In this morning's trading session (July 23), shares of Phu Nhuan Jewelry Joint Stock Company (PNJ) continued to fall to the floor price of VND 33,050/share, with only less than 400,000 shares matched, while there were more than 19.7 million shares outstanding for sale at the floor price.
Thus, PNJ shares have decreased by nearly 30% in just 9 recent trading sessions since July 10 and this is the 3rd consecutive floor price decrease session.
PNJ shares are under strong selling pressure in the context that SSI Securities Company has just announced the removal of this stock from the margin lending portfolio, effective from July 22. The margin lending ratio for PNJ code decreased from 40% to 0%, meaning investors can only trade in cash and no longer use the buying power from margins at securities companies.
Not only SSI, some other securities companies also have similar moves. The series of moves shows that securities companies are proactively managing risks with a stock with strong price fluctuations in the short term.
On the other hand, the fact that some securities companies simultaneously cut margin is also said to have created an amplified effect of the stock decline in the context that the outstanding loan balance of the whole market is at a record high.
Besides the margin story, PNJ's shareholder structure also recorded notable changes. According to PNJ's latest announcement on the change in ownership ratio of the group of related foreign investors who are major shareholders, in the trading session on July 16, 2026, the Dragon Capital fund group sold a total of more than 2.5 million PNJ shares.
After the transaction, the total number of PNJ shares held by the Dragon Capital group decreased from about 25.84 million units to more than 23.33 million units, corresponding to a decrease in ownership ratio from 5.05% to 4,5597% of charter capital. The decrease in ownership ratio below the 5% threshold also means that Dragon Capital is no longer a major shareholder of PNJ.
Before Dragon Capital, VinaCapital fund group also withdrew from its position as a major shareholder in PNJ. Specifically, five funds belonging to VinaCapital sold a total of 6.35 million shares in the session on July 8, equivalent to about 1.24% of charter capital. After the transaction, this group also held more than 25.8 million shares, equivalent to nearly 5% of the capital of the largest jewelry enterprise in Vietnam.
The fact that PNJ shares "freely fell", while witnessing a series of moves such as margin cut, foreign funds withdrawing, shows that PNJ is facing a major challenge in investor confidence.
Since the case of diamond inspection fraud and smuggling occurred at PNJ Appraisal One Member Limited Company (P-Lab) - PNJ's subsidiary - causing many customers to lose faith in domestic inspection certificates and simultaneously bring diamonds to PNJ stores to resell in order to recover cash. The cash flow put PNJ in a liquidity tension.
Previously, at a press conference held at noon on July 21, Mr. Phan Quoc Cong - General Director of PNJ - admitted that the company is under liquidity pressure. The reason, according to Mr. Cong, is not the lack of resources. The company has prepared several trillion VND for the program to buy back diamond products from customers and this process "is going smoothly".
PNJ's consolidated financial statements for the first quarter of 2026 show that PNJ's cash, cash equivalents and short-term financial investments reached 4,510 billion VND. This liquid asset volume plays a supporting role in helping PNJ meet customer resale needs.
But the problem lies in the capital turnover when the purchased goods need time to be processed before they can be put back into business. The procedures that this business implements after purchase include inspection, classification, dismantling of raw materials, renewal, polishing... From there, the cash flow cannot rotate in time as in normal conditions.
On July 21, PNJ announced that it will limit the amount of repurchase each day according to actual cash flow capacity, and switch from paying customers on the same day to "installment payments" in 5 installments, lasting up to 120 days. The company also said that white, round diamonds, from VS1 or VVS1 upwards and over 10mm are not reclaimed; lower sizes are subject to different ratios and conditions.
When buying, customers immediately pay 100% of the selling price. When reselling, customers must hand over the assets first but only receive a portion of the money, and then wait for the rest. PNJ also encourages transferring the purchase value to another product. The business has changed the cash payment obligation to a gradual payment obligation or new revenue in the ecosystem.
