Tran Phuong Ngoc Giao, daughter of PNJ Chairwoman Cao Thi Ngoc Dung, may be forced to sell 2.17 million PNJ shares under a margin call, starting today until her payment obligations are settled or her margin ratio is restored. On October 8, she had 2.94 million shares force-sold, leaving about 11.7 million shares, or roughly 2.29% of charter capital; if the new sale goes ahead as planned, the Dung family group's stake would fall to about 8.49%. At an extraordinary meeting last week, Ms. Dung said the share sale aims to raise funds for PNJ's restructuring loans and support its liquidity, even though PNJ is the family's largest investment. PNJ closed today at 15,500 dong, more than three-quarters below its level before the diamond incident, wiping nearly 24,400 billion dong off its market value.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Con gái bà Cao Thị Ngọc Dung có thể phải bán hơn 2 triệu cổ phiếu PNJ
Read the original on VnExpress ↗
Keywords
Open a keyword to see other news on the same topic.
Related tickers and likely impact
PNJ
▼ Likely negativePhu Nhuan Jewelry
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 7,548 bn VND |
| P/E | 4.5 |
| P/B | 0.57 |
| Close on 10/30/2026 | 15.50 |
| Change that session | -3.43% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Daughter of PNJ Chairwoman hit with margin call
MBS announced a planned forced sale of 2.17 million PNJ shares belonging to Tran Phuong Ngoc Giao, daughter of PNJ Chairwoman Cao Thi Ngoc Dung, starting October 30, 2026 until she meets her payment or collateral obligations. The sale may not proceed if the collateral’s market price changes or the account holder adds collateral to meet margin requirements. This is not the first such sale this month: on October 8, VNDIRECT force-sold 2.94 million PNJ shares, cutting her holding from over 14.64 million to about 11.7 million shares. Earlier, her two sisters sold 7 million and 18 million shares in September to raise funds for the family to lend to PNJ, and Cao Ngoc Duy sold 9 million shares in early October. PNJ closed at VND 16,050 per share on October 29, with market capitalization over VND 8,000 billion.
- Margin Forced-Selling Pressure at PNJ
Tran Phuong Ngoc Giao, daughter of PNJ Chairwoman Cao Thi Ngoc Dung, disclosed on 09/10/2026 that VNDirect Securities had force-sold 2.94 million PNJ shares in the 08/10 session, leaving her with 11.7 million shares, or 2.29% of the company. The sale followed the Chairwoman's younger brother, Cao Ngoc Duy, selling 9 million shares over 01 and 02/10, cutting his stake to 0.943%. PNJ fell to 19,500 VND, down about 70% from its early-year peak and below the 2020 pandemic low. The article says the margin-call sale was initiated by the brokerage without prior notice, and together with Duy's sales, nearly 12 million shares entered the market within about a week, increasing supply quickly. The lower share price also affects the planned private placement of 550 million shares, because the issue-price rule tied to the 30-session average price is being pulled down day by day.
- PNJ's Inventory Rises to Over VND 16,600 Billion
As of the end of September, PNJ's net inventory stood at over VND 16,626 billion, or nearly 83% of total assets, after a wave of product returns, with markdown provisions of nearly VND 2,229 billion. Most of the provisions relate to diamond jewelry and loose diamonds, and CEO Phan Quốc Công said liquidating the stock will take considerable time given weak market purchasing power. In the third quarter, net revenue fell 14% to nearly VND 6,995 billion and the company posted an after-tax loss of nearly VND 258 billion, versus a profit of nearly VND 496 billion a year earlier. Gross margin narrowed from 19.8% to 8.7%, and VND 5,111 billion of inventory was pledged as collateral for short-term bank loans, up nearly 29% from the end of last year. Management attributed the weak results to unusual gold price swings and changes in revenue mix.
- SSI forecasts when PNJ's profit will return to the VND 1,000 billion mark
SSI forecasts PNJ's net revenue at VND 39,100 billion in 2026, VND 43,400 billion in 2027 and VND 57,700 billion in 2029, while after-tax profit is forecast at minus VND 6,300 billion in 2026, rising to VND 1,200 billion in 2028. The company holds large inventory, with diamonds making up 52%, and may need to set aside additional provisions for inventory write-downs if gold prices fall. Under SSI's estimated scenario, PNJ's additional repurchase obligation could be about VND 16,800 billion; to ease short-term liquidity pressure, the company plans to issue up to 550 million shares to raise VND 8,000 billion. Preliminary Q3/2026 results show a net loss of VND 258 billion, compared with a profit of VND 496 billion a year earlier. SSI continues to keep PNJ's stock at “Under review”.
- PNJ runs out of cash: A stress test for the 'king' of the jewelry industry
After a sharp rise in diamond and jewelry buy-backs from July, PNJ's Q3 2026 net revenue fell 14% to nearly 7,000 billion VND, with gross profit down 62% to 609 billion VND and a 258 billion VND after-tax loss. Cash and deposits at end-September were only about 770 billion VND, including a 700 billion VND personal loan from the Board Chair, while diamonds account for about 52% of inventory and are hard to sell without deep discounts. The company extended buy-back payments to 120 days, but retail revenue in August and September was under half of normal levels. The revised 2026 plan cuts revenue 19% to 39,057 billion VND and projects a 6,271 billion VND loss, mainly due to a provision of over 7,071 billion VND, and proposes a private share placement of up to 550 million shares to raise about 8,000 billion VND.
- 'Black swan' event has a major impact on Vietnam’s diamond market
At PNJ’s extraordinary shareholders’ meeting on October 21, the company said customer buybacks surged from July after an incident involving the P-Lab director, with July’s total value reaching nearly 6,000 billion VND, almost equal to all of 2025 (about 7,000 billion VND). General Director Phan Quốc Công called the episode a “black swan,” and the company shortened payment times for some gold and jewelry products to 2–7 days, while diamonds remain at 120 days. The board proposed booking a 7,071 billion VND provision in 2026, which would push the pre-tax result to a loss of more than 6,000 billion VND, even though revenue is projected at 39,057 billion VND, up 10%. PNJ also plans to close 25–30 underperforming stores and issue up to 550 million shares in a private placement; Chairwoman Cao Thị Ngọc Dung apologized to shareholders.
Related markets
Latest news
- Big Tech's massive AI spending is causing another problem for investors
Combined share buybacks by Alphabet (GOOGL), Amazon (AMZN), Meta (META), Microsoft (MSFT) and Oracle (ORCL) fell to just $4.4 billion in Q3, the lowest since Q3 2017 according to the Kobeissi Letter, and the third straight quarter below $5 billion. That is down 90% from the $45.9 billion peak in Q4 2021. Cash once used for buybacks is being redirected into AI projects, with the five companies' combined capital expenditures tracking toward approximately $800 billion in 2026. Wall Street analysts project that spending will surge past $1.2 trillion in 2027.
- JPMorgan Chase & Co. Warns a Rapid Rate Rise Could Shake the Financial System
JPMorgan Chase & Co. (JPM) says a rapid rise in interest rates is a broader risk to the financial system, because some institutions may be unable to adjust their balance sheets quickly, which could weaken confidence and intensify competition for funding. Charles Bristow, the bank's head of treasury and chief investment officer, said the bank has stress-tested its balance sheet against higher rates and that the market was pricing just over two rate hikes through 2027. Medium-term rate forwards have risen to around 5% from 3% about four years ago, and JPMorgan has generally avoided longer-dated investments. Bristow also said liquidity is a binding constraint across the banking system and that the sustainable dividend remains the bank's primary capital-return commitment.
- Qualcomm Says December Won’t Be Its Biggest Quarter Anymore as Apple Walks Away
Qualcomm's CFO said on the November 4, 2026 earnings call that December will no longer be its biggest quarter from fiscal 2027, as chip revenue from Apple ramps down. GAAP revenue fell 8% to $10.322 billion and non-GAAP EPS fell 28% to $2.17, while automotive revenue rose 89% to $1.99 billion. December-quarter guidance of $10.4 billion to $11.2 billion in revenue and $2.15 to $2.35 in non-GAAP EPS has an EPS midpoint of $2.25, which the article estimates trails the $2.29 consensus. Qualcomm targets $5 billion in data center revenue for fiscal 2027, mostly from two hyperscalers, one of them Amazon, while the value of the multi-year SpaceX deal was not disclosed. After the report, shares fell 7.52% to $160.16, about 36% below the May 29, 2026 record close of $251.02, by the article's estimate.
- Citi Loads Up On Tesla, Lucid And Rivian In Q3 While Slashing XPeng, General Motors
Citigroup increased its Tesla stake 10.1% to 8.69 million shares in Q3, worth about $3.09 billion at quarter-end, even as the position's value fell about 7% as the shares dropped. It more than doubled its Lucid stake (up 106% to 4.25 million shares) and raised its Rivian holding 39.7% to 8.56 million shares, while selling its small Faraday Future stake. Conversely, it cut its XPeng ADS holding 82.6% to 235,012 and its General Motors stake 5% to 1.70 million shares, while Ford rose 31% to 13.05 million. Citigroup's total reported holdings edged up to about $308.3 billion from $302.7 billion the prior quarter. TSLA stock has dropped 24% year to date, according to the filing report.
- Is this 'the big one' for the stock market? Wall Street sounds off as tech plunges.
The stock market fell sharply on Thursday as a punishing selloff in tech stocks dragged it lower, a day after equities rallied strongly following the Democrats' sweep of Tuesday's midterm vote.
- Apple cuts employee AI budgets as new CEO looks to rein in costs
Apple is reducing internal budgets for employees using external AI services as new CEO John Ternus seeks to control spending, according to a Bloomberg report citing people familiar with the matter. The company has cut daily token-based spending limits for some teams to as little as $25, with the changes meant to push employees toward cheaper AI models, though some teams may qualify for exemptions. The move comes as Ternus faces rising costs, including higher memory prices that could weigh on margins ahead of the holiday shopping season. Meta Platforms and Uber have also introduced limits on employee AI tool use, and some Apple staff reportedly worry about restructuring after the company hired outside consultants. Neither Apple nor Ternus has publicly commented on the reported limits.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.