On November 4, funds managed by Dragon Capital bought 5 million shares of DXG, issued by Bluemarq Group JSC (formerly Dat Xanh Group). The purchase lifted the group's total holding from 61.05 million to 66.05 million shares, or from 4.81% to 5.21% of capital. Having crossed the 5% line, the group has been a major shareholder again since November 6, four months after it dropped out of that position.Mekong ASEAN
Taken alone, this is a buy. Set against the full-year timeline, the 5 million shares recoup only about a third of what the group has shed since June. On the company side, consolidated nine-month results show net revenue of VND 2,823 billion, up 3.5% year on year, but consolidated net profit down 51% to VND 253 billion, and just VND 3.2 billion in Q3 alone, the lowest in 11 quarters.Mekong ASEAN This piece reads the two timelines side by side, milestone by milestone.
Timeline one: Dragon Capital's position
At the end of 2025, after a sale on November 11, 2025, the group still held 9.88% of Dat Xanh's charter capital.Thị trường tài chính tiền tệ The stake has fallen through a series of sales since. The 2026 ownership-change filings show the following.
On June 12, five member funds sold a combined 2.6 million shares. The group's holding fell from over 77.1 million to over 74.5 million shares, or from 6.08% to 5.88% of capital. This came right after a 100:14 bonus share issue that raised charter capital from VND 11,141 billion to nearly VND 12,699 billion, so share counts from this point on sit on the same capital base and can be compared directly.CafeF
On July 14, Samsung Vietnam Securities Master Investment Trust bought 268,800 shares while three other funds sold a combined 815,000. The group's holding fell from over 63.4 million to nearly 62.9 million shares, or from 5.0004% to 4.9573%, and it was no longer a major shareholder.CafeF The gap between the two filings deserves attention: from 74.5 million shares after June 12 to 63.4 million before July 14 is about 11 million shares in under a month, far more than the individual sales reported in each filing.
Between July 14 and November 4, the group's holding slipped by a further 1.8 million shares or so, to 61.05 million.Mekong ASEAN
On November 4, five member funds bought together, per Markettimes:Markettimes
- Vietnam Enterprise Investments Limited (VEIL): 2.7 million shares, the largest lot.
- Hanoi Investments Holdings Limited: 1.2 million shares.
- Norges Bank: 800,000 shares.
- Samsung Vietnam Securities Master Investment Trust: 232,500 shares.
- Gates Foundation Trust: 50,000 shares.
DXG closed at its upper price limit of VND 10,550 per share that session. Markettimes tentatively valued the purchase at about VND 52.75 billion at that price. That is the outlet's estimate, not an amount the funds reported spending.Markettimes
By the numbers, the group held about 77.1 million shares before June 12 and 61.05 million before November 4, down roughly 16 million. The repurchase lifts the figure to 66.05 million, still about 11 million below the June level. The group is back in the major-shareholder seat, but not back to its early-summer scale. November 4 was also the session DXG hit its upper limit, the biggest one-day gain in the last 30 sessions, coinciding with the fund purchase. The available data is not enough to separate the contribution of that buying from other factors.
Timeline two: Bluemarq Group's earnings
The figures below come from Bluemarq Group's consolidated financial statements. In Q3 2026, net revenue was VND 683 billion, down 36% year on year. Real estate brokerage remained the largest segment at VND 410 billion, down 33%. Apartment and land sales fell harder, to VND 156 billion, down 54%. By contrast, property management, leasing and investment property rose 5% to VND 107 billion.Doanh Nhân VN
The quarter has two different profit figures, and each needs reading correctly:
- Consolidated net profit was VND 3.2 billion, down 98% from nearly VND 164 billion in Q3 2025, the lowest in 11 quarters.Mekong ASEAN
- Net profit attributable to parent-company shareholders was over VND 15 billion, down 84%.Markettimes
Consolidated profit includes the share of non-controlling shareholders in subsidiaries. Because the parent-shareholder figure is higher than total consolidated profit, the non-controlling share was a loss in Q3. For someone holding DXG stock, the number tied directly to them is the VND 15 billion-plus.
The company has explained the drop. In an explanatory report cited by Mekong ASEAN, it said high mortgage rates made buyers more cautious about transacting, and that profit fell mainly because revenue from apartment and land sales and from brokerage services declined.Mekong ASEAN
Over nine months, net profit attributable to parent-company shareholders was VND 106 billion, down 52%. The company's 2026 plan calls for revenue of VND 5,000 billion and VND 268 billion in profit attributable to parent shareholders.Mekong ASEAN After three quarters, it has delivered about 56% of the revenue plan and 40% of the profit plan. To meet the profit plan, Q4 would need to bring in about VND 162 billion for parent shareholders, more than 10 times the VND 15 billion-plus of Q3.
Money that is not yet revenue
One balance-sheet figure runs against profit. As of September 30, 2026, short-term customer prepayments stood at VND 9,057 billion, up VND 2,880 billion from the start of the year, mostly individuals prepaying for apartments.Mekong ASEAN That is an increase of roughly 47%.Doanh Nhân & Pháp Luật
This is a liability, not revenue. It reaches the income statement only when apartments or land plots meet handover conditions, so the handover schedules of the two main projects decide when prepayments turn into profit. Gem Sky World has about 200 products, mostly commercial townhouses, scheduled for handover in the second half of 2026. That is a plan, and the source does not break out the Q4 portion.Doanh Nhân & Pháp Luật
The Privé topped out its phase one on November 7, and under the plan the first apartments are to be handed over from Q3 2027.Markettimes
On cash flow, operating cash flow for nine months was negative by more than VND 578 billion, and cash and cash equivalents fell 58% from the start of the year to VND 1,309 billion. Short-term financial investments, however, rose 133% to VND 3,811 billion, mostly short-term loans and term deposits, so part of the lower cash balance moved into those items rather than leaving the balance sheet.Doanh Nhân VN
The second registered buyer: Mr. Hà Đức Hiếu
Alongside Dragon Capital, Mr. Hà Đức Hiếu, a board member of Bluemarq Group JSC (DXG), registered to buy 15 million DXG shares through order matching and negotiated deals, scheduled from November 3 to December 2, 2026.CafeF If he buys in full, he would hold about 15.47 million shares, raising his stake from 0.04% to 1.22% of charter capital. At the October 29 close of VND 9,880 per share, Người Đưa Tin estimates he would need a little over VND 148 billion.Người Đưa Tin
From August 4 to 26, 2025, Mr. Hiếu sold 6,355,000 DXG shares, cutting his holding from 0.66% to 0.04%.Thị trường tài chính tiền tệ The registration is a plan; the actual purchase will be known only from the transaction results report.
Two timelines, one set of facts
On November 9, DXG closed at VND 10,950 per share, above the VND 10,550 of the session the funds bought.
The two timelines are not linked by causation. The funds buying back says nothing about Q4 profit, and the Q3 profit drop does not explain why the funds bought. What placing them side by side does show is where each side actually stands. Dragon Capital is back at the 5% line but holds about 11 million fewer shares than in June. The company has covered 40% of its full-year profit plan, with nine-month revenue up 3.5% and more than VND 9,000 billion of customer prepayments awaiting handover.
Two upcoming milestones will add data:
- After December 2: Mr. Hiếu's transaction results report will show how much of the 15 million registered shares he actually bought.
- Q4 2026 financial statements: they will show whether parent-shareholder profit reaches about VND 162 billion, enough to meet the VND 268 billion plan, and how much of the roughly 200 Gem Sky World products have been handed over.
If Q4 records most of the Gem Sky World products, the gap to the full-year profit plan will narrow. If handover slips into next year, that gap will not narrow.