Vietnamese EV taxi firm GSM plans a Hong Kong IPO in 2026–2027 to raise $200M+ and expand regionally.

Vietnamese electric vehicle taxi operator GSM, which runs Vietnam’s largest all-electric fleet under the Xanh SM brand using only VinFast vehicles, is planning a Hong Kong IPO in late 2026 to early 2027, aiming for a $2 to $3 billion valuation and at least $200 million in fundraising. The move, still tentative, would mark the first Hong Kong listing by a Southeast Asian firm and follow VinFast’s 2023 Nasdaq debut. GSM, founded in 2023 by VinFast CEO Pham Nhat Vuong, has expanded into Laos, Indonesia, and the Philippines, with estimates of a 35% to 40% share in Vietnam’s ride-hailing market. The IPO aims to fund regional growth and ease financial pressure on Vingroup amid VinFast’s global expansion. VinFast’s sales to GSM dropped from 72% in 2023 to 26% by Q3 2025. Hong Kong’s strong investor appetite for EV and mobility firms and its surge in capital raises make it a strategic choice. GSM has held preliminary talks with advisers and may appoint them by early 2026.