On the morning of October 28, Novaland (NVL) disclosed a batch of trade notices from insiders and related persons. Ms. Bui Cao Ngoc Quynh, daughter of founder Bui Thanh Nhon and younger sister of Chairman Bui Cao Nhat Quan, registered to buy 30 million shares.CafeBiz In the same batch, the CEO and two Deputy CEOs registered to sell almost 26 million shares between them.
Read as numbers, these are two moves of nearly equal size pointing in opposite directions. This piece sets them side by side: how much the founding family's stake and the executive team's stake would change if every order fills, and when NVL holders will learn whether the orders became real trades.
A note on the name
Outlets reporting on October 28 did not spell the buyer's name the same way. Người Quan Sát and Đầu tư Chứng khoán print "Cao Thị Ngọc Quỳnh". CafeBiz and Báo Pháp luật print "Bùi Cao Ngọc Quỳnh", which matches the name of Mr. Nhon's daughter in NVL share transactions in earlier years.Báo Pháp luật This article uses "Bùi Cao Ngọc Quỳnh". The trade figures agree across all four outlets.
The 30-million-share buy order
According to the trade notice, Ms. Quynh registered to buy 30 million NVL shares to increase her ownership, through order matching and/or negotiated deals, between November 2 and November 13, 2026.Người Quan Sát
If the order fills in full, her holding rises from just over 8.31 million to 38.31 million shares, or from 0.346% to 1.594% of charter capital.CafeBiz That order alone moves about 1.25 percentage points of charter capital, and her stake would be roughly 4.6 times today's.
On cost, Người Quan Sát estimates about VND 315 billion at a market price near VND 10,500 per share. NVL's latest matched price in the morning session on October 28 was VND 10,450, 0.95% below the reference price, so VND 315 billion remains a reasonable estimate. The actual amount depends on matched prices between November 2 and November 13 and on how much she manages to buy.
How big is it next to last week's order?
This order arrives a week after another buy order from a party related to the Chairman. On October 20, Diamond Properties, a major shareholder related to the Chairman, registered to buy 7 million NVL shares in the October 26–30 window, which would lift its stake from 7.423% to 7.715% if filled in full.CafeBiz Ms. Quynh's order is about 4.3 times that size.
In the same October 26–30 week, the Chairman's mother registered to sell 6.3 million shares,FireAnt so if those orders fill in full, the net holding of the Chairman's related parties barely moves. This time is different: the October 28 notices include no sell order from anyone in the founding family. If Ms. Quynh buys in full, the family's stake rises by about 1.25% of charter capital.
Three executives going the other way
In the same batch, three members of the management team registered to sell shares, citing personal reasons in the notice.Đầu tư Chứng khoán
- Mr. Duong Van Bac, CEO: registered to sell over 10.63 million shares, leaving just over 5.16 million if fully sold, roughly two-thirds of his holding.
- Ms. Tran Thi Thanh Van, Deputy CEO: registered to sell about 7.58 million shares, leaving just over 11.63 million.
- Mr. Cao Tran Duy Nam, Deputy CEO: registered to sell about 7.58 million shares, leaving just over 3.69 million, also around two-thirds of his holding.
Together the three registered to sell about 25.79 million shares. If filled in full, they would hold about 20.49 million shares in total, or 0.853% of charter capital.Báo Pháp luật Working backward, before the trades they held about 46.3 million shares, roughly 1.93% of charter capital. The executive team's stake would therefore fall by more than half, about 1.07 percentage points. At the October 28 morning price of VND 10,450, the registered sales are worth roughly VND 270 billion.
The October 28 reports do not state the time window for the three sell orders. Beyond "personal reasons", the notice gives no other explanation, and this article does not speculate.
Putting the two groups side by side
Adding buys and subtracting sells, the whole October 28 batch tilts toward buying by about 4.2 million shares, under 0.2% of charter capital. A net figure that small invites the conclusion that nothing is changing.
Split by group, the picture looks very different. The founding family could gain about 1.25 percentage points, while the executive team could lose about 1.07. Because the two moves are nearly equal in size, they almost cancel in aggregate. For an NVL holder, the useful question is whose stake is changing, not just the net insider buying and selling.
The two groups also play different roles. The buyer belongs to the founder's family, which includes the Chairman, Mr. Nhon's son, and a related entity, Diamond Properties. The three sellers run day-to-day operations. The notices give only two reasons: to raise ownership for the buy, and personal reasons for the sales. Beyond those two lines, no data supports assigning a motive to either side.
Where November 2–13 sits in the offering calendar
Novaland is offering about 800.7 million shares to existing shareholders at a 3:1 ratio, priced at VND 10,000 per share. The deadline to transfer rights has been extended to November 23, 2026, and the deadline to register and pay is November 26, 2026.Báo Pháp luật
Ms. Quynh's buy window falls entirely before those two dates. However, the list of shareholders entitled to the rights was fixed earlier, with a final record date of October 1, 2026.Mekong ASEAN Shares bought on the exchange between November 2 and November 13 therefore carry no rights in this offering. The 30-million-share order is a market trade, separate from the rights held by shareholders on the October 1 list.
One caveat on the percentages: figures such as 1.594%, 0.853% and 7.715% are all computed on current charter capital, about 2.4 billion shares (derived from 38.31 million shares equaling 1.594%). After the offering closes, shares outstanding will rise depending on how much is subscribed, and every shareholder's percentage will be recalculated on the new base.
Business context
The trade notices came in the same week Novaland released estimated Q3 results: profit after tax of more than VND 1,100 billion, over VND 2,800 billion for nine months, about 1.5 times the full-year plan.Người Quan Sát These are estimates, not audited financial statements, and this article does not use them to explain either the buy or the sell orders.
Registered is not the same as bought
Every calculation above assumes the orders fill in full. A registration is an intention; the result is the fact, and an order can fill partly or not at all. The thesis here is therefore conditional. If both sides fill in full, the founding family's stake rises for real while the executive team's stake falls by more than half. If the buy fills in full but the sales fill only lightly, only the founding family's side changes. Only the results reports will show which scenario played out.
Dates to watch:
- After October 30: the results report on Diamond Properties' 7-million-share buy. As of midday October 28 that window was still open, so no executed volume existed yet.
- After November 13: the results report on Ms. Quynh's buy, to be read next to the reports from the three executives.
- After November 26: Novaland reports the offering results and the new share count, which finally allows each shareholder group's true percentage to be calculated.