【New Stock IPO】Feisuo Innovation 3355 subscription closes tomorrow afternoon, IPO has HK$87.4 billion oversubscription at 513 times, entry fee HK$4,202 per board lot

Speed Innovation (New Listing Number: 03355) Initial Public Offering from March 13 to 18. Online DTC network solutions provider Speed Innovation 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. As of the afternoon of March 17, Speed Innovation received oversubscriptions of HKD 87.4 billion, with a public offering subscription amount of HKD 170 million, representing a 513-fold oversubscription.

Speed Innovation offers 100 shares per board lot, with an entry fee of HKD 4,202 per lot. The stock is expected to commence trading on March 23. CICC, 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 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 companies 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 was 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 11 cornerstone investors, including Haoran Capital, Great Holding under Yuan Yonggang, WT Asset Management, Caitong SEIII, Juming Investment, Qianzhan, Shenchuang Investment’s SCGC Capital, Aether, GF Fund HK under GF Securities, Kaifeng Investment, and Wider Huge, 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 the digitalization of the technology platform
• 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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