BUSINESS

Network Gear Maker FS Innovation Seeks $212 Million in Hong Kong IPO

Published: Mar. 13, 2026 10:48 p.m. GMT+8

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FS Innovation designs and sells enterprise-grade network solutions through its online direct-to-customer platform, FS.com. Photo: VCG

FS Innovation Holding Co. Ltd., an enterprise network solutions provider, launched its Hong Kong initial public offering Friday, seeking to raise as much as HK$1.66 billion ($212 million) to capitalize on the global boom in demand for artificial intelligence related computing power.

The company plans to offer 40 million H-shares priced between HK$35.2 and HK$41.6 apiece. Of the total, 10% will be allocated to Hong Kong’s public offering and 90% to an international placement. The subscription period runs from March 13 to March 18, with trading on the Hong Kong Stock Exchange’s main board expected to begin March 23.

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FS Innovation launched a Hong Kong IPO, aiming to raise up to HK$1.66 billion ($212 million), with trading set to start March 23, 2025.
Revenue rose from 1.99 billion yuan (2022) to 2.61 billion yuan (2024), with 2025 gross margin at 52.6% and net profit up 22.6% year on year.
30% of IPO proceeds will enhance overseas delivery, focusing on Singapore as a global hub; 54.2% of revenue comes from the U.S.

AI generated, for reference only

Who’s Who

FS Innovation Holding Co. Ltd.: FS Innovation Holding Co. Ltd. is an enterprise network solutions provider that launched its Hong Kong IPO, seeking to raise HK$1.66 billion. The company designs and sells high-performance networking equipment through its online platform, FS.com, and was the world’s second-largest online direct-to-customer network solutions provider in 2024. Its growth is driven by the AI boom, with revenue from high-performance network solutions accounting for 36.2% of its total in the first nine months of 2025. It plans to use IPO proceeds to strengthen overseas delivery capabilities.

Hao Fund: Hao Fund is one of the 11 cornerstone investors participating in FS Innovation Holding Co. Ltd.'s Hong Kong IPO. Together with the other cornerstone investors, Hao Fund will subscribe to approximately $90.2 million worth of shares at the offer price.

Great Holding: Great Holding is one of the 11 cornerstone investors participating in FS Innovation Holding Co. Ltd.'s Hong Kong IPO. They, along with other investors, will subscribe to approximately $90.2 million worth of shares at the offer price.

WT Asset Management: WT Asset Management (WTASC) is an institutional investor participating as a cornerstone investor in FS Innovation Holding Co. Ltd.'s initial public offering. WTASC, along with ten other cornerstone investors, will subscribe to approximately $90.2 million worth of shares at the offer price. Its involvement signals confidence in FS Innovation's growth prospects, particularly given the increasing demand for AI-related computing power and the expansion of high-bandwidth networking.

Caitong SEIII: Caitong SEIII is one of the 11 cornerstone investors participating in FS Innovation Holding Co. Ltd.'s Hong Kong initial public offering. Together with other investors, Caitong SEIII will subscribe to approximately $90.2 million worth of shares.

SCGC Capital: SCGC Capital is one of the 11 cornerstone investors participating in FS Innovation Holding Co. Ltd.'s Hong Kong IPO. Together, these investors will subscribe to approximately $90.2 million worth of shares at the offer price.

Aether: Aether is one of the 11 cornerstone investors in FS Innovation Holding Co. Ltd.'s Hong Kong IPO. Aether, along with the other cornerstone investors, will subscribe to approximately $90.2 million worth of shares at the offer price.

GF Fund HK: GF Fund HK is one of the 11 cornerstone investors in FS Innovation Holding Co. Ltd.'s Hong Kong IPO. They will subscribe to an unspecified portion of the approximately $90.2 million worth of shares collectively purchased by these investors at the offer price.

China International Capital Corp.: China International Capital Corp. is mentioned in the article as one of the joint sponsors for FS Innovation Holding Co. Ltd.'s Hong Kong initial public offering. They are involved in facilitating the IPO alongside China Securities International and CMS International.

China Securities International: China Securities International is one of the joint sponsors for FS Innovation Holding Co. Ltd.'s Hong Kong initial public offering. Other sponsors include China International Capital Corp. and CMS International.

CMS International: CMS International is acting as a joint sponsor for FS Innovation Holding Co. Ltd.'s Hong Kong initial public offering. They are one of three joint sponsors involved in the deal, the others being China International Capital Corp. and China Securities International.

AI generated, for reference only

What Happened When

2022：: FS Innovation's revenue from high-performance network solutions was 23.8% of total revenue; gross margin was 45.4%.

2022：: FS Innovation’s total revenue was 1.99 billion yuan.

2024：: FS Innovation's total revenue reached 2.61 billion yuan. It was ranked the world’s second-largest online direct-to-customer network solutions provider by revenue.

First nine months of 2025：: FS Innovation’s revenue reached 2.18 billion yuan; high-performance network solutions accounted for 36.2% of total revenue; net profit climbed to 428 million yuan; gross margin improved to 52.6%. The U.S. and Europe accounted for 54.2% and 28.4% of revenue, respectively.