Feisu Innovation (03355) started its IPO from March 13 to March 18, planning to globally issue 40 million H shares.

Feisu Innovation (03355) will be listed from March 13 to March 18, 2026, planning to globally sell 40 million H shares, with 10% for public sale in Hong Kong and 90% for international offering. The offering price per share is between HK$35.2 and HK$41.6. Each board lot consists of 100 shares, and the H shares will start trading on the Hong Kong Stock Exchange on the morning of March 23, 2026. According to Frost & Sullivan data, based on the 2024 revenue, the company is the world's second-largest online DTC network solution provider with a market share of 6.9%. The company's network solutions enable global enterprises to achieve efficient digital transformation. Through its online sales platform FS.com, the company provides scalable, cost-effective, and one-stop network solutions. The company's solutions include high-performance network equipment, scalable network device operating systems, and cloud network management platforms. The company's solutions support scenarios such as high-performance computing, data centers, enterprise networks, and telecommunications, meeting the global demand for enterprise-level high-performance network solutions and foundational network solutions through a platform-centric, online-powered approach. The company's revenue increased by 11.3% from RMB 19.882 billion in 2022 to RMB 22.129 billion in 2023, further increasing by 18.0% to RMB 26.118 billion in 2024. The company's revenue increased by 11.3% from RMB 19.537 billion for the nine months ended September 30, 2024, to RMB 21.747 billion for the nine months ended September 30, 2025. The company's net profit for the years/periods ended 2022, 2023, 2024, and the nine months ended September 30, 2024, and 2025 were RMB 3.645 billion, RMB 4.567 billion, RMB 3.973 billion, RMB 3.508 billion, and RMB 4.232 billion, respectively. Excluding the impact of equity-based payment expenses, professional fees, listing expenses, and redemption of debt interest, the company's adjusted net profit (a non-GAAP measure) for the years/periods ended 2022, 2023, 2024, and the nine months ended September 30, 2024, and 2025 were RMB 3.881 billion, RMB 4.697 billion, RMB 4.082 billion, RMB 3.593 billion, and RMB 4.605 billion, respectively. The company's net profit margins for the years/periods ended 2022, 2023, 2024, and the nine months ended September 30, 2024, and 2025 were 18.3%, 20.6%, 15.2%, 18.0%, and 19.5%, respectively. The company has entered into cornerstone investment agreements with Hao Fund, Great Holding, WT Asset Management, Caitong SEIII, Juming Ultimate Client and CICC FT (related to Juming OTC swaps), Prospective, SCGC Capital, Aether, GF Fund HK, Kaifeng Ultimate Client and CICC FT (related to Kaifeng OTC swaps), Wider Huge, etc., whereby the cornerstone investors have agreed, subject to certain conditions, to subscribe for or cause specified entities to subscribe for an aggregate amount of approximately US$90.22 million worth of offer shares at the offer price. Assuming an offer price of HK$38.40 per offer share (i.e., the median of the offer price range of HK$35.20 to HK$41.60 per offer share), the company will net approximately HK$1.4336 billion from the global offering (assuming no exercise of the over-allotment option), or HK$1.6557 billion (if the over-allotment option is fully exercised). In line with the company's strategic plans, the company intends to use the net proceeds of the global offering as follows: approximately 40.0% for enhancing the development of the technology platform for smart data over the next five years, with strategic focus areas including strengthening product and solution development capabilities; advancing underlying system architecture; and developing new protocol features. Approximately 30.0% of the net proceeds will be used to enhance the company's delivery capabilities in major overseas markets. Approximately 20.0% of the net proceeds will be used for digitizing the company's network solution and service business platform. Approximately 10.0% of the net proceeds will be used for working capital and general corporate purposes.