Ho Chi Minh City Stock Exchange (HOSE) has just sent a document to Bamboo Capital Group Joint Stock Company (HOSE: BCG) regarding the mandatory delisting of BCG shares.
According to HOSE, up to now, Bamboo Capital has not yet reported and announced a series of financial statements including 2024 audited financial statements, 2025 audited financial statements, 2025 semi-annual reviewed financial statements, quarterly financial statements in 2025 and Q1/2026 financial statements, including both separate and consolidated reports. Based on current regulations, HOSE said that BCG shares are subject to mandatory delisting.
At the same time, HOSE also has a document on the mandatory delisting of shares of Tracodi Construction Group JSC (HOSE: TCD), a business in the Bamboo Capital ecosystem. Accordingly, Tracodi has announced its audited financial statements for 2024 and 2025.
However, A&C Auditing and Consulting Co., Ltd. declined to comment on these reports. This is one of the cases where shares are forced to be delisted according to regulations, when the auditor refused to comment on the most recent year's financial statements of the listed organization.
Previously, both businesses had requested a temporary postponement of submitting the 2024 audited financial statements, the 2025 audited financial statements and the 2025 semi-annual reviewed financial statements on the grounds of force majeure situations.
Another business in the ecosystem, BCG Land (UPCoM: BCR), also once requested to postpone the publication of many financial statements and extend the time to organize the 2026 Annual General Meeting of Shareholders with the reason that it needed more time to complete data.
To date, both Bamboo Capital and Tracodi have not taken any action to organize the 2026 Annual General Meeting of Shareholders even though it has exceeded the deadline of June 30.
On the stock market, the market price of BCG shares is currently at 2,530 VND/share, TCD is currently down more than 90% compared to the historical peak and has been below the 2,000 VND/share mark since the end of 2025 before being suspended from trading.
The difficult story of businesses in the Bamboo Capital ecosystem appeared after functional agencies announced the decision to prosecute Mr. Nguyen Ho Nam - former Chairman of Bamboo Capital; and Ms. Huynh Thi Kim Tuyen, former Vice Chairman of Tracodi's Board of Directors at the end of February 2025.
At the Extraordinary General Meeting of Shareholders at the end of 2025, the Group's Board of Directors also approved the business plan forecast for the period 2025 - 2030. Accordingly, in the period 2025-2027, Bamboo Capital is expected to maintain a loss situation. In 2025, after-tax loss of 1,843 billion VND; in 2026 loss of 301 billion VND; in 2027 loss of 76 billion VND. From 2028, the Company expects to return to profit at 76 billion VND and increase to more than 300 billion VND/year in the period 2029-2030.
The Board of Directors of Bamboo Capital assesses that the key task of restructuring is to redesign the capital structure to ensure liquidity and capital recovery capacity for key projects. Bamboo Capital plans to negotiate with banks, bondholders and strategic investors in the period 2026-2030 to adjust interest rates, terms and guarantee mechanisms. At the same time, the company will seek long-term capital for core business lines.
Bamboo Capital's leadership admits the biggest challenge is choosing the right project. Low-yield projects may be cut to focus resources on projects that can generate fast money. The company emphasizes that the risk of incorrect restructuring can cause cash flow to lose control, rise cross-payment risks and slow recovery progress.
