On October 5, DRH shares still traded, closing at VND 1,400, down 6.67%. But three days earlier, on October 2, HOSE sent DRH Holdings Official Letter No. 1656/SGDHCM-NY, finding that the stock falls under trading suspension because the audited 2025 financial statements are more than six months overdue. A shareholder wants to know whether they can still sell on the exchange, and until when. A bondholder wants to know when principal comes back. The two questions are tied together, and the company itself has named the link.
The stage matters. HOSE found that DRH falls into the suspension category and will move the stock from restricted trading to suspension. Press reports as of October 5 give no effective date for the suspension order, so it is not accurate to say DRH "has been suspended."
From a VND 410 billion bond maturity to an AGM without quorum
It starts with bond series DRHH224001, issued at VND 410 billion, 12% a year, two-year tenor, which matured in February 2024. The proceeds went to compensation and site clearance at the Dat Cuoc industrial park in Binh Duong and to completing the Aurora Residences project. At the July 30, 2026 payment date, the company owed VND 410 billion in principal but paid only VND 1 billion, then another VND 500 million on August 7.Tin nhanh Chung khoan The company had also told regulators it would dispose of collateral and transfer projects to repay debt before June 30, 2026. That date has passed and the debt remains.
Alongside came a run of exchange warnings. On May 22, 2026, HOSE issued Decision 456/QD-SGDHCM placing DRH under trading restriction for filing its 2025 report more than 45 days late. In July 2026, the State Securities Commission's inspectorate fined DRH VND 185 million for disclosure violations, including how bond proceeds were used. From mid-July the stock also entered the warning category because the company failed to hold its annual shareholder meeting within six months of year-end.Thuong Truong
The second payment date also fell short. Series DRHH222001, originally VND 230 billion at 11% a year, owed more than VND 157.59 billion in principal on September 11, 2026 but paid only about VND 59.19 billion, leaving more than VND 98.39 billion unpaid. Combined, per the mid-September disclosure, DRH has VND 506.89 billion of unpaid bond principal, before interest and late-payment interest.Tin nhanh Chung khoan
The September 28 AGM: 46.13% was not enough
On the afternoon of September 28, the 2026 annual shareholder meeting was held online but stopped at credential checks. Only 168 shareholders attended or were represented, holding nearly 57.4 million shares, or 46.13%, below the 50% threshold needed to proceed. The meeting date had already changed four times, and in a September 18 explanation the company said it wanted to finish the audited 2025 report before meeting. It is the first time DRH has failed to hold an AGM on first call since listing on HOSE in 2010. The company plans a second call within 30 days.Nha Quan ly
A meeting short of quorum does not by itself suspend a stock. But it shows that shareholders are waiting for the same thing HOSE is: the audited 2025 report.
How suspension differs from restriction
The October 2 letter cites point a, clause 1, Article 44 of the Listing and Trading Regulations issued under Decision 22/QD-HDTV of March 16, 2026: a stock is suspended when the issuer is more than six months late filing its audited annual report. Some articles mention October 9, but that date belongs to a different decision: Decision 757/QD-SGDHCM, which places DRH under control status for filing its 2026 half-year report more than 30 days late.Baomoi The two should not be confused.
The practical difference is whether you can trade. Under restriction, orders still match, as DRH's recent price board shows. Once a suspension order takes effect, the stock stops trading on HOSE. Holders cannot place sell orders on the exchange until HOSE decides otherwise, though the account still shows the shares.
The price went from VND 1,630 on September 22 to VND 1,400 on October 5, down about 14% in 10 sessions. This describes what has happened, not a price forecast.
End of 2026: the checkpoint for staying listed
HOSE flagged one more stage. Under point i, clause 1, Article 120 of Decree 245/2025/ND-CP, a stock is subject to mandatory delisting when the fiscal year ends and the issuer has still not met its reporting obligation with the prior year's audited financial statements. Applied to DRH: if the audited 2025 report is still unpublished by the end of 2026, the stock falls under mandatory delisting.
Delisting does not remove shares from an account. Under current rules, shares delisted from a public company still meet the conditions to register for trading on UPCoM. If that scenario occurs, shareholders' route to sell would shift from HOSE to UPCoM, where liquidity is typically much thinner.
The link the company itself drew
The clearest causal link comes from DRH Holdings' own words. Per Nha Quan ly, as of mid-September 2026 the company still owed more than VND 500 billion in bond principal, needed more time to build a repayment plan, and put bond resolution ahead of issuing the audited 2025 report.Nha Quan ly Vietstock quoted the company saying the report still carries a qualified opinion tied to the bonds. The audit report, the stock's place on the exchange and bondholders' money therefore hang on one knot: the debt resolution plan.
This reading has limits. In the first half of 2026, the company booked only VND 1.8 billion in net consolidated revenue and a net loss of nearly VND 39 billion. Cash at end-June was VND 2.9 billion, down sharply from over VND 96 billion at the start of the year, against total borrowings of VND 753 billion.Thuong Truong Drying revenue and persistent losses are the wider backdrop to the cash shortage, and loans tied to DLand are an audit issue dating back to the 2024 report. Bond debt is not the only reason the report is late, but it is the reason the company itself ties to the timing.
What each stage changes in your account
The DRH case shows HOSE's tiers are not cosmetic labels:
- Warning, control: the stock still trades; the board marker tells buyers the company has reporting or governance problems.
- Trading restriction: orders still match but with limits. DRH has been here since May 22, 2026.
- Trading suspension: no matching on the exchange until a new decision. HOSE has found DRH falls in this category; no effective date yet.
- Mandatory delisting: leaves HOSE and moves to UPCoM if still a public company. For DRH, the test date is the end of fiscal 2026.
DRH's stages all trace back to one report. If DRH publishes the audited 2025 financials before the end of 2026, the mandatory delisting condition HOSE cites no longer fits. If not, the stock falls under it. The earliest signal is the second AGM, expected within 30 days of September 28: the company said it wanted the audited report before meeting, so whether the meeting materials include it will show how far the repayment plan has progressed. Another signal to watch is a HOSE notice setting the effective date of the suspension order.