Property broker Cen Land shares stabilize after ‘Shark Hung’ responds to online rumors

Shares of Cen Land (HoSE: CRE), a major Vietnamese real estate brokerage, stabilized on Tuesday morning after vice chairman Pham Thanh Hung, widely known as “Shark Hung”, spoke out to deny online rumors following a sharp sell-off in the stock on Monday.

On Monday, despite a strong rally across the broader market, Cen Land shares plunged 6.52% to VND8,310 ($0.32) apiece, with trading volume surging to 1.7 million shares. The benchmark VN-Index rose sharply the same day.

Hung, who joined Cen Land in 2008, serves as vice chairman of the board and owns 5.6 million CRE shares, equivalent to about 3.36% of the company’s equity.

He is also known as a public face of the company and holds senior roles across several entities within the Cen Group ecosystem.

On Tuesday morning, Hung posted a statement on his personal Facebook page addressing recent social media speculation.

“In recent days, some inaccurate information concerning me has been circulating on social media and has been interpreted in various ways,” Hung said. “I urge the public to approach such information carefully and rely on official sources.”

He added that his start-up investment activities mentioned online were carried out in a personal capacity and had no legal, financial or operational links to Cen Land.

“Given the sensitivity of the market, unverified or misinterpreted information can affect investor and shareholder sentiment. That is why I am speaking out early to clarify boundaries and avoid unnecessary misunderstandings,” Hung wrote.

Following the statement, Cen Land shares showed signs of stabilization. In early trading on Tuesda, the stock was down just 0.48% at around VND8,270 ($0.31), with selling pressure easing.

Ownership structure

Cen Land is part of Cen Group, founded by Nguyen Trung Vu. Century Group is the company’s largest shareholder, holding 49.93%, while IPA Group owns 10.91%. Vu personally holds 1.9%, giving him and related entities a combined controlling stake of about 51.77%.

Foreign investment funds VinaCapital and Dragon Capital previously invested in the company in 2017 but exited between 2019 and 2021.

Established in 2002, Cen Group began with Cen Land and has since developed into a real estate services ecosystem covering property supply and advisory, brokerage and leasing services, and property management.

Since 2016, the group has also supported start-up investments, with Hung gaining prominence through his role on Vietnam’s version of Shark Tank.

Shark Tank is a popular reality television show where startup entrepreneurs presented their business ideas to a panel of wealthy investors, known as "Sharks," to seek investment capital in exchange for a stake in their company.