VinFast Auto .(US:VFS) Ge Long Hui·2025-12-29 07:38Core Viewpoint - Vietnamese electric taxi operator GSM plans to conduct an IPO in Hong Kong, aiming to raise at least $200 million with a valuation between $2 billion and $3 billion, potentially becoming the first Vietnamese company to list in Hong Kong [1] Group 1: IPO Plans - GSM is targeting an IPO between the end of 2026 and early 2027 [1] - The company has begun preliminary discussions with potential advisors for the IPO, with the earliest appointment of advisors expected in the first quarter of 2026 [1] Group 2: Company Background - GSM was founded in 2023 by Vingroup and VinFast's Pham Nhat Vuong, operating the largest all-electric taxi fleet in Vietnam under the brand Xanh SM, exclusively using VinFast vehicles [1] - This strategy boosts VinFast's domestic sales while allowing GSM to scale without relying on third-party suppliers [1] Group 3: Financial Projections - By the third quarter of 2025, sales from VinFast to GSM are projected to account for 26% of VinFast's total sales, a decrease from 72% in 2023 [1]