KOS Chairman Nguyen Viet Cuong Force-Sold 560,854 Shares as Margin Calls Hit Kosy Group

Overview

Kosy Group (ticker KOS, HOSE) disclosed that Chairman Nguyen Viet Cuong was force-sold 560,854 KOS shares by a securities firm between 7 October and 13 October 2026, reducing his ownership from 33.43% to 33.17%. The forced sale follows five consecutive limit-down sessions for KOS from 5 to 9 October 2026, which the company attributed to margin calls and broad market selling pressure. The same filing window includes a registration by Cuong’s sister-in-law, Hoang Thi Yen, to buy 8 million KOS shares.

Key Facts

• Chairman Nguyen Viet Cuong was force-sold 560,854 KOS shares from 7 October to 13 October 2026.
• His holding fell from nearly 72.4 million shares to more than 71.8 million shares, or from 33.43% to 33.17% of capital.
• An earlier margin call between 30 September and 6 October 2026 saw 810 KOS shares force-sold via order matching.
• Hoang Thi Yen, Cuong’s sister-in-law, registered to buy 8 million KOS shares from 15 October to 13 November 2026 by negotiation and/or order matching.
• If completed, Yen’s stake would rise from 32,130 shares (0.01%) to more than 8.03 million shares (3.71%).
• KOS fell limit-down for five straight sessions from 5 October to 9 October 2026, following a similar five-session streak from 28 September to 2 October 2026.
• KOS closed at 8,960 VND on 13 October 2026.

What Happened

According to a company report on insider transactions, Kosy Group stated that Chairman Nguyen Viet Cuong was forced to sell 560,854 KOS shares by a securities company during the 7 to 13 October 2026 window. The sale was executed through order matching, and it reduced his position from roughly 72.4 million shares to just over 71.8 million shares, equivalent to a decline in ownership from 33.43% to 33.17%. The filing also notes a smaller forced sale of 810 KOS shares between 30 September and 6 October 2026.

In a separate report sent to the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE), Kosy Group addressed the five consecutive limit-down sessions from 5 to 9 October 2026. The company said securities firms had lowered margin ratios for KOS, triggering simultaneous margin calls that amplified selling pressure and hurt liquidity. Kosy stated that its core operations, including real estate project investment and development, renewable energy, and project operations, are proceeding normally with no unusual internal developments affecting the share price. The company had issued a similar explanation for the 28 September to 2 October 2026 limit-down streak.

Market Context

KOS trades on the HoSE and closed at 8,960 VND on 13 October 2026, after back-to-back five-session limit-down runs in late September and early October. The forced selling by the chairman is the latest in a series of margin-related disclosures, and it comes as the broader Vietnamese equity market has faced persistent selling pressure. The stock’s steep decline has compressed its market capitalization, with local media reporting that Kosy Group lost more than VND 5,000 billion in market value within a single month. The real estate sector remains sensitive to credit conditions and margin availability, and KOS is now a visible example of how broker margin policy changes can feed a downward price spiral in mid-cap property names.

Strategic Significance

For long-term investors, the key question is whether the forced selling reflects company-specific weakness or a technical unwind of leveraged positions. Kosy’s explanation points to the latter, citing broker margin cuts and market-wide selling rather than operational problems. The simultaneous registration by Hoang Thi Yen to buy 8 million shares, which would raise her stake from 0.01% to 3.71%, suggests a related-party effort to absorb supply and stabilize the register. However, the chairman’s reduced stake and the repeated margin calls highlight governance and leverage risks that can persist even if the underlying real estate and renewable energy projects remain on plan. The credibility of the company’s “business as usual” narrative will depend on whether margin selling subsides and whether the proposed share purchase is actually completed.

What to Watch

• Completion or cancellation of Hoang Thi Yen’s 8 million share purchase between 15 October and 13 November 2026.
• Further insider transaction filings from Chairman Nguyen Viet Cuong or other related parties.
• Any additional margin policy changes by securities firms on KOS.
• Kosy Group’s next quarterly earnings release for evidence on real estate and renewable energy project progress.
• HoSE and State Securities Commission responses to the company’s explanations for the limit-down sessions.