KOS Forced Liquidation: 3.8M Kosy Shares Sold by Five Brokers

Overview

Five securities companies have announced the forced liquidation of nearly 3.8 million KOS shares belonging to Kosy’s chairman, three family-linked executives and an affiliated institutional shareholder, equal to about 1.75% of the company’s outstanding capital. The notices landed between 22 September and 25 September, immediately after KOS fell limit-down for five consecutive sessions on HOSE. The episode puts margin risk at the controlling shareholder group of a mid-cap real estate developer squarely in front of investors.

Key Facts

• Five securities firms announced forced sales of nearly 3.8 million KOS shares between 22 September and 25 September.
• The shares belong to Chairman Nguyễn Việt Cường, Vice Chairwoman Nguyễn Thị Hằng (his wife), Deputy General Director Nguyễn Thị Phương Thảo (his sister), Nguyễn Trung Kiên (his younger brother) and Leo Regulus Investment JSC, a holder of more than 10% of Kosy.
• Leo Regulus faces the largest forced sale at 1.81 million shares, notified by four separate securities firms.
• KOS fell limit-down from VND 30,050 on 21 September to VND 22,550 on 24 September, a drop of nearly 25% in four sessions; it opened 25 September at the floor price of VND 21,000.
• Market capitalisation fell to VND 4,882 billion at the 24 September close, down VND 1,624 billion from 18 September.
• The insider group held close to 120 million KOS shares, or more than 55% of capital, per Kosy’s H1 2026 governance report; Chairman Cường alone holds 76.64 million shares, or 35.4%.
• Before the liquidations, Chairman Cường had registered to sell 5 million KOS shares between 27 August and 24 September, which would cut his stake from 35.4% to 33.09%.

What Happened

According to the securities firms’ liquidation notices, the forced sales were triggered as KOS hit its daily floor limit repeatedly from 21 September to 24 September. The stock slid from VND 30,050 to VND 22,550 over four sessions, a decline of almost 25%, and remained pinned at the VND 21,000 floor on the morning of 25 September. The notices were issued across 22-25 September, with Chairman Cường, his wife and his sister each subject to liquidation notices from three different brokers, while Leo Regulus was named by four.

Kosy’s own governance disclosures identify the relationships behind the selling: Vice Chairwoman Nguyễn Thị Hằng is the chairman’s wife, Deputy General Director Nguyễn Thị Phương Thảo is his sister, Nguyễn Trung Kiên is his younger brother, and Leo Regulus Investment JSC is a shareholder above the 10% threshold led by Mr. Cường. Separately, the chairman had already filed a voluntary sale registration with the State Securities Commission and the Hồ Chí Minh City Stock Exchange covering 5 million shares from 27 August to 24 September, citing a reduction of his ownership ratio.

Market Context

KOS trades on HOSE and closed at VND 22,550 on 24 September, with market capitalisation of VND 4,882 billion. The five-session limit-down sequence is an unusually sharp move for a HOSE-listed real estate name and reflects the mechanical pressure of margin calls on a tightly held register: the chairman and related parties control more than 55% of the company, so forced selling by even a small slice of that block can overwhelm daily liquidity. The episode sits against a Vietnamese real estate sector still working through leverage and cash-flow constraints, where margin-financed positions among controlling shareholders have become a recurring source of volatility.

Strategic Significance

The core issue for long-term holders is not the 1.75% of capital being sold but the signal it sends about the financial position of Kosy’s controlling group. When the chairman, his spouse, his sister and a family-led 10%-plus shareholder all face simultaneous margin liquidation, it suggests the insider block was financed against KOS collateral, and that further forced sales are possible if the price stays near the floor. Kosy’s operating results offer limited offset: H1 2026 revenue reached VND 723 billion, up 9% year on year, but after-tax profit was only VND 15 billion, a thin margin that leaves little room to absorb a confidence shock. The overhang of the chairman’s registered 5-million-share sale, on top of the liquidations, keeps supply pressure on the stock.

What to Watch

• Further liquidation notices from securities firms covering the same insider group, particularly Leo Regulus and Chairman Cường.
• Disclosure of whether the chairman’s registered 5-million-share sale (27 August to 24 September) was completed, and his resulting ownership percentage.
• Daily trading volume and whether KOS continues to trade at the VND 21,000 floor, which would indicate unresolved margin supply.
• Any Kosy statement on the group’s remaining margin exposure or pledge arrangements with securities firms.
• Q3 2026 business results, given H1 after-tax profit of just VND 15 billion on VND 723 billion of revenue.