IPO Timeline Raw facts
Broker Deadline
2026-03-18
Morning deadline
HKEX Deadline
2026-03-18
Noon deadline
Broker Results (T-2)
2026-03-19
Some brokers release in afternoon
Grey Market (T-1)
2026-03-20
Afternoon
HKEX Allotment (T-1)
2026-03-20
Evening
Registrar Allotment (T-1)
2026-03-20
Evening
Listing Day (T)
2026-03-23
First day of trading
Company Overview
| Stock Name | Fs.com |
|---|---|
| Stock Code | 03355 |
| Company Full Name | FS.COM Limited |
| Industry | Semiconductors |
| Principal Activities | globally leading provider of enterprise-grade networking solutions |
| Listing Date | 2026-03-23 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | China Resources Land Building Da Chong Community, Yuehai Street Nanshan District Shenzhen Guangdong Province PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣希慎道33號 利園一期 19樓1910室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | fs.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 41.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,160 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-13 to 2026-03-18 |
| Global Offering Shares | 40,000,000 shares |
| HK Public Offer Shares (Initial) | 4,000,000 shares (10.0%) |
| Public Offer Lots (Initial) | 40,000lots (20,000lots, 20,000lots) |
| International Placing Shares (Initial) | 36,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 400,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 45.8% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,664,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,160 |
| 2 lots | 200 | HK$ 8,320 |
| 3 lots | 300 | HK$ 12,480 |
| 4 lots | 400 | HK$ 16,640 |
| 5 lots | 500 | HK$ 20,800 |
| 6 lots | 600 | HK$ 24,960 |
| 7 lots | 700 | HK$ 29,120 |
| 8 lots | 800 | HK$ 33,280 |
| 9 lots | 900 | HK$ 37,440 |
| 10 lots | 1,000 | HK$ 41,600 |
| 15 lots | 1,500 | HK$ 62,400 |
| 20 lots | 2,000 | HK$ 83,200 |
| 25 lots | 2,500 | HK$ 104,000 |
| 30 lots | 3,000 | HK$ 124,800 |
| 35 lots | 3,500 | HK$ 145,600 |
| 40 lots | 4,000 | HK$ 166,400 |
| 45 lots | 4,500 | HK$ 187,200 |
| 50 lots | 5,000 | HK$ 208,000 |
| 60 lots | 6,000 | HK$ 249,600 |
| 70 lots | 7,000 | HK$ 291,200 |
| 80 lots | 8,000 | HK$ 332,800 |
| 90 lots | 9,000 | HK$ 374,400 |
| 100 lots | 10,000 | HK$ 416,000 |
| 200 lots | 20,000 | HK$ 832,000 |
| 300 lots | 30,000 | HK$ 1,248,000 |
| 400 lots | 40,000 | HK$ 1,664,000 |
| 500 lots | 50,000 | HK$ 2,080,000 |
| 600 lots | 60,000 | HK$ 2,496,000 |
| 700 lots | 70,000 | HK$ 2,912,000 |
| 800 lots | 80,000 | HK$ 3,328,000 |
| 900 lots | 90,000 | HK$ 3,744,000 |
| 1,000 lots | 100,000 | HK$ 4,160,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 8,320,000 |
| 3,000 lots | 300,000 | HK$ 12,480,000 |
| 4,000 lots | 400,000 | HK$ 16,640,000 |
| 5,000 lots | 500,000 | HK$ 20,800,000 |
| 6,000 lots | 600,000 | HK$ 24,960,000 |
| 7,000 lots | 700,000 | HK$ 29,120,000 |
| 8,000 lots | 800,000 | HK$ 33,280,000 |
| 9,000 lots | 900,000 | HK$ 37,440,000 |
| 10,000 lots | 1,000,000 | HK$ 41,600,000 |
| 20,000 lots | 2,000,000 | HK$ 83,200,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 17.04B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Met |
| Analysis Result | 预计2026年9月7日入通 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 16,640,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 31.9x (based on offer price HK$41.6 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 397.3 million |
| Period-End Cash Balance | RMB 829.08 million |
| Listing Expenses | ~HK$ 102,400,000 |
| Listing Expenses / Funds Raised | ~6.7% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 47.2 |
|---|---|
| First Day Open | HK$ 56.0 |
| First Day Change | 13.46% |
| First Day Volume | 13033000.0 |
| First Day Turnover | 706589000.0 |
Use of Proceeds
| Use of Proceeds | 1、約40.0%或約573.5百萬港元將用于未來五年透過實驗室翻新、招募專才及采購硬件與軟件，推動公司技術平臺的數智化強化研發； 2、約30.0%或約430.1百萬港元將用于未來五年透增強公司于主要海外市場的交付能力； 3、約20.0%或約286.7百萬港元將用于未來五年公司網絡解決方案和服務業務平臺的數字化； 4、約10.0%或約143.4百萬港元將用作營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (6)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
China Securities (International) Corporate Finance Company Limited CE BAU112
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
BOCI ASIA LIMITED CE AET863
Futu Securities International (Hong Kong) Limited CE AZT137
Tiger Brokers (HK) Global Limited CE BMU940
Joint Lead Managers (3)
Capital Market Intermediaries (6)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
China Securities (International) Corporate Finance Company Limited CE BAU112
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
BOCI ASIA LIMITED CE AET863
Futu Securities International (Hong Kong) Limited CE AZT137
Tiger Brokers (HK) Global Limited CE BMU940
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 Zhong Lun Law Firm K&L Gates LLP |
| Legal Advisor to Sponsors/Underwriters | Jingtian & Gongcheng |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | CMB Wing Lung Bank Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Hao Fund | 20,000,000 USD | 4,064,600 | 10.16% | 1.02% | 6 months | 2026-09-23 |
| 2 | Great Holding | 14,470,000 USD | 2,940,100 | 7.35% | 0.74% | 6 months | 2026-09-23 |
| 3 | WT Asset Management | 10,000,000 USD | 2,032,300 | 5.08% | 0.51% | 6 months | 2026-09-23 |
| 4 | Caitong SEIII | 9,610,000 USD | 1,953,100 | 4.88% | 0.49% | 6 months | 2026-09-23 |
| 5 | 聚鸣最终客户及CICC FT（与聚鸣场外掉期相关） | 7,180,000 USD | 1,458,300 | 3.65% | 0.36% | 6 months | 2026-09-23 |
| 6 | 前瞻 | 6,410,000 USD | 1,302,000 | 3.26% | 0.33% | 6 months | 2026-09-23 |
| 7 | SCGC资本 | 6,410,000 USD | 1,302,000 | 3.26% | 0.33% | 6 months | 2026-09-23 |
| 8 | Aether | 6,000,000 USD | 1,219,300 | 3.05% | 0.30% | 6 months | 2026-09-23 |
| 9 | GF Fund HK | 5,000,000 USD | 1,016,100 | 2.54% | 0.25% | 6 months | 2026-09-23 |
| 10 | 凯丰最终客户及CICC FT（与凯丰场外掉期相关） | 3,840,000 USD | 781,200 | 1.95% | 0.20% | 6 months | 2026-09-23 |
| 11 | Wider Huge | 1,300,000 USD | 264,400 | 0.66% | 0.07% | 6 months | 2026-09-23 |
Directors & Management
| Chairman | Mr. Xiang Wei |
|---|---|
| Company Secretary | Mr. Zeng Di |
Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 向伟 | — | Executive Director |
| 2 | 曾谛 | — | Executive Director |
Non-Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 彭超 | — | Non-Executive Director |
| 2 | 赵潘 | — | Non-Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 冉龙 | — | Independent Non-Executive Director |
| 2 | 郭飞 | — | Independent Non-Executive Director |
| 3 | 王婧 | — | Independent Non-Executive Director |
| 4 | 张登辉 | — | Independent Non-Executive Director |
| 5 | 段婷 | — | Independent Non-Executive Director |
| 6 | 祝玥 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Mr. 向 is the controlling shareholder, directly holding 203,928,528 non-listed shares (representing 56.65%) and indirectly holding 16,231,373 shares (representing 4.51%) through 宇軒穩健, 宇軒進取 and 宇軒成長. Mr. 楊杰 directly holds 15,850,897 shares (representing 4.40%) and indirectly holds 39,405,738 shares (representing 10.95%) through 福鵬叁號. 福鵬捌號 holds 17,514,646 shares (representing 4.87%). Mr. 林詩奕 indirectly holds 21,406,739 shares (representing 5.95%) through 福鵬捌號 and 泰亞投資. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO garnered extreme oversubscription of 1,579.71 times, indicating intense retail enthusiasm. With an overall hit rate of just 16.01%, competition for shares was fierce, and reallocation from the international tranche was triggered. This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.
申购档位分析
The last A-tier applicant expected 0.7396 lots, almost double the 0.4 lots for the first B-tier, despite the B-tier applying double the amount. This inverted allocation efficiency suggests under extreme oversubscription, the A-tail offered a better lot-per-capital ratio than the entry B-tier. Broker fee efficiency comparisons should factor in these disparities. This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.
申购人群画像
Mainland China participants accounted for 64.8% of the applicant pool, reflecting strong cross-border demand for this enterprise software offering. The investor base skewed male (59.5%) with an average age of 43.6, typical of mid-career professionals. Regional concentration, likely led by Guangdong, aligns with common Hong Kong IPO trends. This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.
