KOS Stock Halves in Two Weeks: Chairman Sells 4.3M Shares, Holds 33.43%

Overview

KOS shares on the Ho Chi Minh Stock Exchange (HOSE) have fallen by roughly half in about two weeks, closing at VND 14,700 on October 4 after ten consecutive floor sessions. The decline coincides with forced-selling pressure on accounts linked to Kosy’s leadership, including Chairman Nguyen Viet Cuong, who sold 4.3 million shares and now holds 33.43% of the company.

Key Facts

• KOS closed at VND 14,700 on October 4, down from around VND 30,000 two weeks earlier, marking a near eight-year low.
• The stock recorded 10 consecutive floor sessions, with liquidity nearly frozen.
• Chairman Nguyen Viet Cuong sold 4.3 million KOS shares between August 27 and September 24, 2026, leaving him with 72.375 million shares, or 33.43% of charter capital.
• Cuong did not complete his registered sale of 5 million shares, citing unfavorable market conditions and failure to reach expected agreements.
• On September 30, Capital Securities placed a forced-sale order for 450,000 KOS shares held by Vice Chairwoman Nguyen Thi Hang, Cuong’s wife; zero shares matched.
• Also on September 30, Capital Securities placed a forced-sale order for 476,000 KOS shares held by Deputy General Director Nguyen Thi Phuong Thao, Cuong’s sister; zero shares matched.
• Leo Regulus Investment JSC, chaired by Cuong, was forced-sold 4,500 KOS shares, reducing its holding to 10.253%, or 22.2 million shares.
• H1 2026 revenue reached nearly VND 722.7 billion, up 9% year-on-year; after-tax profit was VND 15.4 billion, up 120%, fulfilling about 12.8% of the full-year target of VND 120 billion.

What Happened

Kosy Joint Stock Company (KOS) has seen its share price collapse from around VND 30,000 to VND 14,700 in approximately two weeks, with ten straight floor sessions. The company attributed the decline to negative market conditions, reduced liquidity, and difficulties in accessing capital for production and business activities, which increased selling pressure. Kosy also noted that some securities firms lowered margin lending ratios for KOS, adding to the downward pressure. The company stated that its investment, real estate development, renewable energy, and project operations remain normal, with no internal irregularities affecting the stock price.

In a regulatory filing dated September 30, Chairman Nguyen Viet Cuong reported selling 4.3 million KOS shares during the period from August 27 to September 24, 2026. He now holds 72.375 million shares, equivalent to 33.43% of Kosy’s charter capital. Cuong had registered to sell 5 million shares but did not complete the full amount due to unfavorable market conditions and unmet agreements. Meanwhile, forced-selling orders on September 30 for shares held by Vice Chairwoman Nguyen Thi Hang (Cuong’s wife) and Deputy General Director Nguyen Thi Phuong Thao (Cuong’s sister) failed to execute, with zero shares matched. Leo Regulus Investment JSC, also linked to Cuong, had 4,500 shares forcibly sold, reducing its stake to 10.253%.

Market Context

KOS is listed on the Ho Chi Minh Stock Exchange (HOSE) and operates in the real estate sector. The stock’s recent price action reflects severe selling pressure, with the close at VND 14,700 on October 3, 2026, representing a near eight-year low. The broader Vietnamese market has faced liquidity constraints and margin tightening, particularly affecting real estate names with high leverage or leadership-linked accounts. The inability to execute forced-sale orders due to floor prices and frozen liquidity underscores the depth of the current sell-off.

Strategic Significance

For long-term investors, the key issue is whether Kosy’s underlying business can withstand the current liquidity crisis and margin unwinding. The company’s H1 2026 results showed revenue growth of 9% and a 120% jump in after-tax profit, but profit remains modest at VND 15.4 billion, only 12.8% of the annual target. The forced selling among related parties and the chairman’s partial stake sale raise governance and confidence questions. The strategic thesis hinges on Kosy’s ability to secure funding for its real estate and renewable energy projects amid a challenging credit environment. If margin pressure persists, further leadership stake reductions could weigh on sentiment.

What to Watch

• Further disclosures from Kosy’s leadership regarding additional share sales or margin calls.
• Execution of pending forced-sale orders if liquidity improves.
• Q3 2026 earnings release for clarity on profit trajectory versus the VND 120 billion annual target.
• Any updates from HOSE or the State Securities Commission on trading activity or margin requirements.
• Macro developments in Vietnam’s real estate sector, including credit access and interest rate trends.