PNJ stock decline and widespread shareholder divestment

Phu Nhuan Jewelry Company Limited (PNJ) has faced a severe decline in stock value following a diamond-related incident in July. The stock price dropped to 23,050 VND per share, a 73% decrease from its January peak, marking its lowest level since the March 2020 Covid period. This downturn resulted in a market capitalization loss of over 32,000 billion VND.

The volatility has triggered significant divestment from both foreign and domestic stakeholders. Foreign investors have heavily reduced their holdings, with major groups including T. Rowe Price Associates, Inc. and Sprucegrove Investment Management Ltd selling enough shares to fall below the 5% major shareholder threshold. Specifically, T. Rowe Price reduced its holdings from 6.02% to 4.95%, while the Sprucegrove group, including the Vanguard International Value Fund, saw its stake drop from 5.04% to 3.75%.

Divestment by the family of PNJ Chairperson Cao Thi Ngoc Dung has also intensified. Following the sale of 9 million shares by her brother, Cao Ngoc Duy, in early October, other family members have exited large positions. Between September 11 and October 8, 2026, three daughters and the Chairperson’s brother sold or were subject to forced liquidation of a combined 36.94 million shares, representing approximately 7.2% of outstanding stock. This included the sale of 7 million shares by Vice Chairwoman Tran Phuong Ngoc Thao and 18 million shares by Tran Phuong Ngoc Ha. Additionally, on October 8, 2026, daughter Tran Phuong Ngoc Giao had 2.94 million shares forcibly liquidated by VNDIRECT Securities, reducing her ownership from 2.86% to 2.29%.