Group 1 - The core viewpoint of the article is that Vietnamese 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] - 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][2] - By Q3 2025, sales from VinFast to GSM are expected to account for 26% of VinFast's total sales, a decrease from 72% in 2023, indicating a shift in business dynamics [1] Group 2 - 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 the IPO is successful, it will provide funding for GSM's regional growth and strengthen its competitive position in Southeast Asia, alleviating financial pressure on Vingroup and Vuong amid ongoing costly expansion efforts [2] - GSM captured approximately 40% of Vietnam's ride-hailing market in Q1 of this year, demonstrating strong market presence and growth potential [2]

据媒体报道，越南电动出租车营运商GSM(Green and Smart Mobility)计划来港上市。知情人士透露， GSM目标于2026年底至2027年初进行首次公开募股(IPO)，集资至少2亿美元，估值达20亿至30亿美元。 知情人士表示，GSM已与潜在顾问就IPO事宜进行初步洽谈，最早可能在2026年Q1任命顾问。该IPO计 划仍处于试探阶段，可能被搁置;若成功，GSM将成为首家在香港上市的越南企业。 来源：智通财经网 香港也在加大力度吸引海外发行人，港交所行政总裁陈翊庭今年6月曾表示，港交所正计划吸引东南亚 和中东地区已上市的公司赴港二次上市，以提升其全球影响力。 GSM由Vingroup(VIC.HM)及VinFast(VFS.US)负责人Pham Nhat Vuong于2023年创立，经营越南最大的全 电动出租车车队，品牌为Xanh SM，且只使用VinFast车辆。这一战略提升了VinFast的国内销售额，同 时使GSM能在不依赖第三方供应商情况下扩大规模。到2025年第三季度，VinFast对GSM的销售额占其 总销售额的26%，低于2023年的72%。 机构调研数据显示，GSM今年第一季度 ...

Core Viewpoint - GSM, a Vietnamese electric taxi operator, plans to go public in Hong Kong with an IPO aimed at raising at least $200 million and achieving a valuation between $2 billion and $3 billion by late 2026 to early 2027 [1][2] Group 1: Company Overview - GSM was founded in 2023 by Pham Nhat Vuong, 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] - By Q3 2025, VinFast's sales to GSM are projected to account for 26% of its total sales, a decrease from 72% in 2023, indicating a strategy to scale without relying on third-party suppliers [1] Group 2: Market Position and Growth - In Q1 of this year, GSM captured approximately 40% of Vietnam's ride-hailing market, demonstrating strong momentum and a solid market leadership position [2] - GSM has expanded its operations to Laos, Indonesia, and the Philippines, and is exploring potential entry into the Indian market [2] Group 3: IPO and Market Strategy - The IPO plan is still in the exploratory phase and may be postponed; however, if successful, GSM would become the first Vietnamese company to list in Hong Kong [1] - 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] - The potential IPO could provide funding for GSM's regional growth and alleviate financial pressure on Vingroup and Vuong amid ongoing costly expansion efforts [2] Group 4: Industry Context - The Hong Kong Stock Exchange is actively seeking to attract overseas issuers, with plans to encourage Southeast Asian and Middle Eastern companies to pursue secondary listings to enhance its global influence [2]

Core Viewpoint - GSM, a Vietnamese electric taxi operator, 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 late 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 and operates the largest all-electric taxi fleet in Vietnam 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: 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]

Core 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]