Trần Phương Ngọc Giao, the daughter of Cao Thi Ngoc Dung, recently faced a significant financial move as VNDIRECT sold off 2.94 million shares of PNJ in a margin call. This transaction occurred on October 8, 2026, amid a drastic decline in the stock price of Phu Nhuan Jewelry Joint Stock Company (HoSE: PNJ), which has dropped over 70% from its peak earlier this year.

Prior to this sale, Giao held more than 14.64 million shares, representing approximately 2.86% of the company's equity. Following the margin call, her holdings decreased to about 11.7 million shares, or 2.29% of the total shares. This event is part of a larger trend within her family, as on September 11, another daughter, Trần Phương Ngọc Thảo, sold 7 million shares, and yet another sister, Trần Phương Ngọc Hà, sold 18 million shares between September 11 and 18. These transactions were executed to secure funds for the family to lend to PNJ, aimed at bolstering working capital for business operations.

Additionally, on October 1 and 2, Cao Ngọc Duy, the brother of Cao Thi Ngoc Dung, sold 9 million shares to meet personal financial needs, reducing his ownership from 2.7% to 0.94%. In total, from September 11 to October 8, the family has sold or had sold off a combined total of 36.94 million shares, which is approximately 7.2% of the circulating shares of PNJ. Out of this total, 34 million shares were sold actively, while 2.94 million shares were sold due to the margin call.

The stock price of PNJ has been on a continuous decline, falling from over 60,000 VND per share at the beginning of the year to a low of 18,250 VND on October 8. However, on October 9, the stock experienced a surprising rebound, closing at 19,500 VND per share, marking a 6.85% increase. Despite this slight recovery, the company's market capitalization has diminished to around 10 trillion VND.

Looking ahead, PNJ is scheduled to hold an extraordinary general meeting on October 21, where it will present a plan to issue up to 550 million shares privately, along with significant adjustments to its business strategy for 2026.