IPO News | Rumor has it that Vietnamese electric taxi operator GSM plans to go public in Hong Kong with a valuation of up to US$3 billion

The Zhitong Finance App learned that according to media reports, Vietnamese electric taxi operator GSM (Green and Smart Mobility) plans to go public in Hong Kong. People familiar with the matter revealed that GSM aims to conduct an initial public offering (IPO) from the end of 2026 to the beginning of 2027, raising at least US$200 million and a valuation of US$2 billion to US$3 billion. People familiar with the matter said that GSM has conducted preliminary negotiations with potential advisors on the IPO matter and may appoint advisors as early as Q1 2026. The IPO plan is still being tested and may be shelved; if successful, GSM will become the first Vietnamese company listed in Hong Kong.

GSM was founded in 2023 by Pham Nhat Vuong, head of VinGroup (VIC.HM) and VinFast (VFS.US). It operates Vietnam's largest all-electric taxi fleet. The brand is Xanh SM, and only uses VinFast vehicles. This strategy has boosted VinFast's domestic sales while enabling GSM to scale up 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 said that compared to Singapore or NASDAQ, listing in Hong Kong will provide greater liquidity and enhance investors' interest in electric vehicles and mobility. Since its listing on the NASDAQ in 2023, VinFast has faced the plight of insufficient liquidity, with only a few freely tradable shares.

A successful listing in Hong Kong will fund GSM's regional growth, strengthen its position in the Southeast Asian competitive market, and ease the financial pressure VinFast brings to Vingroup and Vuong as it continues to carry out costly expansion and development efforts.

According to agency research data, GSM accounted for about 40% of Vietnam's online car-hailing market in the first quarter of this year. Vingroup did not disclose financial details of GSM, but said the company continues to show strong momentum and solidify its leading position in the market. GSM has expanded its business to Laos, Indonesia and the Philippines, and is exploring the possibility of entering the Indian market.

Hong Kong is also stepping up efforts to attract overseas issuers. Hong Kong Stock Exchange Chief Executive Chen Yiting said in June this year that the Hong Kong Stock Exchange is planning to attract companies already listed in Southeast Asia and the Middle East to go public in Hong Kong for a second time to enhance their global influence.