PNJ's stock has recently experienced a remarkable turnaround, surging after a prolonged period of decline. On October 9, the stock price increased by 6.85%, reaching 19,500 VND per share, with over 4 million shares changing hands. This surge comes as demand outstrips supply, with more than 5.6 million shares queued for purchase at the ceiling price, while sellers have been notably absent.

Previously, PNJ's stock had plummeted from over 40,000 VND per share to around 18,000-19,000 VND, primarily due to significant selling pressure at the end of September and early October. This decline saw the stock lose more than 55% of its value, leading to a nearly 12 trillion VND drop in market capitalization, bringing it below the 10 trillion VND mark.

The sudden price increase on October 9 coincided with the company's announcement of independent testing results for its diamond products. According to PNJ, samples were randomly selected, sealed, and sent to the Asia Institute of Gemological Science (AIGS) for verification. The results confirmed that 100% of the tested samples were natural diamonds, aligning with the 4C specifications that PNJ had advertised. This positive news arrives at a time when investor sentiment regarding PNJ had been under pressure due to ongoing debates about product quality and testing processes.

While it is difficult to attribute the stock's rebound solely to the testing results, it is a significant piece of positive information following a series of adverse reports, potentially boosting investor confidence. Concurrently, as liquidity for PNJ shares increased, several large foreign shareholders took the opportunity to reduce their stakes. Sprucegrove Investment Management Ltd sold nearly 6.6 million shares, decreasing its holding from 25.81 million shares (5.04% of equity) to just over 19.21 million shares (3.75%). Vanguard International Value Fund also sold over 5 million shares, exiting its status as a major shareholder.

Notably, Sprucegrove had only crossed the 5% ownership threshold in mid-August, meaning that less than two months later, they had sold off a significant portion of their shares. Similarly, T. Rowe Price Associates reduced their stake from 6.02% to 4.95%, no longer qualifying as a major shareholder. Collectively, these two foreign investment groups sold over 12 million shares of PNJ on October 2.

The substantial supply from foreign institutions being absorbed during this record liquidity session indicates that demand is beginning to re-emerge after a prolonged sell-off. Previously, PNJ faced mounting pressure from various factors that negatively impacted its short-term outlook. In the extraordinary general meeting documents for 2026, the company projected a significant adjustment to its business plan, anticipating revenues of 39.057 trillion VND but a net loss of 6.271 trillion VND after accounting for a 7.071 trillion VND provision for potential losses related to its product exchange policy.

Alongside the profit adjustment, PNJ proposed a private placement of up to 550 million common shares to professional investors, a figure that exceeds the current circulating shares of approximately 511 million. This has raised concerns about dilution and potential significant changes in ownership structure post-issuance. Approximately 60% of the funds raised are expected to be used for future business plans based on adjustments to the product exchange policy, while the remaining funds will be allocated for working capital and other financial needs.