Shenzhen FS.COM Technology Co., Ltd. (FS.COM Limited, 03355.HK) has launched its Hong Kong IPO, with the subscription period running from March 13 to March 18. The company plans a global offering of 40,000,000 H shares, with a 15% overallotment option. The offer price is set between HK$35.20 and HK$41.60 per share, with a board lot of 100 shares and an estimated minimum investment of approximately HK$4,201.96. The stock is expected to debut on the Main Board of the Hong Kong Stock Exchange on March 23. CICC, CSC Financial International, and China Merchants Securities International are the joint sponsors of the IPO.

FS.COM Limited: The World’s Second-Largest Online DTC Network Solutions Provider

Offering Breakdown: Approximately 10% of the shares (4,000,000) will be offered to the public in Hong Kong, while about 90% (36,000,000 shares) will be placed internationally.

Offer Details:HK$35.20–41.60 per share; board lot of 100 shares; estimated minimum subscription HK$4,201.96.

Subscription period: March 13–18 (pricing expected on March 19).

Key Timeline: March 23.

IPO sponsors: CICC, CSC Financial International, China Merchants Securities International.

Company Overview

FS.COM Limited primarily operates through its online sales platform FS.com, offering scalable and cost-effective one-stop network solutions, including high-performance network devices, scalable network operating systems, and cloud network management platforms. Its products serve high-performance computing, data centers, enterprise networks, and telecommunications. According to Frost & Sullivan, based on 2024 revenue, the company ranks as the world’s second-largest online DTC network solutions provider with a market share of 6.9% and is the largest platform-based company in this segment. As of the latest practicable date, FS.COM has served over 500,000 customers across more than 200 countries and regions, including approximately 60% of the Fortune 500 companies.

Financial Information

The prospectus shows that FS.COM recorded revenues of approximately RMB 1.988 billion, 2.213 billion, and 2.612 billion in 2022–2024, with net profits of about RMB 365 million, 457 million, and 397 million, respectively. For the nine months ended September 30, 2025, revenue reached approximately RMB 2.175 billion, with a net profit of about RMB 423 million. Based on a mid-price of HK$38.40 per share and assuming the over-allotment option is not exercised, the company is expected to raise net proceeds of around HK$1.434 billion. The funds are planned to be used for: 1) R&D to strengthen the company’s intelligent technology platform (≈40%), 2) enhancing delivery capabilities in key overseas markets (≈30%), 3) digitalization of business platforms (≈20%), and 4) working capital supplementation (≈10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for FS.COM via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select FS.COM, tap "Public Offer," enter your subscription quantity, and submit your order.

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