IPO News | 'Network Solutions Provider' FS Innovation launches its IPO, scheduled to list on March 23, with a minimum subscription amount of HKD 4,201.96

Futu News report dated March 13$FS.COM (03355.HK)$The company announced that the IPO will take place from March 13 to March 18. The company plans to offer approximately 40 million shares globally and is expected to list on March 23.

Company Overview

The company is the world's second-largest online DTC network solutions provider, with a market share of 6.9%. Its 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. Its solution offerings include high-performance networking equipment, scalable network device operating systems, and cloud-based network management platforms.

The company's solution support scenarios include high-performance computing, data centers, enterprise networks, and telecom networks. By adopting a platform-centric approach and empowering online operations, it meets the global demand for enterprise-level high-performance network solutions and basic performance network solutions.

Financial Overview

For the years 2022, 2023, and 2024, as well as the nine months ended September 30, 2024, and 2025, the company recorded profits of RMB 364.5 million, RMB 456.7 million, RMB 397.3 million, RMB 350.8 million, and RMB 423.2 million, respectively. This was mainly due to (i) increased revenue and gross profit from the sale of the company's products and solutions, (ii) increased operating expenses, and (iii) fluctuations in other income and losses.

The company's gross profit increased by 23.6% from RMB 1,306.3 million in 2024 to RMB 1,615.1 million in 2025, primarily driven by an increase in revenue. The company's gross margin also improved from 50.0% in 2024 to 54.5% in 2025.

Use of Proceeds

In terms of use of proceeds, Fast Innovations is expected to receive net proceeds of approximately HKD 1.434 billion from the global offering (assuming the over-allotment option is not exercised, based on the mid-price of HKD 38.4 per share). According to the prospectus, Fast Innovations intends to allocate the net proceeds from the global offering as follows:

Approximately 40.0% will be used for the digital and intelligent enhancement of the company’s technology platform over the next five years; approximately 30.0% of the net proceeds will be used to enhance the company’s delivery capabilities in key overseas markets; approximately 20.0% of the net proceeds will be allocated to the digitization of the company’s network solutions and service business platforms; approximately 10.0% of the net proceeds will be used as working capital and for general corporate purposes.

More reading:Rapid Innovation Prospectus

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Editor/Vincent

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