RUMOR:
Some high-conviction whispers on HCM 
(Ho Chi Minh City Securities): 

1 . Thaco IPO - Filing expected H2 2025, 
with listing slated for early-mid 2026. 
Word is a top Singaporean conglomerate 
is anchoring the buy-side, signaling 
strategic cross-border industrial interest. 

2. Ho Chi Minh International Financial Center
(HIFC) - HCM is said to be one of four 
core strategic advisors, alongside Dragon 
Capital, Goldman Sachs, and Mckinsey, 
supporting master planning, capital 
market design, and regulatory 
modernization. 

This positions HCM not just as a brokerage 
but as a key architect in Vietnam&#39;s financial 
and infrastructure future. 

If true, we may be looking at a rare re-rating 
opportunity. Definitely worth tracking ahead 
of Q3 movements. 

RUMOR:
Some high-conviction whispers on HCM 
(Ho Chi Minh City Securities): 

1 . Thaco IPO - Filing expected H2 2025, 
with listing slated for early-mid 2026. 
Word is a top Singaporean conglomerate 
is anchoring the buy-side, signaling 
strategic cross-border industrial interest. 

2. Ho Chi Minh International Financial Center
(HIFC) - HCM is said to be one of four 
core strategic advisors, alongside Dragon 
Capital, Goldman Sachs, and Mckinsey, 
supporting master planning, capital 
market design, and regulatory 
modernization. 

This positions HCM not just as a brokerage 
but as a key architect in Vietnam's financial 
and infrastructure future. 

If true, we may be looking at a rare re-rating 
opportunity. Definitely worth tracking ahead 
of Q3 movements. 