About VND 5,430 billion of shareholder money has been in SHB's rights offering since late May. Nearly five months later, the matching shares still cannot be sold on the exchange. On the afternoon of October 9, the bank issued a statement saying its filing is awaiting a response from the State Bank of Vietnam and that it expects to complete the procedures in October 2026. The real risk sits in the gap between "expects" and an actual trading date, because the statement names none.
This post retraces the journey of that lot of shares, separating what has been disclosed from what the bank has only described as planned.
April and May: Shareholders Pay, the Bank Allocates
The offering covers 459.37 million shares at a 100:10 ratio. Put simply, a shareholder holding 100 shares could buy 10 new ones at VND 12,500 each. The record date was April 6, 2026, and shareholders registered and paid between April 13 and May 4, 2026.
The offering closed on May 27. A total of 434.3 million shares, or 94.55% of the offering, went to 63,712 shareholders.Nhịp sống thị trường The remaining roughly 25 million shares were sold to three investors from the PVI group and HPP Investment Fund, with a one-year transfer restriction. Multiplying 434.3 million shares by VND 12,500 puts the cash paid for the unrestricted portion at about VND 5,430 billion (our own calculation from the figures above).
June to Early October: Shares Issued, Exchange Still Closed
Rights-offering shares can only be sold on the exchange after an additional listing. As of early October, this 434.3 million-share lot had still not been listed or traded. According to CafeF, the 200 million privately placed shares and the shares issued to employees are also awaiting additional listing, although both carry transfer restrictions.
Over the same period the share price slid. SHB closed at VND 11,800 on September 18 and at VND 10,800 on October 7. Looking further back, CafeF notes the stock was around VND 18,000 in October 2025.
One detail is easy to miss. A holder who owned SHB before the offering now has two separate lots in the account. The old lot trades normally every session. The lot bought at VND 12,500 stays frozen, whether the price rises or falls.
October 8 and the Morning of October 9: Two Heavy Sessions
On October 8, SHB fell to its daily floor and closed at VND 10,050. CafeF reports that foreign investors were still net buyers of about VND 24 billion that session.
On the morning of October 9, SHB matched more than 47.4 million shares in the first 10 minutes alone. At one point the price dipped to VND 9,550, below the VND 10,000 par value, before recovering to VND 10,100. The morning session alone saw more than 100 million shares change hands, worth over VND 1,000 billion, with foreign investors net buying more than 15 million shares.
SHB closed at exactly VND 10,000, down 0.50%, on total volume of about 128.3 million shares. The VN-Index fell 0.22% to 1,735.09 points that day. Against September 18, SHB's price is about 15.3% lower.
These two sessions coincided with rumors circulating about the offering. No source, however, has established that the rumors caused the selling. SHB's price had been drifting lower since mid-September, before these two sessions, and heavy volume can have several other explanations. This post lines up the dates in order and does not link them as cause and effect.
Afternoon of October 9: What SHB Said, and What It Denied
SHB's statement, published by CafeF at 14:34 on October 9 (citing Kiến Thức), has three parts.
On the filing. SHB said it is still completing procedures and awaiting the State Bank's response to its filing as required. The statement cites Circular 50/2025/TT-NHNN, which sets out the filing and procedures for approving certain changes at commercial banks. SHB expects to complete the procedures and carry out its issuance roadmap in October 2026, provided all legal requirements are met.
On the rumors. SHB said there were no violations in carrying out the issuance plan. It called three circulating claims untrue and baseless: that the proceeds were used improperly, that the shares could not be registered and deposited, and that the offering could be cancelled.
On funding and capital. SHB said it plans, in October 2026, to offer bonds on international markets and arrange an international syndicated loan of USD 300–500 million. The international bond plan is not new: in late September the press reported that SHB had approved the filing to offer international bonds. The bank put its consolidated capital adequacy ratio at about 12% as of June 30, 2026, against a regulatory minimum of 8%.
Also on October 9, Mr. Đinh Ngọc Dũng, Deputy CEO of Saigon – Hanoi Commercial Joint Stock Bank (SHB), registered to buy 2 million SHB shares between October 15 and November 12, 2026. Before the trade he held 1,639,140 shares, or 0.031% of capital. If completed, his stake rises to more than 3.6 million shares, or 0.068%. At under one-thousandth of the bank's capital, this is a date on the calendar, not enough to read as a price signal.
What the Statement Does Not Say
Read closely, the statement leaves holders of the rights-offering lot with three unanswered questions.
First, which procedural step is actually pending. The statement cites a circular on approving changes at commercial banks, but does not say which change is in the filing, when it was submitted, or whether the State Bank has asked for anything further. As of writing, the State Bank has made no public comment on this filing, so everything about its status is SHB's own account.
Second, the date the shares will trade. The October target is SHB's expectation for finishing the procedures. The statement gives no additional listing date or first trading day for the 434.3 million shares.
Third, what "carrying out the issuance roadmap" actually involves, given that shareholders paid and received their allocation back in May. The statement does not elaborate.
The Next Markers to Watch
For holders of the rights-offering lot, the immediate consequence is clear. Until the procedures are done and SHB announces an additional listing, the 434.3 million-share lot cannot be sold on the exchange, whether the price sits at VND 10,000 or climbs above VND 12,500. The older lot trades as usual.
The available evidence is not enough to say whether the October target will be met. It is the bank's expectation, not a fixed date. Two disclosures will answer the open question: the State Bank's response, and SHB's formal additional-listing announcement on HOSE. If a listing document appears by the end of October, the expectation has been met. If not, the question shifts to whatever new date SHB gives and its explanation for the remaining hold-up.
Two other dates are already on the calendar: the Deputy CEO's purchase window opens on October 15, and the international bond offering and syndicated loan SHB plans for this month. Both are publicly verifiable, and both help test what the bank said in its October 9 statement.