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In an article published on Monday, Alphaville contributor Craig Coben raised concerns about VinFast, the Vietnamese car manufacturer that recently went public via SPAC. Coben explained:
The media articles mention that the chairman has 99% control over the newly listed VinFast. This is not a minor detail: it is the main point. This is not a typical de-SPAC transaction; instead, it resembles a backdoor listing into an empty publicly traded shell. The stock price is merely a number on a screen and does not reflect the market’s evaluation of the company’s value…
VinFast has less than 1% free float, and trading volumes are minimal and declining. A stock market listing should provide price discovery and liquidity; however, VinFast shares offer neither.
So, how has VinFast been performing since then? Well, let’s take a look:
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Here at FTAV, we are fascinated by this functional market. To make it even more interesting, we have a game for our Alphaville readers: guess the closing market capitalisation of VinFast for today (Wednesday) and win a free T-shirt from our swag shop.
To participate, simply email your name and guess to [email protected] before the US markets open (2:30pm UK time/9:30am EST) today.
We will announce the winner after the US markets close tonight.
UPDATE — CLOSED FOR ENTRIES: The submission period has ended. We received many guesses, with a mean average of about $60 billion and a modal average of $69.42 billion. Now let’s wait and see how capitalism plays out…
UPDATE 2 — IT’S QUIET… TOO QUIET:
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