Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
More
Hong Kong Stock IPO Early Report: Feisu Innovation and Guomin Technology Begin Offering
Cailian Press, March 13 — According to Livermore Securities data, today’s Hong Kong IPO news includes:
Applications open today:
The IPO runs from March 13 to March 18, 2026, with a proposed global offering of 40 million H-shares, of which 10% are Hong Kong public offering and 90% international offering. The offering price is HKD 35.2–41.6 per share. Each lot is 100 shares. H-shares will begin trading on the Hong Kong Stock Exchange at 9:00 a.m. on March 23, 2026.
There is an over-allotment option (greenshoe) of approximately HKD 250 million.
Company Profile
Shenzhen Feisu Innovation Technology Co., Ltd. is the world’s second-largest provider of online DTC network solutions. Its network solutions enable global enterprises to achieve efficient digital transformation. Through its online sales platform FS.com, the company offers scalable, cost-effective, and one-stop network solutions.
Sponsor Analysis
China International Capital Corporation Hong Kong Securities Limited
CITIC Securities (International) Finance Limited
China Merchants Securities (Hong Kong) Limited
Comparison of First-Day Listing of Similar Industry IPOs
Cornerstone Investors
Hao Fund, Great Holding, WT Asset Management, Caitong SEIII, Juming End Clients & CICC FT (related to Juming OTC swaps), Qianzhan, SCGC Capital, Aether, GF Fund HK, Kaifeng End Clients & CICC FT (related to Kaifeng OTC swaps), Wider Huge have agreed to subscribe for a total of approximately USD 90.22 million (about HKD 704.02 million) of the offered shares at the proposed offering price of HKD 38.40 per share (the median indicative price in the prospectus). Assuming no over-allotment is exercised, the total number of shares subscribed by cornerstone investors will be 18,333,300 shares, representing 45.83% of the offering (assuming oversubscription is not exercised).
Financial Status
In 2022, 2023, 2024, and the nine months ending September 30, 2024, and 2025, the company’s revenues were RMB 1.98824 billion, RMB 2.21285 billion, RMB 2.61179 billion, RMB 1.95370 billion, and RMB 2.17472 billion, respectively.
Net profit for the same periods was RMB 364.51 million, RMB 456.75 million, RMB 397.26 million, RMB 350.81 million, and RMB 423.17 million. The increase is mainly due to (i) higher revenue and gross profit from sales of products and solutions, (ii) increased operating expenses, and (iii) fluctuations in other income and expenses.
The IPO runs from March 13 to March 18, 2026, with a proposed global offering of 95 million H-shares, of which 10% are Hong Kong public offering and 90% international offering. The offering price will not exceed HKD 10.80 per share. Each lot is 200 shares. H-shares are expected to start trading at 9:00 a.m. on March 23, 2026, on the Stock Exchange.
Over-allotment mechanism: None
Company Profile
Guomin Technology Co., Ltd. is a platform-based integrated circuit (“IC”) design company dedicated to providing control chips and system solutions for various smart terminals, and also operates a lithium battery anode material business. The company’s products are widely used in consumer electronics, industrial control, digital energy, smart home, automotive electronics, and medical electronics, successfully building a diversified product matrix covering multiple scenarios.
Sponsor Analysis
Guomin Technology A/H Share Comparison (Updated to 08:00, March 13, 2026)
Price Comparison: A-shares are HKD 14.22 higher than H-shares, with an A/H premium of +131.67% and a H/A discount of -56.83%.
CITIC Securities (Hong Kong) Limited
Comparison of First-Day Listing of Similar Industry IPOs
Cornerstone Investors
Guohua Life, Harvest Oriental II, Ms. Dai, Mr. An, Xinwangda Finance have agreed to subscribe for a total of HKD 140 million worth of shares at the maximum indicative price of HKD 10.80 per share, totaling 12,962,400 shares, representing 13.60% of the offering.
Financial Status
During the historical reporting period, the company’s revenue mainly comes from (i) sales of chip products, (ii) sales of lithium battery anode materials and graphitization services, and (iii) other products and services, including real estate leasing, sales of smart lock SoC and mainboards, smart lock installation solutions, auxiliary materials for production, and sales of graphite tailings (by-products). These have high calorific value and can be used in industries such as steelmaking and power generation, among others, with technical services provided.
The company’s revenue remained relatively stable at RMB 1.19541 billion in 2022, RMB 1.03675 billion in 2023, and RMB 1.16755 billion in 2024. Revenue increased from RMB 820.99 million in the nine months ending September 30, 2024, to RMB 958.32 million in the same period of 2025.
The company’s annual net loss increased from RMB 18.93 million in 2022 to RMB 593.99 million in 2023, mainly due to reduced gross profit in 2023. The net loss then decreased to RMB 25.572 million in 2024, and the nine-month loss from RMB 166.02 million as of September 30, 2024, to RMB 75.75 million in 2025, mainly due to increased gross profit.
Recent hearings:
[No further details provided]