1. Conditions for listing shares

Stipulated in Article 109 of Decree 155/2020/ND-CP, specifically:

–      Being a joint-stock company with charter capital contributed at the time of listing registration of VND 30 billion or more based on the most recent audited financial statements, and at the same time the capitalization value reaches at least VND 30 billion according to the weighted average of the share payment price in the latest public offering in accordance with this Decree or the reference price of shares traded on the Upcom trading system in the last 30 sessions before the time of submitting the listing registration application or the average price of the right price paid in the initial sale of shares of the equitized enterprise;

–      The listing has been approved by the General Meeting of Shareholders; have traded on the Upcom trading system for at least 02 years, except for cases where the listing registration organization has offered shares to the public or equitized enterprises;

–      The rate of return after tax on equity (ROE) in the year immediately preceding the listing registration year is at least 5% and business activities of 02 consecutive years before the listing registration year must be profitable; no overdue debts more than 01 year from the time of listing registration; no accumulated losses based on the most recent audited financial statements or semi-annual financial statements reviewed in the case of listing registration after the end of the semi-annual financial reporting period;

–      Except for the case of equitized enterprises, the listing registration organization must have at least 15% of the voting shares held by at least 100 shareholders who are not major shareholders; in case the charter capital of the listing registration organization is VND 1,000 billion or more, the minimum percentage is 10% of the number of voting shares;

–      Shareholders are individuals or organizations whose ownership representatives are the Chairman of the Board of Directors, members of the Board of Directors, the Head of the Supervisory Board and members of the Supervisory Board (Controllers), General Director (Director), Deputy General Director (Deputy Director), Chief Accountant, Financial Director and equivalent management titles elected by the General Meeting of Shareholders or the Council appointed administrators and major shareholders who are related persons of the above entities must commit to continue holding 100% of the shares owned by them for a period of 06 months from the date of the first trading of shares on the Stock Exchange and 50% of these shares in the next 06 months, excluding the number of state-owned shares held by the above individuals;

–      The company and its legal representative shall not be handled for violations within 02 years from the time of listing registration due to performing prohibited acts in securities and securities market activities specified in Article 12 of the Law on Securities;

–      There are securities companies advising on listing registration dossiers, except for cases where the listing registration organization is a securities company.

The classification and arrangement of listed shares is based on the criteria specified in the listing regulations of the Vietnam Stock Exchange, including: charter capital, capitalization value, operation time, financial situation, structure of shareholders who are not major shareholders, corporate governance.

2. Listing registration dossier

–      Registration certificate for listing shares;

–      Listing prospectus; Certificate of registration of offering and selling of the State Securities Commission, report on results of public offering of securities by a listing registration organization or approval decision of a competent state agency on the equitization scheme (in case of a dossier of registration for listing shares of an equitized enterprise); Decision of the General Meeting of Shareholders approving the listing of shares;

–      The register of shareholders of the listing registration organization shall be made within 01 month before the time of submitting the listing registration dossier; enclosed with a list of major shareholders, strategic shareholders, insiders and related persons of insiders (number, percentage of holdings, period of restricted transfer (if any));

–      Commitment of shareholders being individuals or organizations whose ownership representatives are the Chairman of the Board of Directors, members of the Board of Directors, Head of the Supervisory Board and members of the Supervisory Board (Controllers), General Director (Director), Deputy General Director (Deputy Director), Chief Accountant, Financial directors and equivalent management titles elected by the General Meeting of Shareholders or appointed by the Board of Directors and commitments of major shareholders who are related persons of the above subjects to hold 100% of the shares owned by them for a period of 06 months from the date of the first trading of shares on the Stock Exchange and 50% of these shares for the next 6 months;

–      Listing consultancy contracts, except for cases where the listing registration organization is a securities company;

–      Certificate of the Vietnam Securities Depository and Clearing Corporation on the fact that shares of a listing registration organization have registered centralized securities;

–      Certificate of business registration, Establishment and operation license or legal papers of equivalent validity;

–      Financial statements for 02 consecutive years before the listing registration year of the listing registration organization.

3. Listing registration procedures

Stipulated in Article 111 of Decree 155/2020/ND-CP, specifically:

–      Within 30 days from the date of receipt of a complete and valid listing registration dossier, the Stock Exchange shall issue a decision approving the listing; in case of refusal, a written response clearly stating the reasons therefor must be given.

–      Within 90 days from the date of approval for listing, the listing registration organization must put securities into trading.

During the research process, if you have any questions, please contact us through the following information:

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