GSM, the electric mobility services provider under Vingroup, Vietnam's largest conglomerate, plans to list on the Hong Kong Stock Exchange by late 2026 or early 2027, with a targeted valuation of $2 billion to $3 billion. This move is expected to make it the first Vietnamese company to be listed on the Hong Kong Stock Exchange. The purpose of this IPO is to raise funds for its business expansion in Southeast Asia. The decision to choose Hong Kong is primarily based on its higher liquidity compared to markets such as Nasdaq.
Green and Smart Mobility (GSM), a Vietnamese electric mobility service provider, is preparing for an initial public offering (IPO) in Hong Kong between late 2026 and early 2027. If successful, GSM will become the first Vietnamese company to conduct an IPO on the Hong Kong Stock Exchange.
On December 29, according to Reuters citing sources familiar with the matter, the company is targeting a valuation of between $2 billion and $3 billion. One of the sources stated that the company plans to raise at least $200 million, while another mentioned that the valuation will include debt. GSM has initiated 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 Vingroup, Vietnam's largest conglomerate, and specializes in electric taxi services and green mobility solutions. If executed successfully, this will mark Vingroup’s second overseas listing following the Nasdaq IPO of its electric vehicle manufacturer VinFast in 2023.
The proceeds from this fundraising will primarily support GSM’s business expansion across Southeast Asia, potentially alleviating the financial pressures faced by Vingroup and its founder Pham Nhat Vuong due to VinFast’s ongoing high investments.
Business model reliant on VinFast's 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 fully electric taxi fleet under the brand 'Xanh SM,' with all vehicles sourced from VinFast.
This strategy has not only boosted domestic sales for VinFast but also allowed GSM to expand rapidly without relying on third-party suppliers. Data shows that VinFast’s sales to GSM accounted for 72% of its total revenue in 2023, declining to 26% by the third quarter of 2025.
Although Pham Nhat Vuong had previously expressed consideration of taking GSM public overseas, this announcement is the first to specify the intended listing venue, valuation, fundraising scale, and timeline, marking the plan’s entry into a substantive implementation phase.
Liquidity is a key factor in choosing the Hong Kong market
Sources indicated that the primary consideration for choosing Hong Kong for the listing is its ability to offer greater liquidity and higher investor attention for companies in the electric vehicle and mobility sectors compared to markets like Singapore or Nasdaq. Since its Nasdaq listing in 2023, Vingroup’s electric vehicle brand VinFast has been constrained by insufficient trading activity due to a low free float.
Another informed source further emphasized that liquidity is a key factor in GSM's prioritization of the Hong Kong market this time. The currently proposed listing timetable remains at a preliminary stage and may be adjusted based on changes in market conditions and corporate strategy. There is also a possibility of delays or modifications to the plan.
According to data from LSEG (London Stock Exchange Group), the financing scale of the Hong Kong market has exceeded 75 billion US dollars year-to-date, more than triple 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 pool of international issuers. Chen Yiting, CEO of the Hong Kong Stock Exchange, publicly stated in June this year that the exchange is actively attracting companies from Southeast Asia and the Middle East to pursue secondary listings in Hong Kong.
Editor /rice