Executives Rush to Sell Shares Before AGM Season 2026 — What the Reports Don't Tell You

Where does the real risk lie when AGM season 2026 is approaching, yet instead of buying to show confidence, numerous executives and major shareholders are quietly selling in large volumes? During the week of March 16-20, 2026, sellers overwhelmed buyers in insider transaction registrations, while the VN-Index stood at a fairly positive level of 1,672 points.^Vietstock

What the reports don’t tell you is this: signals from insider behavior are often more accurate than any forecast delivered at the general meeting podium. Let us dissect the four most notable insider divestments from February–March 2026.

The Four Most Alarming Insider Transactions

DVM’s CEO Sells Nearly All His Shares

This is the most shocking case. Mr. Vu Thanh Trung, CEO of Vietnam Pharmaceutical Materials JSC (DVM), sold 4 million shares between February 6–25, 2026, pocketing approximately VND 23 billion and reducing his stake from 17.36% to 8.86%. Immediately after, he registered to sell another 4 million shares from March 3–25 — if completed, his ownership would drop to just 0.36%.^Vietstock

But who bears the cost? Looking at DVM’s financial health, the picture is even more concerning: the stock has lost 64% from its 2022 peak, net profit margin in 2025 was just 2.7%, while interest expenses reached VND 42 billion — exceeding the company’s after-tax profit.^{VietnamFinance} When the person running the company sells nearly all his shares amid such weak financials, this is no longer about “personal financial needs” — it is the clearest warning signal the market can provide.

Geleximco Exits Its Major Stake in ABW

Geleximco Group sold over 41.4 million An Binh Securities (ABW) shares through block trades across 4 sessions from January 19 to February 13, 2026, collecting approximately VND 542 billion. Its ownership plunged from 45.85% to just 4.9% — officially losing major shareholder status.^{Tin nhanh Chứng khoán}

What makes this concerning is Geleximco’s explanation that it could not fully divest because it “could not find a suitable counterparty.”^Fili The more important question investors should ask: who acquired 40% of ABW’s capital through these block trades, and why have they not been disclosed?

DIG Chairman’s Family Hit by Repeated Margin Calls

DIC Corp (DIG) is a special case — this was not voluntary selling, but forced liquidation. From January through March 2026, Chairman Nguyen Hung Cuong and his family were subjected to multiple rounds of margin calls by their brokerage, totaling over 21 million shares. Mr. Cuong’s stake decreased from 8.15% to 6.76%.^{VnEconomyVietstock}

Repeated margin calls reveal that leverage has spiraled beyond control. When the Chairman himself cannot hold onto his own shares, retail investors must ask themselves: am I betting on a company whose own leader cannot maintain his position?

Taseco Group Divests from Taseco Land

Taseco Group sold over 10 million TAL shares through block trades from March 5–13, 2026, estimated at approximately VND 439 billion, reducing ownership from 62.8% to 60%.^CafeF The stated purpose was “investment portfolio restructuring.” Compared to the three cases above, this is the least concerning — the reduction is modest and the parent company retains absolute control. However, the timing near AGM season still warrants attention.

Strategic Divestment or Danger Signal?

Not every insider sell transaction is negative. The real risk lies in distinguishing between planned divestments and genuine warning signals. Taseco reducing its stake from 62.8% to 60% with a clear rationale is fundamentally different from DVM’s CEO dumping nearly all shares while the company struggles financially, or the DIG Chairman’s family being forced out by margin calls indicating excessive leverage.

Academic research on the Vietnamese market during 2010–2019 found that insider sell announcements were typically followed by negative abnormal returns in the short term, especially when the seller was a member of the executive team. In other words, when executives sell, stock prices tend to decline afterward — and this is not coincidental.

Five Questions Every Investor Should Ask

Under current regulations, insiders must disclose their transactions at least 3 business days before execution. This is free information advantage that smart investors should not overlook. Whenever you notice an executive registering to sell, ask yourself:

1. What percentage is being sold? Selling 5–10% is vastly different from selling nearly everything, as in the DVM CEO’s case.
2. What is the stated reason? “Personal financial needs” without further explanation is typically a red flag.
3. How healthy are the company’s finances? Thin margins and high debt should put you on high alert.
4. Are multiple insiders selling simultaneously? Several insiders selling at the same time is far more alarming.
5. Is the timing sensitive? Right before AGM season or ahead of financial report releases is a signal worth noting.

Conclusion

Insider transactions are the most valuable free signal the market provides to everyone. During AGM season 2026, executive selling behavior is the true measure of confidence — not the promises made at general meeting podiums. Retail investors should make tracking insider transactions a weekly habit, especially during March–April each year when AGM season peaks.

Don’t be the last one to realize that the captain has already abandoned the ship.