Kosy Group (KOS) Chairman Faces Forced Margin Sale as KOS Hits Floor for Five Sessions

Overview

Kosy Group (ticker KOS, HOSE) disclosed that Chairman Nguyen Viet Cuong and two related entities had KOS shares forcibly sold by securities companies under margin calls, reducing their combined ownership. The forced sales coincided with five consecutive limit-down sessions for KOS between October 19 and October 23, 2026, and the company issued a written explanation attributing the decline to broker margin cuts and liquidation pressure rather than operating problems.

Key Facts

• Chairman Nguyen Viet Cuong was forced to sell 175,287 KOS shares via order matching between October 19 and October 23, 2026, cutting his holding from more than 71.8 million shares to more than 71.6 million shares, or from 33.17% to 33.09% of charter capital.
• Kosy Real Estate Investment Co. Ltd. (Đầu tư Địa ốc Kosy) had 445,500 KOS shares forcibly sold between October 16 and October 22, 2026, reducing its stake from 4.26% (over 9.1 million shares) to 4.05% (nearly 8.8 million shares).
• Leo Regulus Investment JSC (Đầu tư Leo Regulus) had 175,870 KOS shares sold, lowering its holding from 10.251% (nearly 22.2 million shares) to 10.17% (more than 22 million shares).
• Vice Chairwoman Nguyen Thi Hang holds nearly 13.9 million KOS shares, equal to 6.42% of the company.
• KOS fell to the floor price for five consecutive sessions from October 19 to October 23, 2026.
• KOS closed at VND 5,050 on October 25, 2026.
• The disclosures were made in insider and related-party transaction reports published by Kosy Group, a HoSE-listed company.

What Happened

Kosy Group published a series of transaction reports covering insiders and related parties. Chairman Nguyen Viet Cuong, who also serves as Chairman of the Members’ Council at Kosy Real Estate Investment, saw 175,287 of his KOS shares sold by a securities company through order matching over the October 19-23 window. The sale was small relative to his total position but moved his disclosed ownership ratio below the 33.1% mark.

The two related entities recorded larger absolute sales. Kosy Real Estate Investment shed 445,500 shares, and Leo Regulus Investment, chaired by Cuong with Hang as a board member, shed 175,870 shares. In a separate filing, Kosy Group explained the five-session floor streak, saying the broader stock market had continued to slide on momentum, brokers had cut margin ratios on KOS, and simultaneous forced liquidation amplified selling pressure and hit liquidity. The company said its core businesses, real estate project investment and development, renewable energy, and project operations, were running to plan with no unusual internal developments affecting the share price, and it committed to full disclosure compliance.

Market Context

KOS trades on HOSE and closed at VND 5,050 on October 25, 2026, near the bottom of its recent range after the five-session floor streak. The forced sales are small in percentage terms, roughly 0.8 million shares across the three sellers, but they matter for signaling: margin calls on the chairman and his vehicles confirm that pledged or leveraged positions were under stress as the stock fell. The episode fits a broader pattern in Vietnam’s real estate sector, where small and mid-cap developers with high leverage and thin liquidity have been vulnerable to broker margin cuts during market-wide deleveraging.

Strategic Significance

The core thesis for KOS rests on project execution in real estate and renewable energy, and the company insists operations are unaffected. The relevant risk is ownership structure. Cuong, Hang, and affiliated vehicles control a large combined block, and any further forced selling would erode that cushion and could trigger disclosure thresholds or governance questions. Brokers cutting margin ratios on KOS also signals reduced collateral confidence, which can feed a self-reinforcing liquidity spiral in a stock this size. Investors should weigh whether the margin pressure reflects company-specific credit concerns or a market-wide de-risking cycle.

What to Watch

• Further insider or related-party transaction filings from Cuong, Hang, Kosy Real Estate Investment, or Leo Regulus Investment.
• Broker announcements on margin ratios and collateral eligibility for KOS.
• Kosy Group’s next periodic financial disclosure, including leverage and cash-flow detail.
• Trading liquidity and whether KOS holds above the VND 5,000 area after the floor streak.
• Any HoSE request for additional explanation or disclosure review.