Is the "first Vietnamese stock" in the Hong Kong stock market coming? Electric mobility giant GSM plans Hong Kong IPO in 2026

Vietnamese electric mobility service provider Green and Smart Mobility (GSM) is preparing for an initial public offering (IPO) in Hong Kong by the end of 2026 or early 2027. If successful, GSM will become the first Vietnamese company to conduct an IPO on the Hong Kong Stock Exchange.

On December 29, Reuters cited informed sources stating that the company's target valuation is between $2 billion and $3 billion. One source indicated that the company plans to raise at least $200 million, while another noted that the valuation will include debt. GSM has had preliminary discussions with potential advisors regarding the IPO and may appoint underwriters as early as the first quarter of 2026.

The company is part of Vietnam's largest conglomerate, Vingroup, and primarily focuses on electric taxis and green mobility services. If successfully implemented, this will mark Vingroup's second overseas listing following the IPO of electric vehicle manufacturer VinFast on NASDAQ in 2023.

The funds raised will mainly support GSM's business expansion in Southeast Asia, which is expected to alleviate the financial pressure faced by Vingroup and its founder Pham Nhat Vuong due to the ongoing high investments in VinFast.

Business Model Relies on VinFast Supply Chain

GSM was founded in 2023 by Vingroup and Pham Nhat Vuong, the founder of its electric vehicle brand VinFast, operating Vietnam's largest all-electric taxi fleet under the brand "Xanh SM," with all vehicles procured from VinFast.

This strategy has not only boosted VinFast's domestic sales but also allowed GSM to expand rapidly without relying on third-party suppliers. Data shows that VinFast's sales to GSM have decreased from 72% of its total sales in 2023 to 26% by the third quarter of 2025.

Although Pham Nhat Vuong had previously publicly stated that he was considering promoting GSM's overseas listing, this news marks the first time the proposed listing location, valuation, fundraising scale, and approximate timeline have been clarified, indicating that the plan has entered a substantive advancement stage.

Liquidity is a Key Factor in Choosing the Hong Kong Market

Informed sources indicated that the main consideration for choosing to list in Hong Kong is that, compared to markets like Singapore or NASDAQ, the Hong Kong market can provide more ample liquidity and higher investor attention for companies in the electric vehicle and mobility sectors. VinFast, under Vingroup, has long been constrained by insufficient trading activity due to a low free float ratio since its listing on NASDAQ in 2023.

Another source further emphasized that liquidity is a key factor for GSM's priority consideration of the Hong Kong market. The proposed listing timeline is still in the preliminary stage and may be adjusted based on market conditions and changes in corporate strategy, with the possibility of delays or changes to the plan According to data from LSEG (London Stock Exchange Group), the financing scale of the Hong Kong market has exceeded USD 75 billion so far this year, more than three times that of the same period last year, reaching a new high since 2021 and dominating the Asian equity financing market.

At the same time, the Hong Kong Stock Exchange is actively expanding its resources for international issuers. The CEO of the Hong Kong Stock Exchange, Charles Li, publicly stated in June this year that the exchange is actively attracting Southeast Asian and Middle Eastern companies to conduct secondary listings in Hong Kong.

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