Dragon Capital's fund group has reported selling 710,000 shares of Khang Dien House (HoSE: KDH). After the trade, the group's holding fell from 62.9 million shares, or 5.05% of capital, to 62.19 million shares, or 4.99%.CafeF At that level, the group is no longer a substantial shareholder of Khang Dien.
The volume sold is tiny relative to what the group holds. Yet the 0.06 percentage-point gap takes the group below the exact threshold the law uses to trigger ownership reporting, and that changes how outsiders can see a block of nearly 5% of the company. Put simply, the trade is small in size but meaningful for transparency.
710,000 shares sold, still about VND 976 billion held
The two member funds that traded were Hanoi Investments Holdings Limited (sold 500,000 shares) and DC Developing Markets Strategies Public Limited Company (sold 210,000 shares).VnEconomy Outlets disagree on the trade date: Đầu tư Chứng khoán and VnEconomy give 10 November 2026, while CafeF gives the 12 November session.Đầu tư Chứng khoán This article therefore does not rely on any single date.
Consider the scale. The 710,000 shares are only about 1.1% of the group's earlier holding. On 10 November KDH traded 22.89 million shares, and on 12 November 21.71 million. Whichever day it was, the sale equals roughly 3% of that session's volume.
The remainder is the large part. At the 13 November close of VND 15,700, the 62.19 million shares still held are worth about VND 976 billion. So this should not be read as the funds leaving Khang Dien. The group remains a holder of nearly 5% of capital; it simply sits below the threshold.
Why 0.06 percentage points changes the picture
The rule sits in Article 31 of Circular 96/2020/TT-BTC on disclosure in the securities market.Caselaw Under it, an organization or individual that becomes, or ceases to be, a substantial shareholder must report to the public company, the State Securities Commission and the exchange within five working days. Once a substantial shareholder, each time the holding crosses a 1% step of voting shares also triggers a report within five working days. The public company then posts the report on its website within three working days.
Article 31 also covers groups of related foreign investors holding 5% or more, measured on the total shares the group holds. That is why Dragon Capital reports as a group, combining its member funds, rather than fund by fund.
Two things follow. First, even while a substantial shareholder, the group does not report every purchase or sale. A report arises only when the holding crosses a round threshold such as 6%, 7% or the 5% mark itself. This sale was disclosed because it took the group from 5.05% to 4.99%, across the 5% line.
Second, once below 5%, the group is outside Article 31. Further selling or buying while under 5% does not create an ownership report under this article. A report returns only if the group climbs back to 5% or more, at which point it must report becoming a substantial shareholder within five working days. For anyone holding KDH, the practical effect is that this block of roughly 62 million shares is harder to track through disclosures. Looking at the trading board, it will be hard to tell whether a large sell order in a session came from Dragon Capital.
VinaCapital sits on the other side of the line
Around the same time, the VinaCapital Fund Management shareholder group reported net buying of 3,381,090 KDH shares on 10 November 2026. That day, Longwoods Worldwide Limited bought 2.5 million shares, the VinaCapital blue-chip equity fund bought 1.28 million, and the VinaCapital modern-economy equity fund sold 398,910. Afterward the group held 100,712,935 shares, or 8.09% of Khang Dien.VnEconomy This followed Longwoods' negotiated share receipt on 6 November.
These are two separate reports from two fund groups, and this article does not link them as a transfer between the two. What is worth comparing is each group's position relative to Article 31. At 8.09%, VinaCapital remains a substantial shareholder, so the next time its holding crosses 9% or falls below 8%, it must report within five working days. Any meaningful change in this block of more than 100 million shares will still show up in disclosures. Dragon Capital's block no longer does.
Khang Dien: Q3 down, nine months still up
On the exchange, KDH rose 5.65% to VND 15,900 on 10 November, fell 2.52% on 11 November, then edged up to VND 15,550 on 12 November and VND 15,700 on 13 November. The two funds' trades fell in a week of fairly sharp price swings, but no evidence shows that either trade drove the price. Dragon Capital's sale was too small relative to session volume to be the main force, and VinaCapital's 10 November buying was only part of nearly 23 million shares traded that day.
The earnings the two groups are looking at point in two directions. For the nine months, consolidated net revenue was just over VND 483.4 billion, down 83.1%, but profit after tax reached nearly VND 1,267.7 billion, up 50.8% from the first nine months of 2025. Against a 2026 after-tax profit plan of VND 1,500 billion, Khang Dien has covered 84.5% of the plan after three quarters.CafeF
For Q3 alone, per the consolidated financial statements as cited by CafeF, net revenue was just over VND 41.4 billion, down 96.2% year on year, and gross profit nearly VND 6.2 billion, down 99.2%. Income from associates was over VND 132.7 billion, with no such item a year earlier. Other income was over VND 141.4 billion, mainly a contract-termination compensation payment of nearly VND 129.4 billion. Net profit for Q3 was nearly VND 169 billion, down 68% from Q3 2025.
On the company's side, at a 9 November investor meeting attended by Vietcap Securities (VCSC), Khang Dien's management expected cash collected from property sales to rise above VND 10 trillion in 2027, versus about VND 4.5 trillion projected for 2026, mainly from the Gladia, Binh Trung expansion and The Solina projects. Management also expects VND 2.58 trillion from joint ventures and associates in 2026, including VND 1.0 trillion of deposits already received in Q3.VnEconomy These are the company's expectations, not recognized figures.
What to watch next
The conclusion is simple: Dragon Capital's trade is small in size, and nothing shows it is a signal about Khang Dien's prospects. The real change lies elsewhere: this block of about 62 million shares will no longer appear through ownership reports unless the group returns to 5% or more.
For VinaCapital, the two marks to watch are 9% and 8%; its next report, if any, will show whether it keeps accumulating or starts trimming. For Khang Dien, the next major data point is the Q4 2026 financial statements, expected at the end of January 2027. They will show how many homes were handed over in the final quarter and whether the joint-venture receipts management described reach the books. If Q4 profit comes in around VND 232 billion, the amount still missing from the VND 1,500 billion plan, Khang Dien meets its annual plan. If lower, the plan will fall short, while the 50.8% rise for nine months stays as it is.CafeF