【New Stock IPO】FeiSu Innovation 3355 Fundraising up to HK$1.66 Billion, Online DTC Network Solutions, Entry Fee per Lot HK$4,202

Speed Innovation (Listing No.: 03355) will conduct an IPO from March 13 to 18. The online DTC network solutions provider plans to issue 40 million H-shares, with 10% available for public sale in Hong Kong. The offering price ranges from HKD 35.2 to HKD 41.6, raising up to HKD 1.66 billion. Each lot consists of 100 shares, with an entry fee of HKD 4,202. Speed Innovation is expected to start trading on March 23. China International Capital Corporation, CITIC Securities International, and China Merchants Securities International are joint sponsors.

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Global No. 2 Online DTC Network Solutions Provider

According to Frost & Sullivan, based on 2024 revenue estimates, Speed Innovation is the second-largest online DTC network solutions provider globally, with a market share of 6.9%. Speed Innovation states that its network solutions enable global enterprises to achieve efficient digital transformation. Through its online sales platform FS.com, it offers scalable, cost-effective, and all-in-one network solutions.

Speed Innovation’s Performance and Investment

Speed Innovation has served over 500,000 customers across more than 200 countries and regions, covering about 60% of Fortune 500 companies. These clients span industries such as information technology, financial services, healthcare, education, automotive, and electronics. In the first nine months of last year, Speed Innovation’s revenue reached HKD 2.17 billion (RMB), an 11.3% year-on-year increase, with a profit of HKD 420 million, up 20.6%.

Speed Innovation has attracted a total of 11 cornerstone investors, including Hao Fund, Great Holding, WT Asset Management, Caitong SEIII, Juming Final Customers, CICC FT (related to Juming OTC swaps), Qianzhan, SCGC Capital, Aether, GF Fund HK, Kafeng Final Customers, and CICC FT (related to Kafeng OTC swaps), subscribing for a total of USD 90.22 million.

Use of Net Proceeds

• 40%: Enhance R&D through laboratory renovations, talent recruitment, and procurement of hardware and software to strengthen technological platforms and digital intelligence
• 30%: Establish a regional headquarters in Singapore, strengthen multi-layer warehousing systems, upgrade automation in workflows, expand service networks, and recruit international management teams to improve delivery capabilities in key overseas markets
• 20%: Digitalization of network solutions and service business platforms
• 10%: Operating capital and general corporate purposes

Source: Speed Innovation Announcement

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