New Stock News | Vietnamese Electric Taxi Operator GSM Plans to List in Hong Kong with a Valuation of Up to $3 Billion.

According to media reports, Vietnamese electric taxi operator GSM (Green and Smart Mobility) plans to list in Hong Kong. Sources revealed that GSM aims to conduct its first initial public offering (IPO) by the end of 2026 or early 2027, raising at least USD 200 million with a valuation between USD 2 billion to USD 3 billion. Sources stated that GSM has had preliminary discussions with potential advisors regarding the IPO, and may appoint advisors as early as Q1 2026. The IPO plan is still in the exploratory stage and may be shelved; if successful, GSM will become the first Vietnamese company to list in Hong Kong. GSM was established by Pham Nhat Vuong, the head of Vingroup (VIC.HM) and VinFast (VFS.US), in 2023. It operates Vietnam's largest all-electric taxi fleet under the brand Xanh SM, using only VinFast vehicles. This strategy has boosted VinFast's domestic sales and allowed GSM to expand without relying on third-party suppliers. By the third quarter of 2025, VinFast's sales to GSM accounted for 26% of its total sales, down from 72% in 2023. Sources indicated that listing in Hong Kong will provide greater liquidity compared to Singapore or Nasdaq, and enhance investor interest in the electric vehicle and mobility sector. Since listing on Nasdaq in 2023, VinFast has faced a shortage of liquidity with only a few free-floating shares. A successful listing in Hong Kong will provide funding for GSM's regional growth, solidify its position in the competitive Southeast Asian market, and relieve financial pressure on Vingroup and Vuong as VinFast continues its costly expansion and development efforts. Institutional research data shows that GSM accounted for approximately 40% of Vietnam's ride-hailing market in the first quarter of this year. Vingroup has not disclosed financial details of GSM but stated that the company continues to demonstrate strong momentum and consolidate its market-leading position. GSM has expanded its operations to Laos, Indonesia, and the Philippines, and is exploring possibilities to enter the Indian market. Hong Kong is also intensifying efforts to attract overseas issuers, with Charles Li, CEO of the Hong Kong Exchanges and Clearing, stating in June this year that the exchange plans to attract companies from Southeast Asia and the Middle East that are already listed elsewhere to secondary list in Hong Kong to enhance its global influence.