新股消息 | 传越南电动出租车营运商GSM计划来港上市 估值最高达30亿美元

Core Viewpoint - Vietnam's electric taxi operator GSM plans to go public in Hong Kong, aiming to raise at least $200 million with a valuation between $2 billion and $3 billion by late 2026 to early 2027 [1][2]. Group 1: IPO Plans - GSM is in preliminary discussions with potential advisors for the IPO, with the earliest appointment of advisors expected in Q1 2026 [1]. - The IPO plan is still in a tentative stage and may be postponed [1]. Group 2: Company Background - GSM was founded in 2023 by Pham Nhat Vuong, who is also the head of Vingroup and VinFast, and operates Vietnam's largest all-electric taxi fleet under the brand Xanh SM, exclusively using VinFast vehicles [1]. - This strategy has boosted VinFast's domestic sales while allowing GSM to scale without relying on third-party suppliers [1]. Group 3: Market Position and Expansion - By Q3 2025, sales from VinFast to GSM are projected to account for 26% of VinFast's total sales, down from 72% in 2023 [1]. - GSM captured approximately 40% of Vietnam's ride-hailing market in Q1 of this year [2]. - The company has expanded its operations to Laos, Indonesia, and the Philippines, and is exploring entry into the Indian market [2]. Group 4: Market Context - Listing in Hong Kong is expected to provide broader liquidity compared to Singapore or Nasdaq, enhancing investor interest in the electric vehicle and mobility sectors [2]. - If successful, the IPO will provide funding for GSM's regional growth and alleviate financial pressure on Vingroup and Vuong amid ongoing costly expansion efforts [2]. - The Hong Kong Stock Exchange is actively seeking to attract overseas issuers, particularly from Southeast Asia and the Middle East, to enhance its global influence [2].