FLC shares suspended from trading on unlisted public company market 

The Hanoi Stock Exchange (HNX) on Friday approved the registration of FLC Group on the unlisted public company market (UPCoM), but included it on a list suspended from trading.

HNX explained that the suspension of FLC shares from trading from March 3 is in line with the regulations on registration and management of securities trading of unlisted companies issued on November 16, 2022, by the Vietnam Stock Exchange's council of members.

On February 14, FLC received the Ho Chi Minh Stock Exchange’s (HoSE) decision to delist its nearly 710 million shares from February 20 for "serious violations of information disclosure obligations".

Following the decision, FLC asked the regulator to reconsider its future on the HoSE, saying objective reasons and force majeure events should be taken into account.

Despite these pleas, the Vietnam Securities Depository (VSD) announced the transfer of registration and depository data of the shares from the HoSE to the UPCoM.

FLC shares were first listed on the Hanoi Stock Exchange (HNX) on October 5, 2011. In the early days of trading, FLC became a "phenomenon" with a spectacular price hike of 240% after three months. The ticker then plummeted and went flat for a year before making a comeback with the "game" of shifting to another bourse.

In August 2013, FLC officially moved to list 77.2 million shares from the HNX to the HoSE. Less than a year later, this stock was added to the VN30, which features the 30 largest companies by capitalization. Thanks to positive information, FLC won investor interest, with its price skyrocketing.

However, FLC could not return to the peak period of its debut, and was traded below par value.

In 2020, when the stock market and businesses were affected by Covid-19, FLC once again fell to a new bottom of VND2,000 ($0.09) per share, but it was still one of the most traded names on the stock market with high liquidity.

In 2021, when speculative cash flowed strongly into the market, FLC rebounded strongly. From the price of a cup of iced tea, FLC increased 10 times to more than VND22,000 ($0.9) on January 3, 2022. The stock then set a record in liquidity, with three sessions witnessing over 100 million shares changing hands.

On March 29, FLC chairman Trinh Van Quyet was arrested on charges of "market manipulation" and "concealing information regarding securities activities".

Before Quyet was arrested, FLC Group was known as one of Vietnam's leading property developers with projects and investment proposals across the country.