuring of Hoang Huy Group’s ecosystem, under which Hoang Huy Financial Services Investment JSC (HoSE: TCH) owns 51% of HHS, while HHS holds 51% of CRV.

Analysts expect that the increased ownership of CRV will allow both HHS and TCH to benefit significantly, as CRV’s business results are projected to grow strongly and steadily in the coming period.

Moreover, restructuring into a parent-subsidiary holdings model enables Hoang Huy Group to optimize its system, cut costs, and deliver balanced benefits to all shareholders of its member companies.

This acquisition immediately boosted Hoang Huy Investment Services JSC's (HHS) Q2 net profit to VND3,506 billion ($132.88 million), 34 times higher than the same period last year, according to its Q2 financial report.

In the first half of 2025, HHS reported revenue of VND285.2 billion or $10.81 million (up 24.3%) and net profit of VND3,573 billion ($135.42 million), surging 13.8 times year-on-year.

CRV primarily operates in the real estate sector, with its biggest growth driver being the Hoang Huy New City-II project in Thuy Nguyen ward, Hai Phong city, covering 49.4 hectares with a total investment of over VND15,000 billion ($568.5 million).

By the end of Q2/2025, CRV had recorded nearly VND5,388 billion ($204.2 million) in construction-in-progress costs for the project, including over VND4,800 billion in land-use fees already paid to the state budget.

Since 2022, CRV has also been developing several other projects in Hai Phong, such as Hoang Huy Commerce-H1 Tower (VND3,706 billion) and Hoang Huy-So Dau (VND1,487 billion).

For its business targets, CRV aims for revenue of VND4,000 billion ($151.6 million) and post-tax profit of VND1,600 billion ($60.64 million) in 2025, up 82% and 250% respectively from last year.

In 2026, the company plans to raise its targets further to VND5,000 billion ($189.5 million) in revenue and VND2,000 billion ($75.8 million) in profit after tax. If achieved, this will mark the strongest growth phase in CRV Real Estate’s history.