Feisu Innovation Starts IPO Today: Leading Global Network Equipment DTC Company in the AI Computing Infrastructure Era

Serving over 500,000 customers in more than 200 countries worldwide.

According to IPO Early Insights, Shenzhen Feisu Innovation Technology Co., Ltd. (hereinafter referred to as “Feisu Innovation”) is launching an IPO today, which will close on March 18, and plans to list on the Hong Kong Stock Exchange on March 23 under the stock code “3355.HK.” The Hong Kong Stock Exchange will also welcome the “world’s first network solutions company.”

Feisu Innovation plans to issue 40 million H-shares in this IPO. Among them, 4 million shares are for Hong Kong public offering, 36 million shares for international offering, with an offer price range of HKD 35.20 to HKD 41.60. The company aims to raise up to HKD 1.664 billion from this issuance.

For this new share offering, Feisu Innovation has attracted cornerstone investors including Hao Fund, WT Asset Management, and Caitong Fund, with a total subscription amount of approximately USD 90.22 million.

Feisu Innovation provides one-stop network hardware, system software, and operations management services for global enterprises. Its products include optical modules, high-speed cables, switches, and other network connectivity devices and supporting infrastructure.

According to Frost & Sullivan, Feisu Innovation holds a 6.9% market share in the global online DTC network solutions market in 2024, ranking second worldwide and being the largest platform company in this market; additionally, it ranks first in high-performance network solutions (100G and above).

The Core of Computing Power Networks in the AI Era

The continuous strengthening of Feisu Innovation’s global market position coincides with a historic opportunity in AI infrastructure development— as demand for large language model training and inference explodes, data center network architectures are rapidly evolving to meet AI large model requirements for high bandwidth and low latency. Against this backdrop, bandwidth specifications of key data center components such as optical modules, high-speed cables, and switches are iteratively upgrading, leading to exponential market demand growth.

Feisu Innovation is deeply involved in this high-growth sector, offering solutions across high-performance computing, data centers, enterprise networks, and telecommunications. Unlike traditional device vendors that only provide hardware, Feisu Innovation adopts a decoupled architecture, combining standardized network hardware with scalable cloud-based software functions, enabling customers to dynamically adjust network resources based on business needs.

This integration of hardware and software capabilities allows its products to directly serve the networking needs of AI data centers for both vertical (scale-up) and horizontal (scale-out) expansion, making it an essential foundation for computing infrastructure.

Reconstructing Enterprise Network Procurement with DTC Model

The traditional network equipment industry has long relied on multi-tier distribution systems, which face issues such as limited geographic coverage, restricted product variety, and long procurement cycles. Feisu Innovation has broken through with a pure platform-based DTC (Direct to Customer) model, leveraging its proprietary platform FS.com to provide end-to-end services including pre-sales consulting, solution design, one-stop procurement, and global delivery.

As of the latest feasible date, the company has served over 500,000 customers across more than 200 countries and regions, including about 60% of the Fortune 500 companies. Notably, compared to traditional distribution giants mainly serving large government and enterprise clients, Feisu Innovation’s DTC platform offers standardized product catalogs, self-service selection tools, and flexible small-to-medium batch procurement options, significantly lowering the barriers to purchasing enterprise-grade network equipment and reaching small and medium-sized enterprises that are difficult to access through traditional channels.

Meanwhile, customer stickiness continues to strengthen: in 2024, net revenue retention reached 102.3%, with the average revenue per customer increasing from RMB 26,900 in 2022 to RMB 31,700 in 2024. This high retention rate confirms the feasibility and value of the DTC model in the B2B sector.

Steady Profitability and Global Expansion Drive Growth

Financial data more directly reveal Feisu Innovation’s business fundamentals. From 2022 to 2024, the company’s revenue CAGR was 14.6%, maintaining steady growth; profitability has also improved, with gross margin rising from 45.4% in 2022 to 52.6% for the nine months ending September 30, 2025, and adjusted net profit margin reaching 21.2%. This level of profitability significantly exceeds that of traditional hardware distributors, highlighting platform pricing power and brand premium.

In terms of revenue structure, in the first nine months of 2025, the US market accounted for 54.2%, Europe for 28.4%, with both regions together representing over 80%, indicating highly mature global operations. The company has established a global delivery system covering six continents, maintaining deep partnerships with over 200 telecom product suppliers and network equipment manufacturers to ensure rapid local response for enterprise clients and improve the efficiency of technical validation and order placement.

As the Hong Kong stock market shifts from pure concept speculation to fundamental valuation, genuine tech companies with real technological barriers and global operational capabilities are entering a valuation reconfiguration window. Feisu Innovation’s steady expansion and high customer retention validate its resilience across cycles.