{"id":48543,"date":"2025-09-09T07:54:15","date_gmt":"2025-09-09T00:54:15","guid":{"rendered":"https:\/\/hbbgroup.net\/loat-dai-gia-dua-con-cung-ipo-ben-mong-tai-sinh-ben-het-lo-thieu-hang\/"},"modified":"2025-09-09T07:54:15","modified_gmt":"2025-09-09T00:54:15","slug":"loat-dai-gia-dua-con-cung-ipo-ben-mong-tai-sinh-ben-het-lo-thieu-hang","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/loat-dai-gia-dua-con-cung-ipo-ben-mong-tai-sinh-ben-het-lo-thieu-hang\/","title":{"rendered":"Lo\u1ea1t \u0111\u1ea1i gia \u0111\u01b0a “con c\u01b0ng” IPO: B\u00ean mong t\u00e1i sinh, b\u00ean h\u1ebft lo thi\u1ebfu h\u00e0ng"},"content":{"rendered":"
\n

Sau m\u1ed9t th\u1eddi gian l\u1eb7ng s\u00f3ng, lo\u1ea1t doanh nghi\u1ec7p<\/a> l\u1edbn b\u1eaft \u0111\u1ea7u r\u1ee5c r\u1ecbch IPO (ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang) \u201ccon c\u01b0ng\u201d tr\u1edf l\u1ea1i. \u0110i\u1ec1u n\u00e0y kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh th\u1eddi \u0111i\u1ec3m v\u00e0ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, m\u00e0 c\u00f2n gi\u00fap gi\u1ea3i quy\u1ebft b\u00e0i to\u00e1n \u201cthi\u1ebfu h\u00e0ng\u201d hi\u1ec7n nay.<\/p>\n

Gelex, Ho\u00e0ng Huy, Haxaco\u2026 c\u00f9ng \u0111\u01b0a \u201ccon c\u01b0ng\u201d l\u00ean s\u00e0n; nhi\u1ec1u b\u00ean c\u00f3 \u00fd \u0111\u1ecbnh<\/h4>\n

\u0110i\u1ec3m qua v\u1ec1 l\u00e0n s\u00f3ng IPO r\u1ea7m r\u1ed9 t\u1eeb \u0111\u1ea7u n\u0103m \u0111\u1ebfn nay, g\u00e2y ch\u00fa \u00fd c\u00f3 k\u1ebf ho\u1ea1ch IPO v\u00e0 ni\u00eam y\u1ebft H\u1ea1 t\u1ea7ng Gelex, \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t trong nh\u1eefng \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng quan tr\u1ecdng cho c\u1ed5 phi\u1ebfu GEX c\u1ee7a CTCP T\u1eadp \u0111o\u00e0n Gelex. H\u1ea1 t\u1ea7ng Gelex l\u00e0 m\u1ed9t trong 2 c\u00f4ng ty con tr\u1ef1c ti\u1ebfp c\u1ee7a T\u1eadp \u0111o\u00e0n Gelex, b\u00ean c\u1ea1nh C\u00f4ng ty c\u1ed5 ph\u1ea7n \u0110i\u1ec7n l\u1ef1c Gelex (Gelex Electric) \u0111\u00e3 giao d\u1ecbch tr\u00ean s\u00e0n v\u1edbi m\u00e3 ch\u1ee9ng kho\u00e1n<\/a> GEE. T\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd II\/2025, Gelex tr\u1ef1c ti\u1ebfp s\u1edf h\u1eefu 91,62% v\u1ed1n \u0111i\u1ec1u l\u1ec7 t\u1ea1i H\u1ea1 t\u1ea7ng Gelex.<\/p>\n

T\u01b0\u01a1ng t\u1ef1 \u0111\u1ed1i v\u1edbi C\u00f4ng ty c\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 D\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh<\/a> Ho\u00e0ng Huy (m\u00e3 ch\u1ee9ng kho\u00e1n: TCH), c\u00f4ng ty con l\u00e0 B\u1ea5t \u0111\u1ed9ng s\u1ea3n CRV \u0111\u00e3 ho\u00e0n t\u1ea5t h\u1ed3 s\u01a1 ni\u00eam y\u1ebft tr\u00ean HoSE v\u00e0o th\u00e1ng 6 v\u1eeba qua. \u0110\u01b0\u1ee3c th\u00e0nh l\u1eadp t\u1eeb n\u0103m 2006, B\u1ea5t \u0111\u1ed9ng s\u1ea3n CRV hi\u1ec7n s\u1edf h\u1eefu h\u00e0ng lo\u1ea1t d\u1ef1 \u00e1n l\u1edbn t\u1ea1i H\u1ea3i Ph\u00f2ng v\u1edbi t\u1ed5ng m\u1ee9c \u0111\u1ea7u t\u01b0 dao \u0111\u1ed9ng g\u1ea7n 1.500 t\u1ef7 \u0111\u1ed3ng \u0111\u1ebfn 15.000 t\u1ef7 \u0111\u1ed3ng.<\/p>\n

Tr\u01b0\u1edbc \u0111\u00f3 ng\u00e0y 22\/8, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam c\u0169ng v\u1eeba \u0111\u00f3n nh\u1eadn s\u1ef1 tr\u1edf l\u1ea1i c\u1ee7a C\u00f4ng ty c\u1ed5 ph\u1ea7n S\u1ea3n xu\u1ea5t, Th\u01b0\u01a1ng m\u1ea1i v\u00e0 D\u1ecbch v\u1ee5 \u00d4 t\u00f4 PTM (m\u00e3 ch\u1ee9ng kho\u00e1n: PTM). \u0110\u00e2y l\u00e0 c\u00f4ng ty con c\u1ee7a C\u00f4ng ty c\u1ed5 ph\u1ea7n D\u1ecbch v\u1ee5 \u00d4 t\u00f4 H\u00e0ng Xanh (Haxaco, m\u00e3 ch\u1ee9ng kho\u00e1n: HAX), doanh nghi\u1ec7p hi\u1ec7n d\u1eabn \u0111\u1ea7u th\u1ecb ph\u1ea7n ph\u00e2n ph\u1ed1i xe Mercedes-Benz t\u1ea1i Vi\u1ec7t Nam.<\/p>\n

Trong l\u0129nh v\u1ef1c b\u00e1n l\u1ebb, ti\u00eau d\u00f9ng, h\u00e0ng lo\u1ea1t doanh nghi\u1ec7p l\u1edbn c\u0169ng \u0111\u00e3 v\u00e0 \u0111ang kh\u1edfi \u0111\u1ed9ng k\u1ebf ho\u1ea1ch ni\u00eam y\u1ebft. C\u00f4ng ty c\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng (m\u00e3 ch\u1ee9ng kho\u00e1n: MWG) c\u00f3 k\u1ebf ho\u1ea1ch t\u00e1ch 2 chu\u1ed7i b\u00e1n l\u1ebb \u0111i\u1ec7n tho\u1ea1i, ph\u1ee5 ki\u1ec7n\u00a0Thegioididong.com v\u00e0 \u0110i\u1ec7n M\u00e1y Xanh th\u00e0nh c\u00f4ng ty ni\u00eam y\u1ebft \u0111\u1ed9c l\u1eadp v\u1edbi t\u00ean g\u1ecdi chung l\u00e0 MW, d\u1ef1 ki\u1ebfn IPO v\u00e0o n\u0103m 2030. C\u00f4ng ty c\u0169ng kh\u00f4ng gi\u1ea5u tham v\u1ecdng IPO c\u1ed5 phi\u1ebfu c\u1ee7a\u00a0chu\u1ed7i EraBlue t\u1ea1i Indonesia.<\/p>\n

\u00d4ng Nguy\u1ec5n \u0110\u1ee9c T\u00e0i, Ch\u1ee7 t\u1ecbch H\u0110QT Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng, kh\u1eb3ng \u0111\u1ecbnh s\u1ebd t\u1ea1o th\u00eam s\u1ef1 m\u00e1u l\u1eeda, quy\u1ebft t\u00e2m cho \u0111\u1ed9i ng\u0169 l\u00e3nh \u0111\u1ea1o k\u1ebf c\u1eadn, gi\u00fap t\u1eebng chu\u1ed7i b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n m\u1edbi v\u00e0 \u0111\u01b0a c\u00e1c m\u1ea3ng kinh doanh c\u1ee7a t\u1eadp \u0111o\u00e0n ti\u1ebfn xa h\u01a1n trong t\u01b0\u01a1ng lai. Theo \u00f4ng,\u00a0IPO c\u00f2n l\u00e0 c\u00e1ch “t\u00e1i sinh” c\u00e1c chu\u1ed7i, m\u1edf ra giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng “v\u0169 b\u00e3o” v\u00e0 th\u00fa v\u1ecb h\u01a1n, v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 ch\u1ea5t l\u01b0\u1ee3ng thay v\u00ec ch\u1ec9 s\u1ed1 l\u01b0\u1ee3ng.<\/p>\n

Chu\u1ed7i Highlands Coffee c\u0169ng \u0111ang ph\u1ed1i h\u1ee3p v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf nh\u01b0 UBS v\u00e0 Jefferies \u0111\u1ec3 chu\u1ea9n b\u1ecb IPO t\u1ea1i Vi\u1ec7t Nam. C\u00f4ng ty c\u1ed5 ph\u1ea7n D\u01b0\u1ee3c ph\u1ea9m FPT Long Ch\u00e2u th\u00ec \u0111\u00e3 ho\u00e0n t\u1ea5t b\u00e1n 10% v\u1ed1n cho \u0111\u1ed1i t\u00e1c Creador SDN Bhd, coi \u0111\u00e2y l\u00e0 b\u01b0\u1edbc \u0111i t\u1ea1o ti\u1ec1n \u0111\u1ec1 \u0111\u1ec3 ni\u00eam y\u1ebft l\u00ean s\u00e0n. Hay C\u00f4ng ty c\u1ed5 ph\u1ea7n Ch\u0103n nu\u00f4i C.P. Vi\u1ec7t Nam c\u0169ng \u0111ang \u0111\u1ea9y nhanh ti\u1ebfn tr\u00ecnh IPO \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>\n

\"Lo\u1ea1t
\n

Hi\u1ec7u \u1ee9ng IPO gi\u00fap c\u1ed5 phi\u1ebfu c\u00e1c c\u00f4ng ty t\u0103ng m\u1ea1nh t\u1eeb \u0111\u1ea7u n\u0103m (\u1ea2nh: VNDStock).<\/p>\n<\/figcaption><\/figure>\n

C\u00f4ng ty ch\u1ee9ng kho\u00e1n v\u00e0 \u201cc\u01a1n kh\u00e1t\u201d margin<\/h4>\n

T\u01b0\u01a1ng t\u1ef1, \u1edf l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh, C\u00f4ng ty c\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n VPS (VPS) \u0111\u00e3 c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch t\u1ed5 ch\u1ee9c h\u1ecdp \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng b\u1ea5t th\u01b0\u1eddng v\u00e0o th\u00e1ng 10 v\u1edbi n\u1ed9i dung ch\u00ednh l\u00e0 th\u00f4ng qua k\u1ebf ho\u1ea1ch IPO ngay trong n\u0103m. C\u00f4ng ty c\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n VPBank (VPBankS) th\u00ec d\u1ef1 ki\u1ebfn IPO trong qu\u00fd IV n\u0103m nay.<\/p>\n

C\u00f4ng ty c\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n K\u1ef9 Th\u01b0\u01a1ng (TCBS) – c\u00f4ng ty con c\u1ee7a Techcombank – \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ea5p gi\u1ea5y ch\u1ee9ng nh\u1eadn ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu IPO, d\u1ef1 ki\u1ebfn ph\u00e1t h\u00e0nh h\u01a1n 231 tri\u1ec7u c\u1ed5 phi\u1ebfu, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 11,1% v\u1ed1n \u0111i\u1ec1u l\u1ec7, v\u1edbi gi\u00e1 46.800 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu, \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty kho\u1ea3ng 3,7 t\u1ef7 USD. Th\u00f4ng tin n\u00e0y \u0111\u00e3 t\u1ea1o c\u00fa h\u00edch cho c\u1ed5 phi\u1ebfu TCB t\u0103ng tr\u01b0\u1edfng t\u1eeb cu\u1ed1i th\u00e1ng 4. T\u00ednh t\u1eeb ng\u00e0y 26\/4 \u0111\u1ebfn nay, c\u1ed5 phi\u1ebfu TCBS \u0111\u00e3 t\u0103ng h\u01a1n 52%.<\/p>\n

Hay C\u00f4ng ty c\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n KAFI l\u00ean k\u1ebf ho\u1ea1ch t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 t\u1eeb 5.000 t\u1ef7 \u0111\u1ed3ng l\u00ean 7.500 t\u1ef7 \u0111\u1ed3ng, d\u1ef1 ki\u1ebfn ph\u00e1t h\u00e0nh 250 tri\u1ec7u c\u1ed5 ph\u1ea7n cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, c\u00f3 th\u1ec3 thu v\u1ec1 2.500 t\u1ef7 \u0111\u1ed3ng n\u1ebfu IPO th\u00e0nh c\u00f4ng\u2026.<\/p>\n

Ri\u00eang nh\u00f3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n, vi\u1ec7c IPO \u0111\u1ec3 huy \u0111\u1ed9ng ngu\u1ed3n v\u1ed1n \u0111\u01b0\u1ee3c cho l\u00e0 c\u1ea7n thi\u1ebft trong b\u1ed1i c\u1ea3nh quy m\u00f4 th\u1ecb tr\u01b0\u1eddng \u0111ang ng\u00e0y c\u00e0ng m\u1edf r\u1ed9ng, thanh kho\u1ea3n m\u1ed7i phi\u00ean l\u00ean \u0111\u1ebfn h\u00e0ng t\u1ef7 USD. Ch\u01b0a k\u1ec3 nhi\u1ec1u b\u00ean \u0111\u00e3 h\u1ebft \u201croom margin\u201d, v\u00e0 c\u1ea7n huy \u0111\u1ed9ng \u0111\u1ec3 m\u1edf r\u1ed9ng quy m\u00f4 cho vay kh\u00e1ch h\u00e0ng.<\/p>\n

C\u00f9ng v\u1edbi \u0111\u00f3, nh\u00f3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u0169ng tham gia l\u0129nh v\u1ef1c m\u1edbi l\u00e0 t\u00e0i s\u1ea3n s\u1ed1. Hi\u1ec7n, Vi\u1ec7t Nam l\u00e0 m\u1ed9t trong nh\u1eefng qu\u1ed1c gia \u0111\u1ee9ng top \u0111\u1ea7u th\u1ebf gi\u1edbi v\u1ec1 s\u1edf h\u1eefu v\u00e0 giao d\u1ecbch t\u00e0i s\u1ea3n s\u1ed1 (kho\u1ea3ng 17 tri\u1ec7u ng\u01b0\u1eddi, v\u1edbi 1.000 t\u1ef7 \u0111\u00f4la M\u1ef9 giao d\u1ecbch n\u0103m 2024), trong \u0111\u00f3, x\u1ebfp top 5 th\u1ebf gi\u1edbi v\u1ec1 quan t\u00e2m t\u00e0i s\u1ea3n s\u1ed1 v\u00e0 top 3 v\u1ec1 s\u1eed d\u1ee5ng s\u00e0n qu\u1ed1c t\u1ebf.<\/p>\n

Chia s\u1ebb v\u1edbi ph\u00f3ng vi\u00ean b\u00e1o D\u00e2n tr\u00ed<\/em>, \u00f4ng Nguy\u1ec5n Th\u1ebf Minh – Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch C\u00f4ng ty Ch\u1ee9ng kho\u00e1n Yuanta Vi\u1ec7t Nam, \u0111\u00e2y l\u00e0 \u201cmi\u1ebfng b\u00e1nh\u201d v\u00f4 c\u00f9ng h\u1ea5p d\u1eabn m\u00e0 kh\u00f4ng c\u00f4ng ty ch\u1ee9ng kho\u00e1n n\u00e0o mu\u1ed1n b\u1ecf qua. Tuy nhi\u00ean, \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 tham gia l\u0129nh v\u1ef1c n\u00e0y l\u00e0 doanh nghi\u1ec7p ph\u1ea3i c\u00f3 v\u1ed1n t\u1ed1i thi\u1ec3u 10.000 t\u1ef7 \u0111\u1ed3ng. Do \u0111\u00f3, huy \u0111\u1ed9ng v\u1ed1n tr\u00ean s\u00e0n th\u00f4ng qua ph\u00e1t h\u00e0nh, IPO \u0111ang l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c c\u00e1c c\u00f4ng ty ch\u00fa tr\u1ecdng trong giai \u0111o\u1ea1n hi\u1ec7n nay.<\/p>\n

Thanh kho\u1ea3n ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 v\u01b0\u1ee3t Singapore, x\u1ebfp th\u1ee9 hai to\u00e0n ASEAN<\/h4>\n

V\u1ec1 b\u1ee9c tranh IPO n\u00f3i chung, theo c\u00e1c chuy\u00ean gia, giai \u0111o\u1ea1n 2025-2030 s\u1ebd l\u00e0 th\u1eddi k\u1ef3 b\u00f9ng n\u1ed5 huy \u0111\u1ed9ng v\u1ed1n qua k\u00eanh ch\u1ee9ng kho\u00e1n t\u1ea1i Vi\u1ec7t Nam. Theo m\u1ed9t d\u1ef1 \u0111o\u00e1n, ri\u00eang giai \u0111o\u1ea1n 2025-2027, \u01b0\u1edbc t\u00ednh t\u1ed5ng gi\u00e1 tr\u1ecb ni\u00eam y\u1ebft m\u1edbi c\u00f3 th\u1ec3 \u0111\u1ea1t 47,5 t\u1ef7 USD. Trong \u0111\u00f3, nh\u00f3m ti\u00eau d\u00f9ng chi\u1ebfm kho\u1ea3ng 12,8 t\u1ef7 USD, l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh h\u01a1n 5 t\u1ef7 USD, c\u00f4ng ngh\u1ec7 kho\u1ea3ng 4,7 t\u1ef7 USD, c\u00f2n nh\u00f3m doanh nghi\u1ec7p t\u1eeb s\u00e0n UPCoM chuy\u1ec3n sang HoSE \u0111\u00f3ng g\u00f3p kho\u1ea3ng 20 t\u1ef7 USD.<\/p>\n

D\u01b0\u1edbi g\u00f3c nh\u00ecn chuy\u00ean gia, \u00f4ng T\u00f4 H\u1ea3i, T\u1ed5ng gi\u00e1m \u0111\u1ed1c Ch\u1ee9ng kho\u00e1n Vietcap, \u0111\u00e3 s\u1edbm d\u1ef1 b\u00e1o c\u00e1c th\u01b0\u01a1ng v\u1ee5 IPO s\u1ebd h\u1ed3i ph\u1ee5c tr\u1edf l\u1ea1i v\u00e0o cu\u1ed1i n\u0103m 2025.<\/p>\n

C\u00f2n theo quan \u0111i\u1ec3m \u00f4ng Nguy\u1ec5n Th\u1ebf Minh, th\u1ecb tr\u01b0\u1eddng \u0111ang c\u00f3 r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u ki\u1ec7n t\u1ed1t \u0111\u1ec3 th\u1ef1c hi\u1ec7n ni\u00eam y\u1ebft m\u1edbi. Nh\u00ecn l\u1ea1i qu\u00e1 kh\u1ee9, t\u1eeb n\u0103m 2021 \u0111\u1ebfn nay, ch\u00fang ta ch\u1ee9ng ki\u1ebfn r\u1ea5t \u00edt c\u00e1c th\u01b0\u01a1ng v\u1ee5 IPO, \u0111\u1eb7c bi\u1ec7t l\u00e0 n\u0103m 2022. Nguy\u00ean nh\u00e2n ch\u00ednh, theo \u00f4ng Minh, l\u00e0 th\u1ecb tr\u01b0\u1eddng, thanh kho\u1ea3n th\u1ea5p. Tuy nhi\u00ean, thanh kho\u1ea3n \u0111\u00e3 thay \u0111\u1ed5i, quy m\u00f4 v\u1ed1n ho\u00e1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00e3 chi\u1ebfm tr\u00ean 50% GDP Vi\u1ec7t Nam. Thanh kho\u1ea3n t\u1eeb v\u00e0i ngh\u00ecn t\u1ef7 \u0111\u1ed3ng \u0111\u00e3 t\u0103ng l\u00ean trung b\u00ecnh v\u00e0i ch\u1ee5c ngh\u00ecn t\u1ef7 \u0111\u1ed3ng, c\u00f3 phi\u00ean \u0111\u1ed9t bi\u1ebfn x\u1ea5p x\u1ec9 3 t\u1ef7 USD.\u00a0<\/p>\n

\u00d4ng n\u00eau, thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam \u0111\u00e3 v\u01b0\u01a1n l\u00ean s\u1ed1 2 khu v\u1ef1c ASEAN, ch\u1ec9 sau Th\u00e1i Lan, v\u1edbi 1,09 t\u1ef7 USD. Ngo\u00e0i ra, c\u01a1 c\u1ea5u v\u1ed1n hi\u1ec7n nay \u0111\u00e3 thay \u0111\u1ed5i. N\u1ebfu tr\u01b0\u1edbc \u0111\u00e2y, d\u00f2ng ti\u1ec1n tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u1ee7 y\u1ebfu l\u00e0 kh\u1ed1i ngo\u1ea1i v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u00ec hi\u1ec7n nay, m\u1ed9t “th\u1ebf l\u1ef1c” m\u1edbi li\u00ean quan \u0111\u1ebfn c\u00e1c t\u1ed5 ch\u1ee9c trong n\u01b0\u1edbc \u0111ang chi\u1ebfm v\u1ecb th\u1ebf l\u1edbn.<\/p>\n

\"Lo\u1ea1t
\n

Thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam \u0111\u00e3 v\u01b0\u01a1n l\u00ean Top 2 khu v\u1ef1c ASEAN (\u1ea2nh: Yuanta Vi\u1ec7t Nam).<\/p>\n<\/figcaption><\/figure>\n

C\u00e1c t\u1ed5 ch\u1ee9c trong n\u01b0\u1edbc n\u00e0y theo chuy\u00ean gia l\u00e0 c\u00e1c doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t, trong b\u1ed1i c\u1ea3nh kinh doanh kh\u00f3 kh\u0103n (\u0111\u1eb7c bi\u1ec7t sau v\u1ee5 M\u1ef9 \u00e1p thu\u1ebf) c\u00e1c b\u00ean \u0111\u00e3 v\u00e0 \u0111ang m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0. Trong khi b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00f3ng b\u0103ng, l\u00e3i su\u1ea5t g\u1eedi ng\u00e2n h\u00e0ng th\u1ea5p, d\u00f2ng v\u1ed1n nh\u00e0n r\u1ed7i c\u1ee7a nh\u00f3m doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t c\u00f3 xu h\u01b0\u1edbng chuy\u1ec3n sang k\u00eanh ch\u1ee9ng kho\u00e1n.<\/p>\n

M\u1ed9t trong nh\u1eefng \u0111\u1ed9ng l\u1ef1c kh\u00e1c li\u00ean quan \u0111\u1ebfn c\u00e1c c\u01a1 ch\u1ebf m\u1edbi, \u0111\u1eb7c bi\u1ec7t l\u00e0 Ngh\u1ecb quy\u1ebft 68, Ngh\u1ecb quy\u1ebft 198 v\u1ec1 vi\u1ec7c \u0111a d\u1ea1ng ngu\u1ed3n v\u1ed1n cho kh\u1ed1i kinh t\u1ebf t\u01b0 nh\u00e2n. Tr\u01b0\u1edbc \u0111\u00e2y, d\u00f2ng v\u1ed1n ch\u00ednh c\u1ee7a doanh nghi\u1ec7p ph\u1ee5 thu\u1ed9c v\u00e0o t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng. Tuy nhi\u00ean, d\u00f2ng v\u1ed1n n\u00e0y \u0111ang d\u1ea7n h\u1ea1n h\u1eb9p, do \u0111\u00f3 nhu c\u1ea7u huy \u0111\u1ed9ng c\u00e1c k\u00eanh v\u1ed1n kh\u00e1c \u0111\u1ec3 m\u1edf r\u1ed9ng kinh doanh c\u1ee7a c\u00e1c doanh nghi\u1ec7p r\u1ea5t l\u1edbn.<\/p>\n

V\u00e0 vi\u1ec7c IPO c\u00e1c c\u00f4ng ty th\u00e0nh vi\u00ean l\u00ean s\u00e0n s\u1ebd gi\u00fap doanh nghi\u1ec7p huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c ngu\u1ed3n v\u1ed1n v\u1edbi chi ph\u00ed th\u1ea5p. \u0110\u1eb7c bi\u1ec7t, th\u1eddi gian qua B\u1ed9 T\u00e0i ch\u00ednh v\u00e0 U\u1ef7 ban Ch\u1ee9ng kho\u00e1n c\u0169ng t\u00edch c\u1ef1c gi\u1ea3i quy\u1ebft c\u00e2u chuy\u1ec7n ni\u00eam y\u1ebft, bao g\u1ed3m vi\u1ec7c r\u00fat ng\u1eafn th\u1eddi gian th\u1ee7 t\u1ee5c ni\u00eam y\u1ebft c\u1ee7a doanh nghi\u1ec7p.<\/p>\n

Gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c b\u00e0i to\u00e1n \u201cthi\u1ebfu h\u00e0ng\u201d<\/h4>\n

\u0110\u1ed3ng quan \u0111i\u1ec3m, \u00f4ng Tr\u01b0\u01a1ng Hi\u1ec1n Ph\u01b0\u01a1ng, Gi\u00e1m \u0111\u1ed1c c\u1ea5p cao C\u00f4ng ty ch\u1ee9ng kho\u00e1n KIS Vi\u1ec7t Nam, cho bi\u1ebft c\u00f3 3 y\u1ebfu t\u1ed1 ch\u00ednh th\u00fac \u0111\u1ea9y l\u00e0n s\u00f3ng IPO hi\u1ec7n nay c\u1ee7a c\u00e1c c\u00f4ng ty. Tr\u01b0\u1edbc h\u1ebft l\u00e0 ch\u00ednh s\u00e1ch, \u00f4ng Ph\u01b0\u01a1ng \u0111\u1eb7c bi\u1ec7t nh\u1ea5n m\u1ea1nh v\u00e0o 4 Ngh\u1ecb quy\u1ebft b\u1ea3n l\u1ec1 m\u1edbi t\u1eeb Ch\u00ednh ph\u1ee7. Trong \u0111\u00f3, Ngh\u1ecb quy\u1ebft 68 t\u1eadp trung \u0111\u1ec1 cao vai tr\u00f2 c\u1ee7a kinh t\u1ebf t\u01b0 nh\u00e2n, v\u00e0 nhi\u1ec1u t\u1eadp \u0111o\u00e0n l\u1edbn \u0111\u00e3 v\u00e0 \u0111ang h\u01b0\u1edfng \u1ee9ng l\u1eddi k\u00eau g\u1ecdi n\u00e0y.<\/p>\n

V\u1ec1 th\u1ecb tr\u01b0\u1eddng, chuy\u00ean gia KIS Vi\u1ec7t Nam ch\u1ec9 ra \u0111\u00e3 c\u00f3 s\u1ef1 m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd, v\u00e0 \u0111ang h\u01b0\u1edbng \u0111\u1ebfn \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i. T\u00ednh \u0111\u1ebfn th\u00e1ng 3, Vi\u1ec7t Nam \u0111ang n\u1eb1m trong danh s\u00e1ch theo d\u00f5i c\u1ee7a FTSE v\u00e0 \u0111\u01b0\u1ee3c FTSE \u0111\u00e1nh gi\u00e1 c\u00f3 th\u1ec3 t\u00e1i ph\u00e2n lo\u1ea1i t\u1eeb th\u1ecb tr\u01b0\u1eddng c\u1eadn bi\u00ean l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p. K\u1ebft qu\u1ea3 xem x\u00e9t s\u1ebd \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 trong k\u1ef3 \u0111\u00e1nh gi\u00e1 t\u1edbi, Vi\u1ec7t Nam \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 m\u1ed9t trong nh\u1eefng \u201c\u1ee9ng vi\u00ean\u201d ti\u1ec1m n\u0103ng.<\/p>\n

N\u1ebfu \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng, nhi\u1ec1u qu\u1ef9 l\u1edbn s\u1ebd \u0111\u1ebfn Vi\u1ec7t Nam. \u00d4ng Ph\u01b0\u01a1ng d\u1ef1 \u0111o\u00e1n, kh\u00f4ng ch\u1ec9 c\u00f2n d\u1eebng l\u1ea1i \u1edf c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 tr\u1ecb gi\u00e1 v\u00e0i ch\u1ee5c, v\u00e0i tr\u0103m tri\u1ec7u \u0111\u00f4la M\u1ef9 nh\u01b0 hi\u1ec7n t\u1ea1i, nhi\u1ec1u qu\u1ef9 v\u1edbi quy m\u00f4 l\u00ean \u0111\u1ebfn h\u00e0ng t\u1ef7 \u0111\u00f4la M\u1ef9 s\u1ebd r\u00f3t v\u1ed1n v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. \u0110\u00e2y l\u00e0 c\u01a1 h\u1ed9i m\u00e0 b\u1ea5t k\u1ef3 doanh nghi\u1ec7p, \u0111\u1eb7c bi\u1ec7t l\u00e0 doanh nghi\u1ec7p l\u1edbn, \u0111\u1ec1u mu\u1ed1n n\u1eafm b\u1eaft khi ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu l\u00ean s\u00e0n.<\/p>\n

C\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 khi qu\u1ef9 l\u1edbn \u0111\u1ebfn, ch\u00fang ta c\u00f3 g\u00ec \u0111\u1ec3 b\u00e1n? Khi \u0111\u00f3, l\u00e0n s\u00f3ng IPO c\u0169ng \u0111\u1ed3ng th\u1eddi gi\u1ea3i quy\u1ebft b\u00e0i to\u00e1n \u201cthi\u1ebfu h\u00e0ng\u201d tr\u00ean th\u1ecb tr\u01b0\u1eddng hi\u1ec7n nay. Th\u1ed1ng k\u00ea cho th\u1ea5y, c\u00e1c c\u00f4ng ty ti\u1ec1m n\u0103ng (nh\u00f3m bluechip) h\u1ea7u h\u1ebft \u0111\u00e3 h\u1ebft \u201croom ngo\u1ea1i\u201d, do \u0111\u00f3 r\u1ea5t c\u1ea7n nh\u1eefng t\u00ean tu\u1ed5i m\u1edbi \u0111\u1ec3 thu h\u00fat v\u1ed1n ngo\u1ea1i. Trong b\u1ed1i c\u1ea3nh n\u00e0y, IPO l\u00e0 ho\u1ea1t \u0111\u1ed9ng thi\u1ebft th\u1ef1c \u0111\u1ec3 t\u1ea1o th\u00eam s\u1ea3n ph\u1ea9m m\u1edbi cho th\u1ecb tr\u01b0\u1eddng.<\/p>\n

\"Lo\u1ea1t
\n

Hi\u1ec7u \u1ee9ng t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu ti\u1ec1n IPO l\u00e0 b\u01b0\u1edbc \u0111\u1ec7m \u0111\u1ec3 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n th\u01b0\u01a1ng v\u1ee5 hi\u1ec7u qu\u1ea3 h\u01a1n (\u1ea2nh: IT).<\/p>\n<\/figcaption><\/figure>\n

C\u1ea9n th\u1eadn “tr\u00e1i \u0111\u1eafng”<\/h4>\n

N\u00f3i \u0111i c\u0169ng n\u00f3i l\u1ea1i, sau m\u1ed7i \u0111\u1ee3t IPO th\u01b0\u1eddng gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a doanh nghi\u1ec7p li\u00ean quan bi\u1ebfn \u0111\u1ed9ng b\u1ea5t th\u01b0\u1eddng. V\u00e0 th\u1ef1c t\u1ebf, r\u1ea5t nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 FOMO \u0111\u00e3 \u0103n \u201ctr\u00e1i \u0111\u1eafng\u201d.<\/p>\n

Nh\u1eadn \u0111\u1ecbnh v\u1ec1 hi\u1ec7u \u1ee9ng c\u1ed5 phi\u1ebfu t\u0103ng gi\u00e1 v\u00e0 ti\u1ec1m \u1ea9n r\u1ee7i ro \u0111\u1ea7u c\u01a1 gi\u00e1 c\u1ed5 phi\u1ebfu, \u00f4ng Minh th\u1eb3ng th\u1eafn nh\u1eadn \u0111\u1ecbnh s\u1ebd c\u00f3. V\u00e0 kh\u00f4ng ri\u00eang Vi\u1ec7t Nam, \u1edf b\u1ea5t k\u1ef3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u00e0o c\u0169ng s\u1ebd c\u00f3 hi\u1ec7u \u1ee9ng c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edbc th\u1ec1m IPO. \u0110\u01a1n c\u1eed nh\u01b0 c\u00e2u chuy\u1ec7n Uber t\u1ea1i M\u1ef9 hay Grab \u1edf th\u1ecb tr\u01b0\u1eddng Indonesia.<\/p>\n

Theo \u00f4ng, hi\u1ec7u \u1ee9ng t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu ti\u1ec1n IPO l\u00e0 b\u01b0\u1edbc \u0111\u1ec7m \u0111\u1ec3 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n th\u01b0\u01a1ng v\u1ee5 hi\u1ec7u qu\u1ea3 h\u01a1n. C\u00e2u chuy\u1ec7n nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n quan t\u00e2m l\u00e0 sau \u0111\u00f3, doanh nghi\u1ec7p s\u1eed d\u1ee5ng ti\u1ec1n huy \u0111\u1ed9ng th\u1ebf n\u00e0o, hi\u1ec7u qu\u1ea3 ra sao.<\/p>\n

\u00d4ng Minh n\u00f3i, c\u1ea7n nh\u00ecn nh\u1eadn hi\u1ec7u \u1ee9ng IPO theo 3 giai \u0111o\u1ea1n. \u1ede giai \u0111o\u1ea1n ti\u1ec1n IPO, c\u1ed5 phi\u1ebfu th\u01b0\u1eddng t\u0103ng m\u1ea1nh. Giai \u0111o\u1ea1n ti\u1ebfp theo l\u00e0 IPO, sau khi th\u1ef1c hi\u1ec7n xong th\u00ec s\u1ebd c\u00f3 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh, m\u1ecdi ng\u01b0\u1eddi hay v\u00ed von l\u00e0 \u201cgame \u0111\u00e3 xong\u201d. Giai \u0111o\u1ea1n cu\u1ed1i c\u00f9ng l\u00e0 sau IPO, doanh nghi\u1ec7p n\u1ebfu d\u00f9ng ti\u1ec1n huy \u0111\u1ed9ng, \u0111\u1ea7u t\u01b0 kinh doanh hi\u1ec7u qu\u1ea3, l\u00e0m t\u0103ng l\u1ee3i nhu\u1eadn th\u00ec gi\u00e1 tr\u1ecb c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng. K\u1ebft qu\u1ea3, gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd t\u0103ng tr\u1edf l\u1ea1i.<\/p>\n

C\u00f2n theo g\u00f3c nh\u00ecn c\u1ee7a \u00f4ng Ph\u01b0\u01a1ng, b\u1ea5t k\u1ef3 nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh n\u00e0o c\u0169ng l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u01b0a gi\u00e1 v\u1ec1 m\u1eb7t b\u1eb1ng h\u1ee3p l\u00fd. \u0110i\u1ec1u ch\u1ec9nh c\u00f2n gi\u00fap gi\u1ea3i to\u1ea3 t\u00e2m l\u00fd c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, b\u1edfi v\u1edbi nh\u1eefng c\u1ed5 phi\u1ebfu qu\u00e1 mua th\u00ec h\u1ecd s\u1ebd r\u1ea5t th\u1eadn tr\u1ecdng \u0111\u1ec3 gi\u1ea3i ng\u00e2n. Nh\u1eadn \u0111\u1ecbnh v\u1ec1 th\u1ecb tr\u01b0\u1eddng chung, \u00f4ng Ph\u01b0\u01a1ng t\u1ef1 tin d\u1ef1 b\u00e1o n\u00e2ng d\u1ef1 b\u00e1o VN-Index \u0111\u1ebfn cu\u1ed1i n\u0103m 2020 c\u00f3 th\u1ec3 l\u00ean v\u00f9ng 1.800-2.000 \u0111i\u1ec3m.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Sau m\u1ed9t th\u1eddi gian l\u1eb7ng s\u00f3ng, lo\u1ea1t doanh nghi\u1ec7p l\u1edbn b\u1eaft \u0111\u1ea7u r\u1ee5c r\u1ecbch IPO (ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n […]<\/p>","protected":false},"author":1,"featured_media":48544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-48543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/48543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=48543"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/48543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/48544"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=48543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=48543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=48543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}