港股“越南第一股”要来了？电动出行巨头GSM拟2026年港股IPO

Core Viewpoint - 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, potentially becoming the first Vietnamese company to list on the Hong Kong Stock Exchange [1] Group 1: IPO Details - GSM aims for a valuation between $2 billion and $3 billion, with plans to raise at least $200 million [1] - The company is in preliminary discussions with potential advisors and may appoint underwriters as early as Q1 2026 [1] - The funds raised will primarily support GSM's business expansion in Southeast Asia, alleviating financial pressure on Vingroup and its founder due to ongoing high investments in VinFast [1] Group 2: Business Model - GSM was founded in 2023 by Vingroup and Pham Nhat Vuong, operating Vietnam's largest all-electric taxi fleet under the "Xanh SM" brand, using vehicles exclusively sourced from VinFast [2] - The sales contribution from VinFast to GSM has decreased from 72% in 2023 to 26% by Q3 2025, indicating a diversification in GSM's supply chain [2] - The announcement of the IPO details marks a significant advancement in GSM's plans for overseas listing [2] Group 3: Market Considerations - The choice of Hong Kong for the IPO is driven by the market's superior liquidity and higher investor interest compared to Singapore or Nasdaq [3] - VinFast has faced trading activity limitations due to a low free float ratio since its Nasdaq listing in 2023 [3] - Hong Kong's capital raising has exceeded $75 billion this year, more than three times the amount from the same period last year, establishing its dominance in the Asian equity financing market [3]