FS.COM

Date of Prospectus: March 13, 2026

FS.COM’s Hong Kong IPO: Growth Story, Financials, Cornerstone Investors, and Listing Outlook

FS.COM, a global networking solutions provider, is launching its highly anticipated IPO on the Hong Kong Stock Exchange in March 2026, targeting substantial growth through digital intelligence, global expansion, and product innovation. This comprehensive analysis covers the offering structure, financial metrics, investor participation, risk exposures, and future plans, providing investors with actionable insights for the upcoming listing.

IPO Snapshot

FS.COM’s IPO offers investors access to a rapidly growing networking solutions player with global reach and robust R&D focus.

• IPO Symbol: Not disclosed in the prospectus.
• Offer Price Range: HK\$35.20 – HK\$41.60 per Offer Share
• Mid-point Offer Price: HK\$38.40 per Offer Share
• Total Offer Size: 40,000,000 new H Shares (up to 46,000,000 with full Over-allotment Option)
• Post-IPO Outstanding Shares: 400,000,000 Shares (assuming Over-allotment Option not exercised)
• Estimated Market Capitalization: HK\$14,080 million – HK\$16,640 million
• Application Window: March 13, 2026 (9:00 a.m.) – March 18, 2026 (11:30 a.m. electronic applications; payment by 12:00 noon)
• Listing Date: Expected on or before March 31, 2026

Use of Proceeds: Growth-Focused Capital Allocation

FS.COM’s IPO proceeds are strategically allocated to fuel aggressive growth and global expansion.

• Assuming HK\$38.40 Offer Price: Net proceeds estimated at HK\$1,433.6 million (HK\$1,655.7 million if Over-allotment exercised in full)
• Allocation Breakdown:
  • 40% (HK\$573.5 million): R&D for digital intelligence enhancement, platform upgrades, talent recruitment, laboratory renovation, hardware/software procurement over five years
  • 30% (HK\$430.1 million): Delivery capability enhancement in overseas markets: Singapore regional HQ, local teams, warehousing, logistics, and IT infrastructure
  • 20% (HK\$286.7 million): Brand building, ecosystem expansion, and sales team development
  • 10% (HK\$143.4 million): Working capital and general corporate purposes

This allocation signals a clear growth-driven story, prioritizing innovation, global reach, and ecosystem development.

Placement and Issuance Breakdown

• Public Offering (Hong Kong): 4,000,000 H Shares (10% of Offer Shares)
• International Offering: 36,000,000 H Shares (90% of Offer Shares), including cornerstone investors
• Cornerstone Placing: Up to US\$90.22 million (approx. HK\$704.02 million) from named cornerstone investors; up to 50% of Offer Shares at low end of price range
• Over-allotment Option: Up to 6,000,000 additional H Shares (15% of Offer Shares)
• Employee Incentive Schemes: ESOP platforms in place, details in company appendix

Investor Participation and Book Quality

FS.COM’s IPO attracts substantial cornerstone and institutional participation, suggesting strong demand and robust book quality.

• Named Cornerstone Investors:
  • Hao Fund
  • Great Holding
  • WT Asset Management
  • Caitong SEIII
  • Intewise Ultimate Clients and CICC FT (Intewise OTC Swaps)
  • Foresight
  • SCGC Capital
  • Aether
• Cornerstone Allocation (at HK\$35.20): 20,000,000 Offer Shares (50% of total Offer Shares, 5% of issued share capital)
• Cornerstone Allocation (at HK\$41.60): 16,923,000 Offer Shares (42.31% of Offer Shares, 4.23% of issued share capital)

Cornerstone investors are independent third parties, have sufficient internal resources, and agreed to full payment before listing.

Deal Parties and Offering Structure

FS.COM’s IPO is backed by a consortium of top-tier financial institutions, reflecting strong deal quality.

• Joint Sponsors:
  • China International Capital Corporation Hong Kong Securities Limited
  • China Securities (International) Corporate Finance Company Limited
  • China Merchants Securities (HK) Co., Limited
• Joint Bookrunners:
  • China International Capital Corporation Hong Kong Securities Limited
  • China Securities (International) Corporate Finance Company Limited
  • China Merchants Securities (HK) Co., Limited
  • BOCI Asia Limited
  • Futu Securities International (Hong Kong) Limited
  • Tiger Brokers (HK) Global Limited
• Underwriters: All above, plus other named Capital Market Intermediaries
• Stabilization/Over-allotment (Greenshoe): Up to 6,000,000 H Shares (15% of Offer Shares)
• Underwriting Commission: 2.3% of total Offer Price
• Full electronic application process adopted for Hong Kong Public Offering

The presence of multiple well-known sponsors and bookrunners, plus substantial cornerstone support, is likely to underpin listing day performance and post-IPO stability.

Company Overview: FS.COM’s Business and Market Position

FS.COM operates a global networking solutions business, serving over 500,000 customers across 200+ countries and regions.

• Business Model: Direct sales of networking hardware, solutions, and platforms targeting enterprises, data centers, telecoms, and global customers
• Key Products/Services: Networking equipment, digital intelligence platforms, customized solutions
• Customer Segments: Enterprises, public sector, telecoms, data centers, global system integrators
• Geographies: Global footprint with regional headquarters planned in Singapore, existing reach across Asia, North America, Europe and other regions
• Revenue Streams: Product sales, solution delivery, ecosystem partnerships
• Market Position: Expanding product portfolio, recognized brand, and competitive technology platform

FS.COM is poised for further expansion, leveraging digital intelligence and platform iterations to drive sustained growth.

Industry Overview

FS.COM operates within the rapidly evolving networking solutions sector, marked by technological innovation and increasing competition.

• Industry Drivers: Digital transformation, cloud adoption, global connectivity, enterprise IT upgrades
• Sector Size: Concrete numbers not disclosed, but industry data and forecasts included from official government sources
• Competitive Landscape: Competes with domestic and international networking solution providers

Financial Health: Multi-Period Analysis

FS.COM demonstrates robust revenue growth, margin expansion, and strong cash position, with a strategic focus on R&D and international expansion.

• Adjusted Net Profit (non-IFRS): RMB388.1 million (2022), RMB469.7 million (2023), RMB408.2 million (2024)
• Debt Ratio: Increased to 35% as of 9M 2025, driven by redemption liabilities incurred in 2025
• No material adverse change in financial/trading position since September 30, 2025

Ownership, Management, and Lock-up Structure

• Promoter: Mr. Xiang (controlling 55.04% voting rights post-IPO, assuming Over-allotment Option not exercised)
• Pre-IPO Investors: Will hold 34.96% post-IPO (Over-allotment not exercised); all special rights terminated upon listing application submission
• Lock-up Periods: Pre-IPO investor shares locked for 12 months post-Listing
• Employee Incentive Platforms: Partnership interests in ESOP schemes awarded to key employees
• Management Team: Names and roles disclosed in the prospectus; includes directors, supervisors, and senior management (see prospectus for full list)

Trends, Timing, and Market Environment

FS.COM’s IPO is timed to capture favorable sector and macro trends, with robust global demand for networking solutions and digital intelligence platforms.

• Offer Period: March 13–18, 2026
• Expected Price Determination Date: March 19, 2026
• Listing Date: On or before March 31, 2026
• Sector Trends: Digital transformation, global cloud adoption, and enterprise IT upgrades
• Recent Developments: No material adverse change in financial or trading position since December 31, 2025

The prospectus describes a healthy macro environment, with strong demand drivers and sector expansion supporting FS.COM’s growth ambitions.

Risk Factors

FS.COM faces risks from industry competition, operational challenges, customer/supplier concentration, regulatory requirements, and redemption liabilities.

• Competition: Rapid innovation and shifting customer needs; risk of losing market share to established players
• Redemption Liabilities: Debt ratio increased due to redemption liabilities incurred in 2025; will be reclassified to equity upon listing
• Supplier/Customer Concentration: Material risks noted; no quantified exposure provided
• Regulatory Risks: Compliance with Hong Kong and PRC laws, exemptions granted for IPO timing and reporting
• Other Risks: FX, macroeconomic shifts, sector volatility, related-party transactions

Growth Strategy

FS.COM’s growth plan emphasizes aggressive R&D, global expansion, product portfolio enrichment, ecosystem development, and talent acquisition.

• Digital Intelligence Platform Enhancement: 40% of proceeds to R&D, system architecture, and protocol functionality
• Global Expansion: 30% of proceeds for delivery capabilities in overseas markets, notably Singapore HQ
• Ecosystem & Brand Development: 20% to strengthen brand presence and sales force
• Talent Acquisition: Expanding global teams, recruiting specialist talent
• Timeline: Five-year strategic plan for R&D and international expansion

Valuation and Peer Comparison

FS.COM’s indicative market capitalization ranges from HK\$14,080 million to HK\$16,640 million, with unaudited pro forma adjusted net tangible assets per share between HK\$9.26 and HK\$9.91.

Peer comparison, sector multiples, and dividend yield are not disclosed.

Research and Opinions

No analyst coverage, price targets, or opinions are included in the prospectus.

IPO Allotment Result

Final subscription outcomes by tranche are not disclosed; however, cornerstone and institutional demand is substantial, implying strong listing day momentum.

Listing Outlook

Based on substantial cornerstone participation, reputable deal parties, robust financial performance, and growth-focused use of proceeds, FS.COM’s IPO appears well-positioned for a strong first-day performance. The likely trading range should remain above the mid-point of the offer price, with potential for moderate premium driven by book quality and sector tailwinds.

Investors seeking exposure to a high-growth, global networking solutions provider with strong institutional backing may find FS.COM’s IPO an attractive proposition.

Prospectus Access

For full IPO details and disclosures, visit:
www.hkexnews.hk
https://www.fs.com

How to Apply

FS.COM’s IPO adopts a fully electronic application process for the Hong Kong Public Offering.

• Application Channel: HK eIPO White Form service (www.hkeipo.hk)
• Eligibility: Individuals aged 18 or older, with a Hong Kong address, outside the United States
• Application Window: March 13, 2026 (9:00 a.m.) – March 18, 2026 (11:30 a.m.) for electronic applications; payment by 12:00 noon
• Application Steps: Submit electronic application, complete payment via internet banking or PPS transfer

Applicants can download and print the prospectus from www.hkexnews.hk or https://www.fs.com.