Company Overview - GSM, officially known as Green and Smart Mobility JSC, is a Vietnamese electric-vehicle taxi operator and part of Vingroup, planning to list in Hong Kong, potentially marking the first IPO from Vietnam in the city [1][2] - Founded in 2023, GSM operates Vietnam's largest all-electric taxi fleet under the Xanh SM brand, exclusively using VinFast vehicles [3] IPO Plans - GSM is targeting a valuation of $2 billion to $3 billion for its IPO, aiming to raise at least $200 million, with the valuation including debt [1][2] - The IPO is tentatively scheduled for late 2026 to early 2027, with the timeline subject to market conditions and corporate strategy [4] - Preliminary talks with potential advisers for the IPO have been held, with appointments possible as early as the first quarter of 2026 [2] Market Position and Strategy - GSM holds approximately 40% of Vietnam's ride-hailing market, compared to Grab's 32%, although other estimates suggest Grab's share could be as high as 55% [7] - The strategy of using VinFast vehicles exclusively has bolstered VinFast's domestic sales and allowed GSM to scale up without relying on third-party suppliers [3] Financial Context - A successful IPO in Hong Kong could provide funding for GSM's regional growth and alleviate financial pressures on Vingroup, especially as VinFast continues its costly expansion efforts [5] - The Hong Kong IPO market has seen a resurgence, raising about $75 billion so far this year, which is more than triple last year's total [6] Competitive Landscape - GSM's closest rival in Vietnam is Grab, and the company is also expanding into other Southeast Asian markets, including Laos, Indonesia, and the Philippines, with plans to explore entry into India [8]