Several outlets put a figure close to VND 1,100 billion in their headlines when reporting that Techcom Securities (TCBS, ticker TCX on HoSE) is taking part in the capital raise of the crypto-asset exchange TCEX. Read the board resolution of 5 November closely and that number is two very different pieces. The amount TCBS is certain to pay is only about VND 16 billion. The rest is a standby allowance, and whether it gets used depends on how much the other shareholders take up.
On the numbers, TCBS's actual outlay will land somewhere between VND 16.17 billion and nearly VND 1,100 billion. The VND 1,100 billion figure is a ceiling, not a commitment to spend.
What the 5 November resolution approves
On 6 November, TCBS published Board Resolution No. 010511/26/NQ-HĐQT-TCBS dated 5 November 2026 on exercising purchase rights in the share offering to existing shareholders of Techcom Crypto-Asset Exchange JSC (TCEX).TheLEADER TCEX plans to use the offering to raise its charter capital to VND 10,000 billion.MarketTimes The resolution covers three things.
The pro-rata right. As an existing shareholder, TCBS will exercise its right to buy 1,617,327 shares at VND 10,000 each, a total of just over VND 16.17 billion, expected in Q4 2026.MarketTimes
The top-up allowance. If the offering is not fully taken up and TCEX's board offers the remainder to existing shareholders, TCBS may apply to buy more. TCBS's board has left the volume to its Chairman, up to 108,352,973 shares, about VND 1,083.5 billion.MarketTimes Together, the two parts allow TCBS to buy up to 109,970,300 shares.Thời báo Tài chính If it buys the full amount, TCBS would hold 11% of TCEX's post-raise charter capital, equal to VND 1,100 billion at par value.MarketTimes
The capital representative. Mr. Nguyễn Xuân Minh, Chairman of TCBS, replaces Ms. Nguyễn Thị Thu Hiền, Vice Chairwoman of TCBS, as representative of all TCBS's equity in TCEX, including shares arising from this raise.MarketTimes Mr. Minh is also Chairman of TCEX.
Why the certain part is so small
In an offering to existing shareholders, each holder may buy new shares in proportion to the shares it already owns. TCBS's right is worth VND 16.17 billion. Against the VND 10,000 billion target, that is about 0.16% of TCEX's post-raise capital, which means most of the rights in this offering belong to other shareholders.
The most recent shareholder breakdown in the press dates from TCEX's founding. According to An ninh tiền tệ, TCEX was set up in May 2025 with VND 3 billion of capital: Mr. Nguyễn Xuân Minh held 89%, TCBS 9.9%, and Techcom Capital 1.1%.Fireant In August 2025, TCEX raised its capital to VND 101 billion.
The VND 1,083.5 billion allowance is therefore a backstop for the offering. If the other shareholders take up their full share, TCBS spends only VND 16.17 billion. If they leave part of their rights unused, the leftover shares are offered again to existing shareholders and TCBS can buy up to the ceiling. TCBS's real outlay therefore sits between VND 16.17 billion and nearly VND 1,100 billion, and it moves in the opposite direction to everyone else's appetite.
The VND 10,000 billion bar and the rules of Resolution 05
The VND 10,000 billion level is not a number TCEX picked for itself. Resolution 05/2025/NQ-CP on the crypto-asset market pilot requires a market-operator service provider to have at least VND 10,000 billion of paid-in charter capital. At least 65% of that capital must come from institutions, and more than 35% from at least two institutions among commercial banks, securities firms, fund managers, insurers or technology companies.MarketTimes
That explains why a securities firm's top-up matters to TCEX. Two conditions must be met at once: VND 10,000 billion of paid-in capital, and enough institutional ownership. When an individual shareholder does not use all of its rights, the leftover shares offered again are where institutional money can come in.
By Investify's own arithmetic, TCBS is only one piece of that picture. At 11%, TCBS contributes VND 1,100 billion of the at least VND 6,500 billion that must come from institutions. To clear the 35% threshold from eligible institutions, at least one other institution in that group would have to contribute more than 24% of the capital, over VND 2,400 billion.
Where TCEX stands
Meeting the capital bar does not mean holding a licence. According to TheLEADER, on 4 May 2026 the Ministry of Finance confirmed that TCEX's documents were complete and valid at the first-round review.TheLEADER The Cybersecurity Department (Ministry of Public Security) approved TCEX's level-4 information system security proposal under Official Letter 5490/BCA-A05 of 12 October 2026.MarketTimes The exchanges CAEX and SCEX have also passed the level-4 security review alongside TCEX.TheLEADER
Licensing a crypto-asset trading market operator is the Ministry of Finance's call, and TCEX must still meet requirements on personnel, technology infrastructure and operations. The legal framework is still being filled in: on 31 October 2026 the Ministry issued Circular 165/2026/TT-BTC on reporting and disclosure in the crypto-asset market, effective 18 December 2026.Doanh nghiệp và Kinh tế xanh
TCBS began preparing for this business before the capital raise. On 29 May 2026, its board approved transferring assets for building the exchange to TCEX, worth about VND 49.6 billion in total. According to the same source, crypto assets are a new investment area that TCBS announced when it listed TCX and repeated at its 2026 annual general meeting.Thời báo Tài chính
For anyone holding TCX
The VND 1,100 billion maximum needs to be put in proportion. In the 6 November session, TCX closed at VND 29,000 per share, a market capitalisation of about VND 96,600 billion. Even if TCBS uses the whole allowance, the capital going into TCEX equals about 1.1% of TCBS's own market value. The certain part, VND 16.17 billion, is far smaller still.
Size is not the only thing to watch. The top-up is used only when other shareholders do not take up their share, so TCBS's actual outlay moves opposite to the other shareholders' appetite. In return, TCBS's stake in TCEX is capped at 11%, and the value of the investment is tied to whether TCEX gets licensed.
The conclusion is straightforward: VND 1,100 billion is the ceiling, VND 16 billion is the part already settled, and the space between is decided by TCEX's other shareholders. The offering result in Q4 2026 will fix the number. Once TCEX reports the result and TCBS discloses the shares it actually bought, TCX holders will know whether the outlay fell closer to VND 16 billion or VND 1,100 billion. That report will also show which institutions supplied the rest of the capital TCEX needs to meet the 65% institutional-ownership condition.