AsemconnectVietnam - Following the transaction, Hoa Phat holds 25.13% of the capital in Tuong Lai Song Hong and recognizes it as an associate company on its balance sheet.

Hoa Phat Group Joint Stock Company (HOSE: HPG) has completed the purchase of 799.5 million newly issued shares of Tuong Lai Song Hong Group Joint Stock Company, with a total par value of VND7,995 billion.
The capital contribution was made in assets instead of cash, according to the Board of Directors' resolution on this transaction announced by Hoa Phat on October 1, 2026.
Specifically, HPG used over 778.4 million shares it currently owns in Hoa Phat Real Estate Development Joint Stock Company to contribute capital to Tuong Lai Song Hong.
Following the transaction, Hoa Phat owns 25.13% of the capital in Tuong Lai Song Hong, with the capital contribution recorded at VND9,915 billion. Hoa Phat also decided to appoint Mr. Hoang Quang Viet - a member of the Board of Directors - as the representative to manage the aforementioned capital contribution.
Conversely, HPG's ownership stake in Hoa Phat Real Estate decreased to 26.55%, equivalent to more than 281.3 million shares.
Previously, on July 22, 2026, Hoa Phat approved the registration to purchase 799.5 million shares of Tuong Lai Song Hong in the company's capital increase. The value of the shares HPG used for capital contribution was determined on the basis of VND32,000 per share.
Tuong Lai Song Hong Group was established in November 2025 with an initial charter capital of VND1,500 billion. The founding shareholders include Mr. Tran Dang Khoa, owning 40% of the capital; Ms. Le Thi Minh Chau, owning 20%; Mr. Pham Duc Anh, owning 15%; Mr. Tran Huu Trung, owning 15%; and Mr. Tran Huu Phap, owning 10%.
In early February 2026, the company increased its charter capital from VND1,500 billion to VND9,200 billion. By June 2026, the charter capital further increased to VND12,800 billion, before reaching VND39,450 billion in the most recent change.
This company is currently involved in developing several large-scale urban projects in Hanoi, including the multi-purpose urban area in Thu Lam - Dong Anh (approximately 696 hectares, total investment of over VND60,500 billion, commenced in February 2026), the multi-purpose urban area project in Linh Nam ward (approximately 169.5 hectares), and the Linh Nam Residential Urban Area (98 hectares) - both commenced on August 11th.
Mr. Tran Dang Khoa is currently the Chairman of the Board of Directors of Tuong Lai Song Hong Group. Mr. Khoa is also the Chairman of the Board of Directors of Dai Quang Minh Real Estate Investment Joint Stock Company, a business belonging to the THACO ecosystem of billionaire Tran Dinh Long.
Before the transaction, Hoa Phat Real Estate was a subsidiary controlled by HPG. After the transaction, this company changed from a subsidiary to an associate company of HPG.
Meanwhile, by acquiring a 25.13% stake in Tuong Lai Song Hong, Hoa Phat recognizes Tuong Lai Song Hong as a new associate company on its balance sheet.
Source: VITIC/Bao Tai chinh – Dau tu