Company Overview - Shenzhen Feisuo Innovation Technology Co., Ltd. has re-submitted its application for a mainboard listing on the Hong Kong Stock Exchange, with joint sponsors including CICC, CITIC Securities International, and CSC International [1] - The company was founded in 2009 and focuses on enterprise-level network solutions, offering high-performance network devices, scalable operating systems, and cloud network management platforms through a direct-to-consumer (DTC) model [1][8] - Feisuo Innovation is the second-largest DTC network solutions provider globally, with a market share of 6.9% as of 2024, following a US-based competitor with a 12.1% market share [8] Business Model and Customer Base - The DTC model integrates network architecture design, procurement, and after-sales services into a unified platform, providing comprehensive services from solution design to one-stop procurement [8] - The company has over 120,000 SKUs, serving more than 480,000 customers across over 200 countries, with approximately 60% of its clients being Fortune 500 companies [2][8] - Customer retention rates are high, with net revenue retention rates of 94.4% in 2023 and 102.3% in 2024, indicating strong customer loyalty [2] Financial Performance - Feisuo Innovation has shown consistent revenue growth, achieving revenues of RMB 1.988 billion, RMB 2.213 billion, and RMB 2.612 billion for the years 2022, 2023, and 2024, respectively, representing a compound annual growth rate (CAGR) of 14.6% [9] - The company's profits for the same years were RMB 365 million, RMB 457 million, and RMB 397 million, with a slight decline in 2024 [9] - For the nine months ending September 30, 2025, revenues increased by 11.3% year-on-year to RMB 2.175 billion, while profits rose by 20.5% to RMB 423 million, with a stable gross margin of 52.6% [9][10] Shareholder Structure - The controlling shareholder is founder Xiang Wei, who directly holds 56.65% of the shares and indirectly controls an additional 4.51% through employee incentive platforms, totaling 61.16% voting power [4][10] Industry Environment - The global network solutions market is expanding steadily, growing from USD 119.2 billion in 2020 to an estimated USD 162.8 billion in 2024, with a CAGR of 8.1% [11] - High-performance network hardware (100G and above) is experiencing rapid growth, with a CAGR of 24.6% from 2020 to 2024, expected to reach USD 83.1 billion by 2029 [11] - The market for optical modules and high-speed cabling products is also growing, with an 18.4% CAGR, providing significant growth opportunities for Feisuo Innovation [11]

Company Overview - Shenzhen Feisu Innovation Technology Co., Ltd. (Feisu Innovation) has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with China International Capital Corporation, CITIC Securities International, and China Merchants Securities International as joint sponsors [1] - As of the last practicable date, Feisu Innovation has served over 480,000 customers across more than 200 countries and regions, covering approximately 60% of the Fortune 500 companies [4] Business Model - Feisu Innovation is the second-largest online DTC (Direct-to-Consumer) network solutions provider globally, with a market share of 6.9% based on 2024 revenue [4] - The company offers a comprehensive suite of network solutions that enable global enterprises to achieve efficient digital transformation, including high-performance network devices, scalable operating systems, and cloud network management platforms [4][5] Financial Performance - Revenue for Feisu Innovation was approximately RMB 1.988 billion in 2022, RMB 2.213 billion in 2023, and is projected to reach RMB 2.611 billion in 2024 [6] - Profit figures for the same periods were approximately RMB 365 million in 2022, RMB 457 million in 2023, and projected at RMB 397 million in 2024 [7] Industry Overview - The global network solutions market is expected to grow from USD 119.2 billion in 2020 to USD 162.8 billion in 2024, with a compound annual growth rate (CAGR) of 8.1% [9] - The market is projected to continue expanding, reaching a total revenue of USD 245.3 billion by 2029, with a CAGR of 8.5% from 2024 to 2029 [9] Market Trends - The global high-performance network hardware market (speeds of 100G and above) is anticipated to grow from USD 14 billion in 2020 to USD 33.7 billion in 2024, with a CAGR of 24.6% [13] - Demand for high-performance network solutions supporting speeds above 100G is increasing among enterprise customers [13]