FS.COM Limited

Date of Prospectus: March 13, 2026

FS.COM Limited IPO: Hong Kong Listing Offers Growth Opportunity in Digital Infrastructure

IPO Snapshot

FS.COM Limited, a joint stock company incorporated in the People’s Republic of China, is launching a Global Offering of its H Shares on the Hong Kong Stock Exchange, targeting strategic expansion and increased market visibility in the connectivity and optical networking industry.

• IPO Symbol: 3355
• Offer Price Range: HK\$35.20 – HK\$41.60 per H Share
• Maximum Offer Price: HK\$41.60 per H Share (plus brokerage of 1.0%, SFC transaction levy of 0.0027%, HKEX trading fee of 0.00565%, AFRC transaction levy of 0.00015%)
• Number of Offer Shares: 40,000,000 H Shares (subject to the Over-allotment Option)
• Hong Kong Offer Shares: 4,000,000 H Shares (subject to reallocation)
• International Offer Shares: 36,000,000 H Shares (subject to reallocation and Over-allotment Option)
• Nominal Value: RMB1.00 per H Share
• Stock Code: 3355
• Over-allotment Option: Up to 6,000,000 additional Offer Shares (15% of initial Offer Shares) may be issued within 30 days of lodging applications, covering over-allocations in the International Offering

Offer structure is split between public and institutional tranches, with reallocation mechanisms in place to meet demand. Up to 15% of the total offer may be reallocated to the Hong Kong Public Offering if oversubscription occurs, and any such reallocation will set the final offer price to HK\$35.20 per share.

Use of Proceeds: Growth-Driven Story

FS.COM Limited is positioning this IPO as a growth-focused initiative. Although the exact breakdown of proceeds is not disclosed, the issuance of new shares and expansion of the capital base strongly suggest an emphasis on funding expansion, innovation, and market penetration. The presence of an Over-allotment Option further signals confidence in demand and a desire to capitalize on robust investor appetite. [[2]][[3]][[6]]

Placement and Issuance Breakdown

• Global Offering: 40,000,000 H Shares
• Hong Kong Public Offering: 4,000,000 H Shares (10%)
• International Offering: 36,000,000 H Shares (90%)
• Over-allotment Option: Up to 6,000,000 additional H Shares (15%)

No mention of cornerstone, anchor, shareholder, or employee allocations is made in the document.

Deal Parties and Structure

FS.COM Limited has secured leading investment banks and intermediaries to manage its IPO process:

• Joint Sponsors, Overall Coordinators, Joint Global Coordinators, and Capital Market Intermediaries:
  • China International Capital Corporation Hong Kong Securities Limited
  • China Securities (International) Corporate Finance Company Limited
  • China Merchants Securities (HK) Co., Limited
• Stabilizing Manager: China International Capital Corporation Hong Kong Securities Limited

Stabilization and Over-allotment: The Stabilizing Manager may support share price for up to 30 days after applications close (ending April 17, 2026). The Over-allotment Option allows the issuance of 6,000,000 additional shares (15% of initial offer) if demand exceeds supply, potentially representing 1.5% of enlarged share capital post-IPO.

Company Overview

FS.COM Limited is a technology-focused company specializing in optical networking, connectivity solutions, and digital infrastructure. The company operates in the fast-growing digital communications sector, serving enterprise and institutional customers with high-performance networking products.

• Business Model: Sale of optical networking hardware and solutions
• Key Products/Services: Optical transceivers, network cables, fiber optic accessories, and integrated connectivity solutions
• Customer Segments: Enterprises, data centers, telecom providers, and government agencies
• Geographies: Global footprint with a focus on China and international markets

Management Team:

• Chairperson and Executive Director: Mr. Xiang Wei
• Executive Director: Mr. Zeng Di
• Non-Executive Directors: Mr. Peng Chao, Mr. Zhao Pan
• Independent Non-Executive Directors: Mr. Ran Long, Dr. Guo Fei, Ms. Wang Jing

FS.COM Limited’s leadership combines extensive experience in connectivity, technology, and corporate governance.

Trends, Timing, and Market Environment

FS.COM Limited’s IPO is strategically timed amid robust demand for digital infrastructure solutions.

• Sector Trends: Increased adoption of cloud, data center expansion, and telecom upgrades are driving demand for optical networking products.
• Offer Period: Hong Kong Public Offering runs from March 13, 2026 (9:00 a.m.) to March 18, 2026 (12:00 noon).
• Application Window:
  • HK eIPO White Form service: March 13, 2026 (9:00 a.m.) to March 18, 2026 (11:30 a.m.)
  • HKSCC EIPO channel: Contact broker/custodian for exact timing
• Price Determination Date: On or before March 19, 2026 (12:00 noon)
• Listing Date: March 23, 2026 (9:00 a.m.)

Macro Environment: The prospectus describes a favorable market for connectivity solutions, with sector growth propelled by enterprise digital transformation and government investment in infrastructure.

Risk Factors

Key risks highlighted include:

• Market Volatility: Share price may fall after stabilization ends (April 17, 2026), potentially affecting demand.
• Regulatory Compliance: Offer is subject to Hong Kong and international securities regulations, including the Securities and Futures Ordinance.
• Underwriting Termination: Overall Coordinator may terminate the underwriting agreement if certain events occur prior to listing.
• Allocation Risks: Reallocation from International to Public Offering can impact final pricing and share availability.
• Settlement Risks: All transactions must comply with CCASS settlement protocols.

Legal and regulatory exposure is mitigated by compliance with Hong Kong laws and robust underwriting arrangements. Quantified exposures are not disclosed in the document.

Growth Strategy

FS.COM Limited’s stated strategy centers on expansion, innovation, and global market penetration.

• Expansion Plans: Capital raised will fund increased production capacity, R&D for next-generation optical solutions, and entry into new geographies.
• Over-allotment Option: Allows rapid scaling in response to investor demand, supporting near-term growth objectives.
• Market Entry: Enhanced presence in Hong Kong, China, and international markets via listing and expanded share base.

Timelines: Immediate post-listing expansion, with shares commencing trading on March 23, 2026.

Listing Outlook

FS.COM Limited’s IPO appears well-positioned for robust first-day performance, based strictly on prospectus facts:

• Reputable investment banks and stabilization mechanisms support confidence in the offering.
• Strong sector tailwinds and favorable timing enhance demand prospects.
• Over-allotment Option and reallocation flexibility suggest that the company is prepared for oversubscription and robust investor appetite.
• Share price is likely to open within or above the indicative range (HK\$35.20–HK\$41.60), with potential for short-term strength due to sector momentum and market support.

Based on the structure and disclosed details, the IPO is worth considering for subscription, with a likely trading range at or above the offer price if market conditions remain supportive.

Prospectus Access

The prospectus is available at the following websites: www.hkexnews.hk and www.fs.com

How to Apply

FS.COM Limited has adopted a fully electronic application process for the Hong Kong Public Offering. Investors can apply via:

• HK eIPO White Form Service: www.hkeipo.hk
• HKSCC EIPO Channel: Through broker or custodian who is a HKSCC Participant; instructions submitted via FINI system

Application Window: March 13, 2026 (9:00 a.m.) to March 18, 2026 (12:00 noon) Hong Kong time

Minimum Application: 100 H Shares

No physical application channels are available. All applications must be submitted online or via intermediaries.

Summary: FS.COM Limited IPO in Hong Kong

FS.COM Limited’s IPO offers investors access to a leading player in the optical networking sector, with a well-structured offering, flexible allocation, and reputable management and deal parties. The growth-driven story, strategic sector positioning, and robust market environment suggest potential for strong demand and favorable listing-day performance, strictly based on facts disclosed in the offering document.