SSC to terminate 28 securities companies
SSC to terminate 28 securities companies
The State Securities Commission of Viet Nam (SSC) terminated the operations of 28 securities companies, approved the dissolution of five companies, merged eight companies and withdrew the brokerage business of 13 companies in the first half of this year.
This was mentioned at SSC’s preliminary conference recapping events of the first six months and noting tasks for the last six months of 2017, held last week.
There are currently 74 securities companies on the stock market, a reduction of 28 per cent in the total number of companies.
The securities companies have focused on restructuring capital, strategic shareholders, business operations, technology and human resources.
In the reviewed period, on both the HCM City Stock Exchange (HoSE) and the Ha Noi Stock Exchange (HNX), there were 714 listed companies and fund certificates with total listed value of more than VND640 trillion (US$28.2 billion), up six per cent compared with the end of 2016.
The Unlisted Public Company Market (UPCoM) also showed positive results, with 532 registered businesses by the end of May with registered trading value of VND186 trillion, an increase of 42.6 per cent over the end of last year.
The two stock exchanges organised 32 stock auctions during the first half 2017. The total volume of winning shares reached over 176.4 million shares, earning VND2.93 billion, and the success rate reached nearly 90 per cent.
With regard to the restructuring of securities companies in the future, SSC is moving in the direction of reducing the quantity of securities companies and improving the quality of operations, enhancing management and supervision, and conducting risk-based supervision on the basis of classification and early-warning regulations.
