The Stock of the Largest American Car Distributor Surges: What is Happening?

The stock CTF of City Auto Joint Stock Company unexpectedly surged to 22,950 VND/share, a 4.56% increase in the trading session on July 3. City Auto is a major distributor for Ford and Hyundai in Vietnam, with the opening of new showrooms and collaboration with VinFast for electric vehicles. Recently, there has been significant change in the shareholder structure of City Auto: two brothers-in-law of Chairman Tran Ngoc Dan are selling shares to reduce ownership stakes. Specifically, Pham Anh Hung will decrease his stake from 4.2% to 1.59% and Nguyen Van Thanh from 2.75% to 1.6%. Additionally, Tran Quang Tri will sell all of his 1.3 million shares. Conversely, Tan Thanh Do Group and Tran Ngoc Dan’s wife, Ngo Thi Hanh, have registered to buy a total of 12.5 million CTF shares to increase their ownership.