VNG, a Vietnamese tech firm most well known for popular messaging app Zalo, has withdrawn its application to list on the Nasdaq, the South China Morning Post is reporting. The publication notes that VNG declined to comment on the change of plans.
A few points of note:
- Vietnam automaker Vinfast made its Nasdaq debut on August 15 which earned the firm a swathe of coverage in the local press.
- Nine days later, on August 24, VNG announced it had filed for an IPO.
- Vinfast’s share price rose rapidly hitting US$82.35 a share on August 28;
- But by the end of September shares in Vinfast were worth just US$12.50 a share.
- Also at the end of September it was reported VNG’s IPO plans would be delayed.
In this context it looks like VNG was trying to piggyback off Vinfast’s Nasdaq listing but to what end is not clear. Of note, VNG has been listed on the Hanoi Stock Exchange, a precursor to Vietnam’s main stock exchange in Ho Chi Minh City, since January of 2023. (For more information see: The Vietnam Stock Exchange: Quick Guide 2024).