五、请补充说明国有股东履行国有股东标识管理等国资管理程序的进展情况。 六、请补充说明公司开发、运营的网站、APP、小程序等产品情况，收集及储存的用户信息规模、数据 收集使用情况，是否涉及向第三方提供个人用户信息，上市前后个人信息保护和数据安全的安排或措 施。 七、请补充说明公司内部控制、公司治理及合规运作情况。 8月8日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月1日—2025年8月7日)》。中国证 监会对飞速创新等17家企业出具补充材料要求。其中，证监会要求飞速创新说明公司内部控制、公司治 理及合规运作情况等事项。据悉，飞速创新已于2025年5月27日向港交所主板提交上市申请，中金公司 （601995）、中信建投（601066）国际、招商证券国际为联席保荐人。 证监会请飞速创新补充说明以下事项，请律师核查并出具明确的法律意见： 一、请补充说明公司及子公司经营范围是否涉及《外商投资准入特别管理措施(负面清单)(2024年版)》 领域，本次发行上市前后是否持续符合外资准入政策要求。 二、公司股东及股权激励计划曾存在股权代持情形，请列表说明代持双方名称、代持股权比例，代持起 止时间、解除代持方式 ...

智通财经APP获悉，8月8日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月1日—2025 年8月7日)》。中国证监会对飞速创新等17家企业出具补充材料要求。其中，证监会要求飞速创新说明 公司内部控制、公司治理及合规运作情况等事项。据悉，飞速创新已于2025年5月27日向港交所主板提 交上市申请，中金公司、中信建投国际、招商证券国际为联席保荐人。 证监会请飞速创新补充说明以下事项，请律师核查并出具明确的法律意见： 一、请补充说明公司及子公司经营范围是否涉及《外商投资准入特别管理措施(负面清单)(2024年版)》 领域，本次发行上市前后是否持续符合外资准入政策要求。 二、公司股东及股权激励计划曾存在股权代持情形，请列表说明代持双方名称、代持股权比例，代持起 止时间、解除代持方式，并结合被代持方在代持期问的任职情况，按照《监管规则适用指引——境外发 行上市类第2号》相关规定进一步说明形成股权代持原因的真实性、演变情况、合法合规性、是否存在 纠纷或潜在纠纷、股权代持期间被代持方是否属于法律法规规定禁止持股的主体(包括是否违反竞业禁 止规定)。 三、请补充说明最近12个月内新增股东入股价格的合理性，该等 ...

Core Viewpoint - Shenzhen Feisuo Innovation Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange after withdrawing its A-share application, amid concerns over internal control deficiencies and discrepancies in inquiry responses [3][20][24] Group 1: Company Overview - Feisuo Innovation, established in April 2009, focuses on enterprise-level network solutions, offering over 120,000 SKUs including optical modules, high-speed cables, and network management platforms [4][7] - The company has served over 450,000 customers across more than 200 countries, with approximately 60% of its clients being Fortune 500 companies [7] Group 2: Financial Performance - Feisuo Innovation's revenue grew from RMB 19.88 billion in 2022 to RMB 22.13 billion in 2023, and is projected to reach RMB 26.12 billion in 2024, reflecting an 18.0% growth rate [7][12] - The company's net profit increased from RMB 3.65 billion in 2022 to RMB 4.57 billion in 2023, but fell to RMB 3.97 billion in 2024, indicating a 13.0% decline [12][13] Group 3: Revenue Sources - Approximately 99% of Feisuo Innovation's revenue comes from overseas markets, with the U.S. accounting for 46% and Europe over 30% of total revenue [10][11] Group 4: Cost and Profitability Challenges - The company's financial costs surged by 298.4% from RMB 4.65 million in 2023 to approximately RMB 18.54 million in 2024, contributing to the decline in net profit despite revenue growth [14][12] - Sales and distribution expenses rose by 43.9% to RMB 4.88 billion in 2024, while general and administrative expenses and R&D expenses also saw significant increases [16] Group 5: Internal Control Issues - Feisuo Innovation faced regulatory scrutiny from the Shenzhen Stock Exchange due to internal control deficiencies related to its information systems, leading to written warnings for the company and its sponsors [20][22][24] - The company acknowledged the need to strengthen its internal control systems in response to the regulatory feedback received during its A-share IPO process [24]

Core Viewpoint - Shenzhen Feichuang Innovation Technology Co., Ltd. (Feichuang) has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading global provider of enterprise-level network solutions to support digital transformation for businesses worldwide [1][2]. Company Overview - Feichuang is recognized as the second-largest online DTC network solutions provider globally, based on projected revenue for 2024 [1]. - The company offers a comprehensive range of products and services, including high-performance network devices, scalable operating systems, and cloud network management platforms [1]. - Feichuang has established a highly integrated DTC model that efficiently delivers contextual solutions globally, combining network architecture design, multi-vendor procurement, and after-sales support into a unified platform [1]. Financial Performance - For the year 2024, Feichuang reported revenues of RMB 2.612 billion, reflecting an 18.0% year-on-year growth [2]. - The net profit for the same period was RMB 397 million, with a gross margin of 50.0% [2]. - The compound annual growth rate (CAGR) of the company's revenue from 2022 to 2024 is 14.6%, indicating strong growth momentum [2]. - The net revenue retention rate improved from 94.4% in 2023 to 102.1% in 2024, showcasing strong customer loyalty [2]. Market Presence - Feichuang has served over 450,000 customers across more than 200 countries and regions, including approximately 60% of the Fortune 500 companies [1].

Core Viewpoint - Shenzhen Feisuo Innovation Technology Co., Ltd. (Feisuo Innovation) has submitted an IPO application to the Hong Kong Stock Exchange after facing regulatory penalties in the Shenzhen market, raising questions about its internal control issues and the necessity of going public [1][4]. Group 1: IPO Application and Background - Feisuo Innovation initially planned to list on the Shenzhen Stock Exchange but withdrew its application in early 2023 after receiving a penalty for internal control deficiencies [1][4]. - The company has now submitted its IPO application to the Hong Kong Stock Exchange, with CICC, CITIC Securities International, and China Merchants Securities International as joint sponsors [2]. - Feisuo Innovation is recognized as the second-largest online DTC network solutions provider globally, based on projected 2024 revenue [2]. Group 2: Internal Control Issues - The Shenzhen Stock Exchange raised multiple concerns during its review, particularly regarding the company's sales and information system verification, highlighting discrepancies in customer data and sales figures [3]. - Specific issues included multiple customers linked to the same shipping address and inconsistencies between order IP addresses and customer locations, with these anomalies representing over 10% of total sales in certain years [3]. - Following a second round of inquiries, the exchange demanded further clarification on data management and internal controls, emphasizing the need for accurate and complete data records [3]. Group 3: Financial Performance - Feisuo Innovation reported revenues of 1.988 billion RMB, 2.213 billion RMB, and 2.612 billion RMB for the years 2022 to 2024, reflecting a compound annual growth rate of 14.6% [8]. - Net profits for the same period were 365 million RMB, 457 million RMB, and 397 million RMB, with a noted decline in net profit for 2024 [8]. - The company generates nearly all its revenue from overseas markets, with approximately 46% of sales coming from the United States during the reporting period [8][9]. Group 4: Risks and Challenges - Feisuo Innovation's reliance on international markets makes it vulnerable to geopolitical tensions, particularly between the U.S. and China, which could adversely affect its business operations and financial performance [9]. - The company has entered into several financing rounds and signed agreements with investors that include buyback clauses if the IPO does not proceed as planned [6].

Core Viewpoint - The company, Shenzhen Feisu Innovation Technology Co., Ltd., is pursuing an IPO on the Hong Kong Stock Exchange after facing challenges in its previous attempt to list on the A-share market. The company aims to leverage its position in the enterprise-level network solutions sector to support global digital transformation efforts [1][2][8]. Group 1: Company Overview - Shenzhen Feisu Innovation is an information and communication technology product and solution provider focused on enterprise-level network solutions [1]. - The company has received multiple rounds of financing from investors, including Shenzhen Capital Group and Haitong Securities [4][5]. Group 2: IPO Journey - The company initially targeted the A-share market for its IPO in June 2022, but faced scrutiny from the Shenzhen Stock Exchange regarding its financial data and compliance issues, leading to a withdrawal of its application in May 2024 [2][3][4]. - Following the withdrawal, the Shenzhen Stock Exchange issued a warning to the company and its executives regarding internal control deficiencies and compliance failures [4]. Group 3: Market Position and Financial Performance - Feisu Innovation is recognized as the second-largest online DTC network solution provider globally, serving over 450,000 clients across more than 200 countries [6]. - The company's revenue grew from 1.988 billion RMB in 2022 to 2.612 billion RMB in 2024, with a compound annual growth rate of 14.6% [7]. - The company has demonstrated strong customer retention, with net revenue retention rates of 94.4% in 2023 and 102.1% in 2024 [6]. Group 4: Market Risks - A significant portion of the company's revenue, 46.8% from the U.S. and 34.4% from Europe, exposes it to geopolitical risks, particularly related to U.S. trade policies [7]. - Recent developments in U.S.-China trade relations, including a temporary suspension of tariffs, may provide some relief, but ongoing tensions could pose future challenges [7].

Group 1 - The core point of the news is that Shenzhen Feisu Innovation Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after previously failing to list on the A-share market [1][4] - Feisu Innovation is a network solutions company offering high-performance network devices, scalable operating systems, and cloud network management platforms, utilizing an online DTC business model [3] - The company's projected revenues for 2022, 2023, and 2024 are 1.988 billion, 2.213 billion, and 2.612 billion respectively, with gross profits of 903 million, 1.092 billion, and 1.3 billion, and net profits of 365 million, 457 million, and 397 million [3] Group 2 - The company faced regulatory scrutiny in early 2025, receiving multiple warning letters from the Shenzhen Stock Exchange regarding its IPO application and internal controls [4][7] - The Shenzhen Stock Exchange highlighted deficiencies in the company's internal controls related to its information systems, which failed to accurately reflect product sales and other critical data [7] - Feisu Innovation's major shareholder, the chairman and general manager Xiang Wei, holds a 56.65% stake, with the total control of the company being 61.13% [3]

Core Viewpoint - Shenzhen Feisuo Innovation Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC, CITIC Securities International, and China Merchants Securities International as joint sponsors [1] Group 1: Company Overview - Feisuo Innovation is a provider of enterprise-level network solutions, focusing on helping global enterprises achieve rapid digital transformation through a range of network solutions [4] - The company's products and services include high-performance network devices, scalable network operating systems, and cloud network management platforms, delivered through a direct-to-consumer (DTC) business model [4] - The DTC model integrates network architecture design, multi-vendor procurement, and after-sales support into a unified platform, providing a complete experience for global customers [4] Group 2: Market Position - According to Frost & Sullivan, Feisuo Innovation is the second-largest online DTC network solutions provider globally based on projected 2024 revenue [5] - The company has built a global customer base across various industries, serving over 450,000 customers in more than 200 countries and regions, including approximately 60% of Fortune 500 companies [5] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Feisuo Innovation reported revenues of approximately RMB 1.988 billion, RMB 2.213 billion, and RMB 2.612 billion, respectively [6][7] - The total comprehensive income for the same periods was approximately RMB 371 million, RMB 459 million, and RMB 397 million [6][7] - The company achieved a pre-tax profit of RMB 419 million, RMB 513 million, and RMB 457 million for the fiscal years 2022, 2023, and 2024, respectively [7]