Following VinFast’s historic Nasdaq debut, the Vingroup ecosystem is gearing up for its next major capital market play.
GSM (Green and Smart Mobility)—the operator behind the all-electric “Xanh SM” taxi fleet—is exploring an Initial Public Offering in Hong Kong. If successful, this would mark the first listing by a Vietnamese firm in the Asian financial hub.
📊 DEAL SNAPSHOT & KEY METRICS:
1️⃣ The Structure:
- Target Valuation: $2 Billion – $3 Billion (inclusive of debt).
- Raise Size: Minimum $200 Million.
- Timeline: Late 2026 – Early 2027 (Advisor selection likely in Q1 2026).
2️⃣ The Strategic Pivot (Why Hong Kong?): Unlike VinFast’s Nasdaq route, GSM is targeting the Hong Kong Stock Exchange (HKEX).
- The Rationale: Seeking deeper liquidity and stronger investor appetite for Asian mobility/EV plays.
- Context: This move appears to address the “thin float” challenges VinFast faced in the US. With HKEX raising ~$75B YTD (a resurgence since 2021), the timing could align with a market recovery.
3️⃣ Operational Maturity (The “Real Business” Case): Crucially, GSM is proving it is more than just an offtake channel for VinFast vehicles:
- Declining Related-Party Reliance: VinFast sales to GSM dropped to 26% of total sales in Q3 2025 (down significantly from 72% in 2023).
- Market Share: GSM now commands an estimated 35-40% of Vietnam’s ride-hailing market, challenging regional giant Grab.
- Regional Footprint: Expanding into Laos, Indonesia, Philippines, and eyeing India.
💡 ANALYST TAKEAWAY: A successful Hong Kong listing would provide GSM with independent growth capital while alleviating the funding pressure on the parent group (Vingroup) as it continues to support VinFast’s global expansion.
👇 Investors: Do you see Hong Kong as a more viable exit route for Southeast Asian tech firms compared to the US right now? Let’s discuss.