We are pleased to announce that on 23rd March 2026, China Merchants Securities International (“CMSI”), acting as the Joint Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager of FS.COM Limited. (“the Company”, stock code: 3355.HK), successfully assisted the Company to commence trading of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEx”). The global offering of the Company was ultimately priced at HK$41.6 per share. The offering raised a total of around HK$1.66 billion (before over-allotment), around HK$1.91billion (after over-allotment fully exercised), and attracted 11 cornerstone investors, including top-tier institutions, government-backed investment entities, and industrial capital, with total subscriptions exceeding HK$0.70 billion, accounting for over 42% of the total gross proceeds. Ultimately, the International Placing received 10.92 times subscription and the Hong Kong Public Offering received around1,579.71 times subscription.
As the Joint-Sponsor, CMSI has fully leveraged its strengths in investor resource coordination, efficiently secured long-term Chinese institutional orders accumulated during the roadshow. Leveraging CMSI’s institutional investor network, the Company successfully onboarded a number of renowned long-term international investors, securing high-quality long-term capital and strategic partners for the Company.
Order coverage was rapidly achieved on the first day of bookbuilding, sending a positive signal to the market and effectively boosting investor confidence. Orders from CMSI reached multiple times oversubscription during bookbuilding, fully demonstrating CMSI’s strong market influence. Providing investors with solid confidence in the Company and laying a foundation for ongoing high-end pricing.
About FS.COM Limited
Founded in 2009, FS.COM Limited has evolved over nearly two decades to become the world's second-largest online DTC platform provider of network communication equipment solutions. Based on 2024 revenue, the Company holds a global market share of 6.9%. The Company has established warehousing and localized service centers across China, the United States, Germany, the United Kingdom, Australia, Japan, and Singapore; its business operations span over 200 countries worldwide, serving a customer base exceeding 500,000. The Company's product portfolio encompasses high-performance networking hardware, scalable network operating systems, and cloud-based network management platforms, while its solutions address a wide array of complex scenarios, including high-performance computing (HPC), data centers, enterprise networks, and telecommunications networks. The Company has strategically positioned itself within the AI industry ecosystem, prioritizing the expansion of data center high-bandwidth optical modules and high-performance switches, while also pioneering the integration of AI agents into solution design. Driven by a platform-centric approach and online-enabled capabilities, The Company is dedicated to meeting global demand for both enterprise-grade, high-performance networking solutions and foundational networking infrastructure solutions. For the full year of 2025, the Company generated revenue of approximately RMB 2,966 million, a year-over-year increase of 13.55%, and achieved net profit of approximately RMB 601 million, up 51.40% from the previous year, thereby sustaining rapid growth in both revenue and net profit.
About CMSI
China Merchants Securities International Company Limited ("CMSI"), a wholly-owned subsidiary of China Merchants Securities Co., Ltd ("China Merchants Securities", Stock Code: 600999.SH/6099.HK), founded in Hong Kong, is the main overseas business platform of China Merchants Securities, and the vital bridge between China Merchants Securities and the international capital markets. China Merchants Securities (HK) Co., Limited is a licensed subsidiary of CMSI in Hong Kong and acted as a sponsor of this IPO.
CMSI has established subsidiaries in Hong Kong and Seoul; providing clients with a one-stop full range of integrated financial services, including stocks and futures brokerage, corporate finance, sales and trading, asset management, private equity and OTC derivatives , etc.
Leveraging Hong Kong while engaging the world, relying on the century-old brand of "China Merchants", the strong industrial network coverage and the resource advantages accumulated in mainland China and overseas, CMSI strives to become an international modern securities brokerage firm with a full range of financial service capabilities through creating values with excellent services.