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2026 IPO bonanza! Over 90% of new stocks rose on their debut!
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joined discussion · Mar 23 07:51

IPO Pricing | Fsinnovate Technology debuts today with over 1,500 times subscription, priced at HKD 41.6 per share, with a gain of HKD 1,930 per lot in the grey market

Futu News, March 23rd report,$FS.COM (03355.HK)$Announced the allocation results, priced at HKD 41.6 per share, issuing a total of 40 million shares, with each lot consisting of 100 shares, officially listed today
In the last trading session, Fsinnovate Technology closed up 46.39% in the grey market at HKD 60.9 per share, with each lot consisting of 100 shares, and a profit of HKD 1,930 per lot excluding handling fees
During the public offering phase, Fsinnovate Technology received subscriptions 1,579.71 times the offered amount, with the final number of shares allocated for public offering being 4 million shares, accounting for approximately 10% of the total offering. A total of approximately 196,700 valid applications were received, and around 31,492 applications were processed. The percentage of shares allocated to applicants applying for one lot compared to the total applied shares is approximately 1%
In addition, the international placement of FS Innovation received 10.92 times subscription, with the final number of international placement shares amounting to 36 million shares, accounting for 90% of the total shares offered. Futu Information has compiled the relevant data in the table below:
Futu News, March 23rd report,$FS.COM (03355.HK)$Announced the allocation results, priced at HKD 41.6 per share, issuing a total of 40 million shares, with each lot consisting of 100 shares, officially listed today In the last trading session, Fsinnovate Technology closed up 46.39% in the grey market at HKD 60.9 per share, with each lot consisting of 100 shares, and a profit of HKD 1,930 per lot excluding handling fees During the public offering phase, Fsinnovate Technology received subscriptions 1,579.71 times the offered amount, with the final number of shares allocated for public offering being 4 million shares, accounting for approximately 10% of the total offering. A total of approximately 196,700 valid applications were received, and around 31,492 applications were processed. The percentage of shares allocated to applicants applying for one lot compared to the total applied shares is approximately 1% In addition, during the international placement phase, Fsinnovate Technology received subscriptions 10.92 times the offered amount, with the final number of international placement shares being 36 million shares, equivalent to 90% of the total offering. Futu has compiled the relevant data in the table below Company Overview The company is the world's second-largest online DTC network solutions 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 offers scalable, cost-effective, and one-stop network solutions. The range of the company's solutions includes high-performance networking equipment, scalable network operating systems, and more...
Futu News, March 23rd report,$FS.COM (03355.HK)$Announced the allocation results, priced at HKD 41.6 per share, issuing a total of 40 million shares, with each lot consisting of 100 shares, officially listed today In the last trading session, Fsinnovate Technology closed up 46.39% in the grey market at HKD 60.9 per share, with each lot consisting of 100 shares, and a profit of HKD 1,930 per lot excluding handling fees During the public offering phase, Fsinnovate Technology received subscriptions 1,579.71 times the offered amount, with the final number of shares allocated for public offering being 4 million shares, accounting for approximately 10% of the total offering. A total of approximately 196,700 valid applications were received, and around 31,492 applications were processed. The percentage of shares allocated to applicants applying for one lot compared to the total applied shares is approximately 1% In addition, during the international placement phase, Fsinnovate Technology received subscriptions 10.92 times the offered amount, with the final number of international placement shares being 36 million shares, equivalent to 90% of the total offering. Futu has compiled the relevant data in the table below Company Overview The company is the world's second-largest online DTC network solutions 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 offers scalable, cost-effective, and one-stop network solutions. The range of the company's solutions includes high-performance networking equipment, scalable network operating systems, and more...
Futu News, March 23rd report,$FS.COM (03355.HK)$Announced the allocation results, priced at HKD 41.6 per share, issuing a total of 40 million shares, with each lot consisting of 100 shares, officially listed today In the last trading session, Fsinnovate Technology closed up 46.39% in the grey market at HKD 60.9 per share, with each lot consisting of 100 shares, and a profit of HKD 1,930 per lot excluding handling fees During the public offering phase, Fsinnovate Technology received subscriptions 1,579.71 times the offered amount, with the final number of shares allocated for public offering being 4 million shares, accounting for approximately 10% of the total offering. A total of approximately 196,700 valid applications were received, and around 31,492 applications were processed. The percentage of shares allocated to applicants applying for one lot compared to the total applied shares is approximately 1% In addition, during the international placement phase, Fsinnovate Technology received subscriptions 10.92 times the offered amount, with the final number of international placement shares being 36 million shares, equivalent to 90% of the total offering. Futu has compiled the relevant data in the table below Company Overview The company is the world's second-largest online DTC network solutions 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 offers scalable, cost-effective, and one-stop network solutions. The range of the company's solutions includes high-performance networking equipment, scalable network operating systems, and more...
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 solutions support use cases such as high-performance computing, data centers, enterprise networks, and telecom networks. With a platform-centric approach and online empowerment, it meets global customers' needs for enterprise-grade 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.
Futu News, March 23rd report,$FS.COM (03355.HK)$Announced the allocation results, priced at HKD 41.6 per share, issuing a total of 40 million shares, with each lot consisting of 100 shares, officially listed today In the last trading session, Fsinnovate Technology closed up 46.39% in the grey market at HKD 60.9 per share, with each lot consisting of 100 shares, and a profit of HKD 1,930 per lot excluding handling fees During the public offering phase, Fsinnovate Technology received subscriptions 1,579.71 times the offered amount, with the final number of shares allocated for public offering being 4 million shares, accounting for approximately 10% of the total offering. A total of approximately 196,700 valid applications were received, and around 31,492 applications were processed. The percentage of shares allocated to applicants applying for one lot compared to the total applied shares is approximately 1% In addition, during the international placement phase, Fsinnovate Technology received subscriptions 10.92 times the offered amount, with the final number of international placement shares being 36 million shares, equivalent to 90% of the total offering. Futu has compiled the relevant data in the table below Company Overview The company is the world's second-largest online DTC network solutions 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 offers scalable, cost-effective, and one-stop network solutions. The range of the company's solutions includes high-performance networking equipment, scalable network operating systems, and more...
Futu News, March 23rd report,$FS.COM (03355.HK)$Announced the allocation results, priced at HKD 41.6 per share, issuing a total of 40 million shares, with each lot consisting of 100 shares, officially listed today In the last trading session, Fsinnovate Technology closed up 46.39% in the grey market at HKD 60.9 per share, with each lot consisting of 100 shares, and a profit of HKD 1,930 per lot excluding handling fees During the public offering phase, Fsinnovate Technology received subscriptions 1,579.71 times the offered amount, with the final number of shares allocated for public offering being 4 million shares, accounting for approximately 10% of the total offering. A total of approximately 196,700 valid applications were received, and around 31,492 applications were processed. The percentage of shares allocated to applicants applying for one lot compared to the total applied shares is approximately 1% In addition, during the international placement phase, Fsinnovate Technology received subscriptions 10.92 times the offered amount, with the final number of international placement shares being 36 million shares, equivalent to 90% of the total offering. Futu has compiled the relevant data in the table below Company Overview The company is the world's second-largest online DTC network solutions 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 offers scalable, cost-effective, and one-stop network solutions. The range of the company's solutions includes high-performance networking equipment, scalable network operating systems, and more...
Use of Proceeds
Regarding the use of proceeds, FS Innovation is expected to receive net proceeds from the global offering of approximately HKD 1.434 billion (based on the offer price of HKD 41.6). According to the prospectus, FS Innovation intends to allocate the proceeds from the global offering for the following purposes in the specified amounts:
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.
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Futu News, March 23rd report,$FS.COM (03355.HK)$Announced the allocation results, priced at HKD 41.6 per share, issuing a total of 40 million shares, with each lot consisting of 100 shares, officially listed today In the last trading session, Fsinnovate Technology closed up 46.39% in the grey market at HKD 60.9 per share, with each lot consisting of 100 shares, and a profit of HKD 1,930 per lot excluding handling fees During the public offering phase, Fsinnovate Technology received subscriptions 1,579.71 times the offered amount, with the final number of shares allocated for public offering being 4 million shares, accounting for approximately 10% of the total offering. A total of approximately 196,700 valid applications were received, and around 31,492 applications were processed. The percentage of shares allocated to applicants applying for one lot compared to the total applied shares is approximately 1% In addition, during the international placement phase, Fsinnovate Technology received subscriptions 10.92 times the offered amount, with the final number of international placement shares being 36 million shares, equivalent to 90% of the total offering. Futu has compiled the relevant data in the table below Company Overview The company is the world's second-largest online DTC network solutions 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 offers scalable, cost-effective, and one-stop network solutions. The range of the company's solutions includes high-performance networking equipment, scalable network operating systems, and more...
Editor/Vincent
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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