Vingroup's electric-vehicle taxi operator GSM is planning to list in Hong Kong, Reuters reported on Monday, citing two sources.

IPO plans remain preliminary and could still be postponed or cancelled, Reuters said, adding that if completed, the listing would be Vingroup's second overseas IPO, following electric-vehicle maker VinFast's (VFS) Nasdaq debut in 2023.

The report said GSM, known as Green and Smart Mobility JSC, is targeting a valuation of between $2 billion and $3 billion in an IPO that could take place from late 2026 to early 2027.

Vingroup did not immediately respond to MT Newswires' request for comment.

GSM has held preliminary talks with potential advisers about the IPO and could appoint them as early as Q1, according to the sources.

Hong Kong was preferred over Singapore or Nasdaq due to deeper liquidity and stronger investor interest in EV and mobility companies, after VinFast faced trading challenges in the US, one source told Reuters.

The report said that a successful Hong Kong listing would help fund GSM's regional expansion, strengthen its position in Southeast Asia's mobility market, and ease financial pressure on Vingroup and its founder as VinFast continues its capital-intensive growth.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)