PNJ stock closed on 2/10 at 23,050 VND, hitting its daily floor for the fifth consecutive session and extending its market price correction streak to the ninth session. This marks the stock's lowest level since late 7/2020, a period of over six years.

In a clarification document sent to the Ho Chi Minh City Stock Exchange (HoSE) on the afternoon of 2/10, Phu Nhuan Jewelry Joint Stock Company (PNJ) attributed the sharp decline to market developments and company-related information.

According to PNJ, the Vietnamese stock market has recently experienced a correction trend and cautious sentiment. Additionally, securities firms reduced the margin lending ratio for PNJ's stock. "The adjustment of the margin lending ratio could increase selling pressure and affect liquidity, as well as PNJ's stock price performance", the company stated.

Margin allows investors to borrow from securities firms to purchase stocks. A lowered lending ratio can decrease the purchasing power of leveraged investors. This may force borrowers to provide additional collateral or sell stocks to reduce debt, further increasing market selling pressure. However, the impact's extent depends on outstanding margin debt and investor reactions.

In 9/2026, PNJ also disclosed information related to its business situation and internal transactions involving family members of Chairwoman Cao Thi Ngoc Dung. The company anticipates a loss of 6,271 billion VND this year, primarily due to a provision for losses arising from its policy of repurchasing sold goods, totaling over 7,071 billion VND.

The enterprise explained that unexpected incidents related to its diamond business operations changed the business landscape, impacting the progress of its business plan implementation. PNJ plans to change its product repurchase method, leading to an increase in the rate of customers selling back purchased products. This has resulted in a higher loss rate calculated on the total volume of products sold compared to initial estimates. PNJ noted that this provision is an estimated value based on available information and assumptions, not the actual cash amount spent.

"The frequency and volume of information disclosed in a short period could affect investor sentiment", a company representative stated.

Ms. Cao Thi Ngoc Dung, Chairwoman of PNJ's Board of Directors. *Photo: Thanh Nguyen*

Cao Thi Ngoc Dung's company is undergoing restructuring following the diamond incident. The enterprise is focusing on strengthening financial health, enhancing governance, controlling risks, and regaining customer and market trust. Currently, Cao Thi Ngoc Dung's family has loaned the company approximately 700 billion VND to supplement working capital and prepare raw materials for peak business periods.