Kosy (KOS) Chairman, Six Related Holders Force-Sold 43.7M Shares After 29-Session Slide

Overview

Kosy (ticker KOS, HOSE) disclosed on November 4 that its Chairman and six related individuals and entities were force-sold more than 43.7 million KOS shares between October 28 and November 2. The margin calls landed immediately after a 29-session run of consecutive limit-down closes that took the share price from above VND 30,000 to VND 3,800, a decline of roughly 90%.

Key Facts

• Seven insiders and related parties were force-sold a combined 43.7 million-plus KOS shares over October 28 to November 2, per company filings dated November 4.
• Chairman Nguyễn Việt Cường was force-sold more than 12.93 million shares, the largest single-person disposal disclosed.
• Leo Regulus Investment JSC was force-sold more than 14 million shares and separately reported it is no longer a major shareholder of Kosy.
• Kosy Real Estate Investment LLC, chaired by Nguyễn Việt Cường, was force-sold more than 5.72 million shares; Mavico Investment JSC, linked to Deputy CEO Phạm Thị Thắng, lost more than 2.51 million.
• Deputy CEO Nguyễn Thị Phương Thảo was force-sold more than 3.75 million shares, Vice Chairwoman Nguyễn Thị Hằng more than 2.19 million, and Nguyễn Trung Kiên, the Chairman’s younger brother, more than 2.53 million.
• KOS fell from above VND 30,000 to VND 3,800 across 29 consecutive limit-down sessions between September 21 and October 29.
• The stock reversed to a limit-up close of VND 4,060 on October 30 on 75.6 million shares traded, then closed at VND 3,930 on November 4, down 3.2% on 24.6 million shares.

What Happened

Kosy published a batch of insider and related-party transaction reports on November 4, each recording forced sales by securities companies acting on margin collateral. The filings cover the window from October 28 to November 2 and name the Chairman, two deputy CEOs, a vice chairwoman, a family member and three corporate entities as sellers. The company did not disclose the value of the forced sales or the lenders involved.

The disclosures cap an unusual sequence for a HOSE-listed real estate name. KOS had been locked at its floor price for 29 straight sessions from September 21 to October 29, leaving almost no bid side. On October 30 the stock reversed to a ceiling close of VND 4,060 with 75.6 million shares changing hands, followed by another limit-up session on November 2 at VND 4,340. Selling pressure returned quickly: November 3 saw nearly 38.7 million shares traded and November 4 closed at VND 3,930, down 3.2% on 24.6 million shares. In earlier explanatory filings on the price slide, Kosy addressed the share-price movement; the filings do not disclose the transaction value of the forced sales.

Market Context

KOS trades on HOSE in the real estate sector, a segment that has carried much of the index’s credit-sensitive risk through the current cycle. The stock’s collapse from above VND 30,000 to VND 3,800 is far outside normal sector beta and reflects a breakdown in the margin-financed ownership structure rather than a single earnings event. The rebound sessions on October 30 and November 2 drew speculative bottom-fishing volume, but the 24.6 million shares traded on November 4 at VND 3,930 show that supply from forced deleveraging is still being absorbed. The price context block confirms the November 4 close at VND 3,930.

Strategic Significance

The core issue for long-term holders is ownership stability, not the quarterly numbers. When a chairman, two deputy CEOs and the largest institutional holder are all sold down by lenders within a single week, control of the register shifts to whoever is buying the forced stock, and the disclosed ownership map becomes stale. Leo Regulus crossing below the major-shareholder threshold removes a large, previously disclosed anchor holder and reduces visibility on the remaining free float. For a real estate developer, that matters because equity-backed financing and shareholder support are often part of the funding plan; a register in flux complicates both.

What to Watch

• Updated ownership filings from the Chairman and related entities showing post-sale stakes and whether any shares remain pledged.
• Whether Leo Regulus or other sellers disclose further disposals or a full exit.
• Trading volume and price behavior around the VND 3,800-4,000 zone to gauge whether forced supply has cleared.
• Any Kosy disclosure on the lenders involved, outstanding margin balances, or pledged shares at the parent and project level.
• The next Kosy financial statement for liquidity, debt maturity and inventory figures that would explain the original price collapse.