VNDIRECT said Green SM's management confirmed plans for a Hong Kong IPO after meeting Vingroup, without giving timing or size. In 2025, Green SM reached about US$1 billion in GMV and posted positive EBITDA in Vietnam and on a consolidated basis, whereas VinFast recorded negative EBITDA of US$783 million on US$921 million in revenue in Q1 2026 and does not expect EBITDA breakeven this year. Green SM operates about 288,000 EVs with an estimated 55% share in Vietnam across 8 countries, and VNDIRECT says EV operating costs are up to 50% lower than comparable gasoline cars. The article cautions that EBITDA excludes depreciation and interest, so a company can show positive EBITDA while still posting net losses, negative cash flow and needing ongoing capital.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Trước giờ IPO, Green SM đã vượt VinFast ở một chỉ tiêu đặc biệt
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