Feisu Innovation (03355) will hold an initial public offering from March 13th to March 18th, planning to globally issue 40 million H shares.

Feisu Innovation (03355) conducted its IPO from March 13 to March 18, 2026, intending to globally sell 40 million H shares, with 10% for public sale in Hong Kong and 90% for international sale. Each share is priced at HK$35.2 to HK$41.6. Each lot consists of 100 shares, and the H shares will begin trading on the Hong Kong Exchange on March 23, 2026, at 9:00 AM. According to Frost & Sullivan data, based on revenue in 2024, 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 all-in-one network solutions. The company's solution range includes high-performance network equipment, scalable network equipment 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 global customer demand for enterprise-level high-performance network solutions and basic network performance solutions through a platform-centric, online empowerment approach. The company's revenue increased by 11.3% from RMB 19.882 billion in 2022 to RMB 22.129 billion in 2023, and further increased by 18.0% to RMB 26.118 billion in 2024. The company's revenue increased by 11.3% from RMB 19.537 billion in the nine months ended September 30, 2024, to RMB 21.747 billion in the nine months ended September 30, 2025. For the years ended 2022, 2023, and 2024, and the nine months ended September 30, 2024 and 2025, the company's annual/periodic profit was RMB 3.645 billion, RMB 4.567 billion, RMB 3.973 billion, RMB 3.508 billion, and RMB 4.232 billion, respectively. Excluding items such as payment expenses, professional fees, IPO expenses, and redemption of debt interest based on the number of shares, the company's adjusted net profit (non-IFRS measure) for the years ended 2022, 2023, and 2024, and the nine months ended September 30, 2024 and 2025, was RMB 3.881 billion, RMB 4.697 billion, RMB 4.082 billion, RMB 3.593 billion, and RMB 4.605 billion, respectively. For the years ended 2022, 2023, and 2024, and the nine months ended September 30, 2024 and 2025, the company's net profit margin was 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 customer and CICC FT (related to Juming OTC swap), foresight, SCGC Capital, Aether, GF Fund HK, Kaifeng ultimate customer and CICC FT (related to Kaifeng OTC swap), Wider Huge, under which, the cornerstone investors have agreed, subject to certain conditions, to subscribe at the offer price or induce their designated entities to subscribe for a certain number of offer shares totaling approximately USD 90.22 million. 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 as mentioned), the company will receive a net proceeds of approximately HK$1.4336 billion from the global offering (assuming full exercise of the over-allotment option), or HK$1.6557 billion (if the over-allotment option is exercised in full). Based on the company's strategy, the company intends to use the net proceeds of the global offering as follows: approximately 40.0% for strengthening the research and development of the company's technology platform for the next five years, with strategic focuses including: enhancing 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 digitalizing 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.