Pyn Elite Fund Boosts SHS Stake to 7.82% with 8 Million Share Purchase

Overview

Finland’s Pyn Elite Fund purchased 8 million shares of Saigon - Hanoi Securities Joint Stock Company (SHS) on April 1, 2026, increasing its ownership to over 70.3 million shares, equivalent to 7.82% of the company’s charter capital. This transaction continues a pattern of recent buying by the foreign fund, which first became a major shareholder in SHS on March 25, 2026. The move highlights growing foreign institutional interest in a Vietnamese securities firm that reported robust 2025 financial results.

Key Facts

• Pyn Elite Fund purchased 8 million SHS shares on April 1, 2026, via the exchange.
• The fund’s total ownership increased to over 70.3 million shares, representing 7.82% of SHS’s charter capital.
• This follows earlier purchases: 2.9 million shares on March 25, 2026 (raising stake to 5.26%), and 15 million shares on March 31, 2026.
• SHS reported 2025 net profit of over VND 1,343 billion, a 32% year-on-year increase.
• Proprietary trading revenue grew 40% in 2025 compared to 2024.
• Brokerage revenue increased 18% in 2025, with loan receivables reaching VND 9,098 billion.
• Total assets stood at nearly VND 23,032 billion as of December 31, 2025, up 64.2% from 2024.

What Happened

According to a filing sent to the State Securities Commission of Vietnam (SSC), the Ho Chi Minh City Stock Exchange (HOSE), and SHS, Pyn Elite Fund reported a change in ownership for a major shareholder holding 5% or more of shares. The filing details that on April 1, 2026, the fund bought 8 million SHS shares on the exchange, raising its stake from over 62.3 million shares (6.93%) to over 70.3 million shares (7.82%). This continues a recent trend of accumulation, with the fund first crossing the 5% threshold on March 25, 2026, after purchasing nearly 2.9 million shares, and then buying an additional 15 million shares on March 31, 2026.

The filing coincides with SHS’s disclosed 2025 financial performance. The company reported total revenue and other income of nearly VND 3,674 billion, a significant increase from approximately VND 1,998 billion in 2024. Net profit reached over VND 1,343 billion, up 32% year-on-year, which SHS attributed to a 40% rise in proprietary trading due to positive market developments. Brokerage revenue grew 18%, supported by improved market liquidity and expanded market share among both individual and institutional clients.

Market Context

SHS trades on the Ho Chi Minh City Stock Exchange (HOSE). The stock closed at VND 18 on April 14, 2026, up 1.68% on volume of 11.73 million shares. The recent buying activity by Pyn Elite Fund occurs against a backdrop of strong 2025 results for SHS, which may have attracted foreign interest. The Vietnamese securities sector has benefited from improved market liquidity and trading activity, as reflected in SHS’s financial metrics.

Strategic Significance

For long-term investors, Pyn Elite Fund’s increasing stake signals confidence in SHS’s business model and growth trajectory within Vietnam’s evolving capital markets. The fund’s continuous purchases, now totaling over 25.9 million shares in less than two weeks, suggest a strategic accumulation rather than a short-term trade. This aligns with SHS’s demonstrated ability to capitalize on market upturns through its proprietary trading and brokerage operations, which are core revenue drivers. Foreign ownership can also enhance corporate governance and provide stability to the shareholder base.

What to Watch

• Further ownership disclosures from Pyn Elite Fund or other foreign investors regarding SHS.
• SHS’s Q1 2026 earnings release to assess if strong 2025 performance trends are continuing.
• Updates on SHS’s market share in brokerage and proprietary trading activities.
• Overall foreign net buying/selling trends in the Vietnamese securities sector.
• Regulatory changes affecting foreign ownership limits in financial services firms.