After being delisted, ANI has come back to the market, and its shares have nearly tripled, making its market value over $42 million.

Only a few hundred shares are traded each day.

ANI's shares have attracted investors, and the price has gone up to VND46,000 per share, which is the sixth time it has reached the daily limit.

The company's share price has increased almost 2.9 times since it started trading on UPCoM, and its market value is now over $42 million.

The reason for the increase in share price is the company's restructuring process.

ANI was started by the Ho Chi Minh City branch of Song Da Corporation in 1993 and was listed on the Hanoi Stock Exchange in 2006.

In 2015, Song Da Corporation sold all its shares, and in 2017, ANZA JSC became a major shareholder, and the company was renamed ANI JSC.

ANZA now owns about 73.3% of the company, making it the parent company with controlling interest.

Because of this, ANI no longer met the requirements for a listed public company and was delisted from the Hanoi Stock Exchange in 2023.

ANI has now met the requirements again and has started trading on UPCoM.

The company has changed and is now a diversified investment group with energy as its main business.

ANI's assets are worth almost $180 million, but it also has a lot of debt.

After restructuring, ANI now owns eight subsidiaries and one affiliated company directly.

Energy is the company's biggest business segment, with subsidiaries like ANI Power and Dong Nai Energy Investment operating four hydropower plants.

These plants are expected to generate stable cash flows through long-term power purchase agreements.

However, hydropower is affected by rainfall, El Niño, and La Niña, and changes in electricity market regulations, which can affect earnings.

ANI also owns a lot of ANI Bien Hoa, a subsidiary with a charter capital of VND600 billion, and has developed several projects, including the Buu Long residential complex.

The success of its property business depends on legal approvals, capital, and the recovery of Vietnam's real estate market.

ANI has also invested in tourism and financial services through its affiliated company IDS.

After restructuring, the company's size has increased significantly, with revenue of over VND663 billion in 2025, up 22% from the previous year.

However, the company's financial position also shows some challenges, with total liabilities of nearly VND3.7 trillion and financial expenses of almost VND185 billion in 2025.

In the first quarter of 2026, ANI reported a loss, showing that earnings can be affected by the seasonal nature of hydropower and borrowing costs.

The stock's rally shows strong investor expectations, but the company needs to sustain earnings growth, reduce debt, and successfully execute its projects to justify its current valuation.

Manh Ha