KOS Margin Call: Chairman-Linked Entity Drops Below 3% After 2.3M Shares Liquidated

Overview

Công ty TNHH Đầu tư Địa ốc Kosy, an entity linked to Kosy Group Chairman Nguyễn Việt Cường, had nearly 2.3 million KOS shares forcibly sold by a securities firm, reducing its stake from 4.05% to 3%. The chairman’s brother, Nguyễn Trung Kiên, also had 311,400 KOS shares liquidated. The disclosures matter for HOSE-listed Kosy Group (KOS) because they reveal margin pressure across the controlling family’s holdings just as the stock ended a 29-session run of floor-price closes.

Key Facts

• Đầu tư Địa ốc Kosy was margin-called on nearly 2.3 million KOS shares via order matching between October 27 and October 30, 2026.
• Its holding fell from almost 8.8 million shares (4.05%) to 6.5 million shares (3%).
• An earlier margin call of 445,500 KOS shares occurred between October 16 and October 22, 2026, cutting the stake from 4.26% to 4.05%.
• Nguyễn Trung Kiên, the chairman’s brother, had 311,400 KOS shares liquidated between October 20 and October 26, 2026, reducing his stake from 2.06% to 1.92%.
• Chairman Nguyễn Việt Cường still holds more than 71.6 million KOS shares, or 33.09%; Vice Chairwoman Nguyễn Thị Hằng holds nearly 13.9 million shares, or 6.42%.
• KOS closed at VND 4,060 on October 30, 2026, up limit, with nearly 75.7 million shares traded, about 200 times the 20-session average and equal to 35% of shares outstanding.

What Happened

Kosy Group published a report on transactions by insiders and related persons, disclosing that Đầu tư Địa ốc Kosy was forced to sell shares by a securities company. The margin call of nearly 2.3 million KOS shares was executed through order matching from October 27 to October 30, 2026. The entity is chaired by Nguyễn Việt Cường, who is also Chairman of Kosy Group’s board, and counts Vice Chairwoman Nguyễn Thị Hằng as a capital contributor.

The filing follows an earlier forced sale of 445,500 KOS shares between October 16 and October 22, 2026. Separately, Nguyễn Trung Kiên, the chairman’s brother, saw 311,400 KOS shares liquidated between October 20 and October 26, 2026. The article does not name the securities company involved or disclose the value of the forced sales. The disclosures were made through Kosy Group’s regulatory filing on insider and related-party transactions.

Market Context

KOS, listed on the Ho Chi Minh City Stock Exchange (HOSE), had closed at the floor price for 29 consecutive sessions from September 21, 2026, before reversing to a limit-up close of VND 4,060 on October 30, 2026. Volume that session reached nearly 75.7 million shares, the highest since listing and roughly 200 times the 20-session average. The forced selling by related parties occurred during the prolonged floor-price streak, a period when collateral value would have fallen sharply and margin calls became more likely. The broader Vietnamese real estate sector has faced persistent liquidity and leverage concerns, and KOS’s price action reflects extreme selling pressure followed by a sharp, high-volume rebound.

Strategic Significance

For long-term investors, the key issue is the leverage embedded in the controlling family’s holdings. The chairman’s direct 33.09% stake and Vice Chairwoman Hằng’s 6.42% stake are large, but the forced sales show that related entities were financing positions with margin. A stake falling below 3% removes Đầu tư Địa ốc Kosy from the 5% threshold that triggers additional disclosure requirements, but it does not eliminate the risk of further liquidations if the stock remains volatile. The October 30 limit-up on record volume suggests a forceful reset of ownership, yet the underlying thesis for Kosy Group depends on real estate project execution and balance-sheet deleveraging, not on a single session’s trading.

What to Watch

• Further insider or related-party transaction filings with the State Securities Commission and HOSE, particularly any additional margin calls.
• The next disclosure from Chairman Nguyễn Việt Cường or Vice Chairwoman Nguyễn Thị Hằng regarding their direct holdings.
• Kosy Group’s third-quarter or annual earnings release for 2026, including debt and margin-loan exposure at the parent and related entities.
• Trading liquidity and price stability in KOS after the October 30 volume spike, including whether the limit-up holds.
• Any announcement from the securities company involved in the forced sales, if disclosed.