来源：瑞恩资本RyanbenCapital 2026年3月2日，来自深圳的深圳市飞速创新技术股份有限公FS.COM Limited(简称"飞速创新")在港交所 披露聆讯后的招股书，或很快在香港主板挂牌上市。其于2025年5月27日、2025年12月10日先后两次递 表。 飞速创新，于2026年1月23日获中国证监会境外发行上市备案通知书，可发行不超过1.035亿股境外上市 普通股、27名股东拟将所持合计3.60亿股境内未上市股份转为境外上市股份，并在香港联合交易所上市 流通。 https://www1.hkexnews.hk/app/sehk/2025/107950/documents/sehk26030203720_c.pdf 飞速创新聆讯后招股书链接： 主要业务 飞速创新，成立于2009年，作为企业级网络解决方案的全球领军企业，通过公司的在线销售平台 FS.com ，提供可扩展、具成本效益及一站式网络解决方案，包括高性能网络设备、可扩展网络设备操 作系统及云网络管理平台。公司的解决方案支持场景包括高性能计算、数据中心、企业网络和电信，凭 借以平台为核心，在线赋能的方式，满足全球客户对企业级高性能网络解决方 ...

1月28日，中国证监会国际合作司发布《关于深圳市飞速创新技术股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》。公司拟发行不超过 103,500,000股境外上市普通股并在香港联合交易所上市。公司27名股东拟将所持合计360,000,000股境内未上市股份转为境外上市股份，并在香港联合交易所 上市流通。 附件："全流通"股东名称及转换数量 | 序 | 股东名称 | 申请全流通股数 (股) | | --- | --- | --- | | 1 | 向伟 | 203,928,528 | | 2 | 共青城福鹏宏祥参号创业投资合伙企业(有限合伙) | 39,405,738 | | 3 | 宁波梅山保税港区福鹏宏祥捌号股权投资管理中心(有限合伙) | 17,514,646 | | 4 | 海通创新证券投资有限公司 | 16,069,116 | | 5 | 杨杰 | 15,850,897 | | 6 | 深圳市宇轩稳健科技合伙企业(有限合伙) | 11,489,819 | | 7 | 深圳市红土一号私募股权投资基金合伙企业(有限合伙) | 8,181,818 | | --- | --- | --- | | 8 ...

智通财经APP获悉，1月28日，中国证监会国际合作司发布《关于深圳市飞速创新技术股份有限公司境外发行上市及境内未上市股份"全流通"备案通知 书》。公司拟发行不超过103,500,000股境外上市普通股并在香港联合交易所上市。公司27名股东拟将所持合计360,000,000股境内未上市股份转为境外上市股 份，并在香港联合交易所上市流通。 根据弗若斯特沙利文的资料，以2024年的收入计，飞速创新是全球第二大线上DTC网络解决方案提供商，市场份额为6.9%。公司全面的网络解决方案使全 球企业能够实现高效的数字化转型。通过线上销售平台FS.com，公司提供可扩展、具成本效益及全面的一站式网络解决方案。解决方案包括高性能网络设 备、可扩展网络设备操作系统及云网络管理平台。 附件："全流通"股东名称及转换数量 | 廖 | 股东名称 | 申请全流通股数 | | --- | --- | --- | | | | (股) | | 1 | 向伟 | 203,928,528 | | 2 | 共青城福鹏宏祥参号创业投资合伙企业(有限合伙) | 39,405,738 | | 3 | 宁波梅山保税港区福鹏宏祥捌号股权投资管理中心(有限合伙 ...

Core Viewpoint - Shenzhen Feisu Innovation Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after facing internal control issues during its A-share IPO process, which led to a warning from the Shenzhen Stock Exchange [1][3][4]. Group 1: Company Overview - Feisu Innovation specializes in information communication technology products and solutions, focusing on HPC, data centers, enterprises, and telecommunications [2][18]. - The company has faced significant scrutiny regarding its internal controls, particularly concerning data authenticity and financial reporting [3][19]. Group 2: Financial Performance - From 2022 to 2024, Feisu Innovation's revenues were 19.88 billion, 22.13 billion, and 26.12 billion, with net profits of 3.65 billion, 4.57 billion, and 3.97 billion respectively [11][24]. - In 2024, the company experienced a "revenue without profit" situation, with an 18.03% revenue increase but a 13.02% decline in net profit due to rising operational costs [11][24]. Group 3: Internal Control Issues - The Shenzhen Stock Exchange identified three core internal control issues: deficiencies in the information system, incomplete logging of system operations, and lack of management protocols for financial operations [5][19]. - The company received a regulatory letter from the Shenzhen Stock Exchange highlighting concerns about the accuracy and completeness of its financial disclosures [4][19]. Group 4: Capital Structure and Financing - Feisu Innovation has engaged in multiple rounds of financing since 2015, with a C-round valuation of approximately 6.6 billion based on a share price of 18.33 [19][20]. - The company has a significant redemption obligation of 664 million due to agreements with investors in case of IPO failure [20]. Group 5: Dividend Distribution - Just five days before its IPO application, Feisu Innovation approved a cash dividend distribution of 2 billion, which accounted for 50.38% of its projected net profit for 2024 [21][8]. Group 6: Financial Management Concerns - The company exhibits a "high savings and high debt" phenomenon, with 11.5 billion in financial assets and a bank loan increase to 573 million, despite having a low proportion of restricted funds [17][26]. - Interest expenses have exceeded interest income since 2024, raising questions about the rationale behind accumulating debt while holding substantial cash reserves [29].

Company Overview - Shenzhen Feisu Innovation Technology Co., Ltd. (Feisu Innovation) has submitted an application to list on the Hong Kong Stock Exchange, with China International Capital Corporation, CITIC Securities International, and China Merchants Securities International as joint sponsors [1] - Feisu Innovation is the second-largest online DTC network solution provider globally, with a market share of 6.9% based on 2024 revenue [4] - The company has served over 480,000 customers across more than 200 countries and regions, including approximately 60% of Fortune 500 companies [4] Financial Performance - Revenue for Feisu Innovation was approximately RMB 1.988 billion, RMB 2.213 billion, and RMB 2.612 billion for the fiscal years 2022, 2023, and 2024, respectively [6] - Profit figures for the same periods were approximately RMB 365 million, RMB 457 million, and RMB 397 million [7] - For the nine months ending September 30, 2024, the company reported revenue of RMB 1.954 billion and profit of RMB 351 million [6][7] Industry Insights - The global network solutions market is projected to grow from USD 119.2 billion in 2020 to USD 162.8 billion by 2024, with a compound annual growth rate (CAGR) of 8.1% [9] - The market is expected to continue expanding, reaching USD 245.3 billion by 2029, with a CAGR of 8.5% from 2024 to 2029 [9] - The high-performance network hardware market, specifically for speeds of 100G and above, is anticipated to grow from USD 14 billion in 2020 to USD 33.7 billion by 2024, with a CAGR of 24.6% [13]

Group 1 - The core point of the article is that Shenzhen Feisu Innovation Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC, CITIC International, and China Merchants Securities International as joint sponsors [1] - Feisu Innovation was previously listed on the Hong Kong Stock Exchange on May 27, 2025 [1] - According to Frost & Sullivan, Feisu Innovation is the second largest online DTC network solutions provider globally, with a market share of 6.9% based on 2024 revenue [1] Group 2 - The company offers comprehensive network solutions that enable global enterprises to achieve efficient digital transformation [1] - Through its online sales platform FS.com, Feisu Innovation provides scalable, cost-effective, and comprehensive one-stop network solutions [1] - The solutions include high-performance network devices, scalable network operating systems, and cloud network management platforms [1]

Group 1 - The core point of the article is that Shenzhen Feisu Innovation Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC, CITIC Securities International, and China Merchants Securities International as joint sponsors [1] - According to the prospectus, Feisu Innovation is the second largest online DTC network solution provider globally, with a market share of 6.9% based on projected 2024 revenue [1] - The company offers comprehensive network solutions that enable global enterprises to achieve efficient digital transformation through its online sales platform FS.com, providing scalable, cost-effective, and comprehensive one-stop network solutions [1]

Core Insights - Shenzhen Feisuke Innovation Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC, CITIC Securities International, and China Merchants Securities International as joint sponsors [1] - According to Frost & Sullivan, Feisuke Innovation is the second-largest online DTC network solution provider globally, with a market share of 6.9% based on projected 2024 revenue [1] - The company offers comprehensive network solutions that enable global enterprises to achieve efficient digital transformation through its online sales platform FS.com, providing scalable, cost-effective, and comprehensive one-stop network solutions [1] Company Overview - Feisuke Innovation specializes in high-performance network equipment, scalable network operating systems, and cloud network management platforms [1] - The company aims to facilitate digital transformation for businesses worldwide by leveraging its extensive network solutions [1]

Core Viewpoint - Shenzhen Feisu Innovation Technology Co., Ltd. has seen its Hong Kong IPO application expire after six months, indicating potential challenges in its market entry strategy [1] Company Overview - Feisu Innovation specializes in providing enterprise-level network solutions aimed at facilitating rapid digital transformation for global enterprises [1] - The company's product and service offerings include high-performance network devices, scalable network operating systems, and cloud network management platforms [1] - Feisu Innovation employs an online Direct-to-Consumer (DTC) business model to deliver scalable and affordable comprehensive one-stop network solutions [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 17 companies, including Feisuo Innovation, which submitted its listing application to the Hong Kong Stock Exchange on May 27, 2025 [1] Group 1: Supplementary Material Requirements - The CSRC requires Feisuo Innovation to clarify its internal control, corporate governance, and compliance operations [5] - The company must provide details on whether its business scope involves areas listed in the "Negative List for Foreign Investment Access (2024 Edition)" and ensure compliance with foreign investment policies [2] - Feisuo Innovation is asked to explain the reasonableness of the shareholding price for new shareholders in the past 12 months and whether there are any issues of interest transfer [2] Group 2: Corporate Structure and Governance - The company must disclose any shareholding arrangements involving equity holding and provide details on the parties involved, shareholding ratios, and any potential disputes [2] - The progress of state-owned shareholders in fulfilling state-owned shareholder identification management and other state asset management procedures must be reported [4] - The company is required to clarify the existence of any reserved or ungranted rights in employee shareholding platforms [3] Group 3: Data Management and Compliance - Feisuo Innovation must provide information on its website, app, and mini-programs, including the scale of user data collected and whether personal user information is shared with third parties [4] - The company is required to explain its previous A-share application and any self-regulatory measures taken, along with the status of related issue rectifications [5] - The company must clarify whether the shares held by shareholders participating in the "full circulation" have any pledges, freezes, or other rights defects [6] Group 4: Business Overview - Feisuo Innovation is a provider of enterprise-level network solutions, focusing on helping global enterprises achieve rapid digital transformation [6] - The company's products and services include high-performance network devices, scalable network operating systems, and cloud network management platforms [6] - According to Frost & Sullivan, Feisuo Innovation is the second-largest online DTC network solutions provider globally based on 2024 revenue [6]