FS Innovation (03355) has concluded its initial public offering, which was open from March 13, 2026, to March 18, 2026. Market sources indicate that the public offering portion attracted applications from 197,000 individuals, with margin financing subscriptions reaching HK$203.096 billion. Based on the public offering size of HK$170 million, the offering was oversubscribed by 1,193.68 times.
The company plans to issue 40 million H shares globally, with 10% allocated to the Hong Kong public offering and 90% to the international offering. The maximum offer price is set at HK$41.6 per share, with a board lot size of 100 shares, resulting in an entry cost of HK$4,202 per lot. The total maximum funds raised could reach HK$1.66 billion. FS Innovation is expected to commence trading on March 23 (next Monday). China International Capital Corporation, China Securities International Finance, and China Merchants Securities International are acting as joint sponsors.
The company has secured 11 cornerstone investors, including Hony Capital, Great Holding under Yuan Yonggang, WT Asset Management, Caitong SEIII, Juming Investment, Qianzhan, SCGC Capital under Shenzhen Capital Group, Aether, GF Fund HK under GF Securities, Kai Feng Investment, and Wider Huge. These investors have committed to subscribing a total of US$90.22 million.
Regarding the use of proceeds, approximately 40% will be allocated to laboratory renovations, talent recruitment, and the procurement of hardware and software to advance the digital and intelligent enhancement of the technological platform. About 30% will be used to establish a regional headquarters in Singapore, strengthen the multi-layer warehousing system, upgrade workflow automation, expand the service network, and recruit an international management team to enhance delivery capabilities in key overseas markets. Roughly 20% is designated for the digitalization of the network solutions and service business platform, while the remaining 10% will serve as working capital and for general corporate purposes.
According to data from Frost & Sullivan, FS Innovation was the world's second-largest online direct-to-consumer network solutions provider by revenue in 2024, holding a market share of 6.9%. The company's comprehensive network solutions enable global enterprises to achieve efficient digital transformation. Through its online sales platform, FS.com, the company offers scalable, cost-effective, and comprehensive one-stop network solutions. These include high-performance network equipment, scalable network operating systems, and a cloud-based network management platform.
As of the latest practicable date, FS Innovation has served over 480,000 customers across more than 200 countries and regions, including approximately 60% of Fortune 500 companies. These clients operate in various industries such as information technology, financial services, healthcare, education, automotive, and electronics.
Financially, for the years ended December 31, 2022, 2023, and 2024, and for the nine months ended September 30, 2024, and 2025, FS Innovation reported revenues of approximately RMB 1.988 billion, RMB 2.213 billion, RMB 2.612 billion, RMB 1.954 billion, and RMB 2.175 billion, respectively. Profits for the same periods were approximately RMB 365 million, RMB 457 million, RMB 397 million, RMB 351 million, and RMB 423 million, respectively.