Rapid innovation impacts Hong Kong stocks, positioning as the "number one in enterprise network solutions," capturing the wave of digital transformation and AI

The Hong Kong IPO market remains active in 2026.

As of March 10, this year, 28 companies have gone public on the Hong Kong Stock Exchange, with star enterprises like Bairen Technology, Zhipu, and MiniMax listing successively, attracting attention from domestic and international investors.

Meanwhile, a recent tech company has passed the HKEX hearing, further strengthening Hong Kong’s tech profile.

According to sources, Shenzhen Feisu Innovation Technology Co., Ltd. (referred to as “Feisu Innovation”) successfully passed the HKEX hearing on March 2, with China International Capital Corporation, CITIC Securities International, and China Merchants Securities International serving as joint sponsors.

Feisu Innovation may soon list in Hong Kong, potentially becoming the first “enterprise network solutions” company targeting the global market.

JPMorgan’s hardware team recently issued a report stating that by 2026, growth in the network infrastructure sector will surpass that of computing power.

This is not just a simple growth comparison; it reflects a paradigm shift as the AI industry enters a new stage of development. The core logic has evolved from “computing power driving networks” to a symbiotic and leading relationship where “networks determine computing efficiency.”

This structural change will redefine AI investment patterns. For investors seeking global asset allocation, increasing focus on the network infrastructure sector is a wise decision.

01

Urgent demand for online DTC network solutions, Feisu Innovation ranks second globally

In recent years, AI has flourished, becoming a key driver of technological progress and global economic growth.

Network infrastructure plays a crucial role in integrating AI into business operations and is an essential element for digital and intelligent transformation. It is one of the three core infrastructures, alongside computing and storage, that build the digital world.

Network solutions refer to comprehensive hardware and software integrated packages that meet enterprise needs in building, using, and managing network infrastructure, aiming to enable efficient, secure, and reliable connectivity and communication.

As AI applications penetrate various industries and become more widespread, enterprises’ demand for localized network services will continue to grow.

According to Forrester, in 2024, local deployment of enterprise network infrastructure accounts for 29% globally; among small and medium-sized enterprises, the local deployment rate is only about 10%, expected to rise to around 20% by 2029.

Forrester data shows that in 2024, the global market for network solutions is approximately $162.8 billion, projected to reach $245.3 billion by 2029, with a CAGR of 8.5% from 2024 to 2029.

Due to rapid digital transformation and dynamic market demands, especially the fast-growing needs of SMEs, the demand for localized network infrastructure is becoming more diverse, increasing the need for SDN (Software Defined Networking) capabilities.

However, there is some mismatch on the supply side.

Traditionally, global giants in network solutions serve large key clients like telecom operators and major cloud providers through customized projects. However, their market coverage is limited, and many vertical industry SMEs’ needs are often unmet.

Additionally, the high market concentration among traditional network equipment providers limits their flexibility to adapt through product innovation or cost optimization, resulting in high deployment and upgrade costs for enterprises.

To address these challenges, online platforms offering network solutions have emerged.

The global online network solutions market mainly involves two types of players: online DTC (Direct-To-Consumer) network solution providers and third-party online platforms.

Compared to third-party platforms, online DTC solutions offer advantages such as deep product expertise, high customization, end-to-end solutions with unified management, direct and comprehensive service support, and faster innovation with cutting-edge technology integration.

According to Forrester, in 2024, the global online DTC network solutions market is about $5.7 billion, expected to reach $10.8 billion by 2029, with a CAGR of 14%, outpacing the overall growth of the global network solutions market.

02

Four core barriers support steady revenue growth; over 99% of overseas revenue

Feisu Innovation adheres to a customer-centric approach, providing scalable, cost-effective, and comprehensive one-stop network solutions, including high-performance network devices, scalable network OS, and cloud network management platforms.

The company strives for excellence in high-performance computing, data centers, enterprise networks, and telecom networks, leveraging online empowerment to meet global demand for enterprise-grade high-performance and basic network solutions.

Feisu Innovation has built four major core barriers through its online DTC model:

1. Over 120,000 proprietary SKUs. As of February 24, 2026, the company owns more than 120,000 SKUs covering optical modules, high-speed cables, fiber optic cables, switches, optical transmission equipment, fiber management products, and copper cabling systems.

For example, it offers RoCE-based lossless Ethernet solutions for data centers and is developing 800G and future 1.6T switches to meet large-scale AI network transmission needs.

Among all online DTC network solution providers globally, Feisu Innovation has the most diverse range of proprietary network device SKUs.

2. Global localized delivery. The company has established seven global delivery centers in China, the US, Germany, Australia, Singapore, the UK, and Japan, enabling most orders to be shipped on the same day and delivered within five days.

Additionally, its professional customer service team supports eight languages and responds 24/5, accepting payments in 22 local currencies, with localized payment options and compliance with local tax policies to better meet customer habits and preferences.

This enables effective local service and reduces potential supply chain risks. Over the past few years, over 99% of sales revenue has come from overseas.

3. Serving over 500,000 customers. As of February 24, 2026, Feisu Innovation has served more than 500,000 customers across over 200 countries and regions, including about 60% of Fortune 500 companies, spanning industries such as IT, finance, healthcare, education, automotive, and electronics.

In 2023 and 2024, the company’s net revenue retention rates were 94.4% and 102.3%, respectively, indicating strong customer loyalty and stickiness.

4. Independent R&D of integrated hardware and software technology. The company’s solutions adopt a decoupled architecture, combining standardized hardware with scalable cloud software functions.

This enables remote orchestration, intelligent resource allocation, and simplified operations, allowing customers to dynamically adjust network resources while ensuring enterprise-level reliability.

Driven by overall growth in the global network solutions industry and the company’s increasing competitiveness, Feisu Innovation’s revenue has steadily grown over recent years, with solid financial performance.

In 2022, 2023, 2024, and the first nine months of 2025, the company recorded revenues of RMB 1.988 billion, RMB 2.213 billion, RMB 2.612 billion, and RMB 2.175 billion, respectively, with a CAGR of 14.6% from 2022 to 2024. Net profits for these periods were RMB 365 million, RMB 457 million, RMB 397 million, and RMB 423 million.

Thanks to ongoing supply chain management and operational efficiency improvements, gross margin increased from 45.4% in 2022 to 52.6% in the first nine months of 2025.

Key financial data, source: Feisu Innovation IPO prospectus

From the revenue structure, high-performance network solutions have seen rapid growth, becoming a key revenue driver.

In 2022, revenue from high-performance network solutions was RMB 473 million; by the first nine months of 2025, this had increased to RMB 788 million, accounting for 36.2% of total revenue, up from 23.8%.

Revenue by product type, source: Feisu Innovation IPO prospectus

Notably, a significant portion of customers purchase products for use in AIDC (Automatic Identification and Data Capture) infrastructure.

For example, global AI cloud provider client J ranked as the company’s third-largest customer in 2024 with a purchase amount of about RMB 27.9 million; in the first three quarters of 2025, it became the largest customer, with purchases increasing 65% compared to the full year of 2024.

This growth trend not only reflects the increasing share of AI clients among the company’s top five customers but also demonstrates the company’s deep empowerment of the global AI industry.

03

From “Tool Provider” to “Ecosystem Enabler”

The AI wave has created new network demands. Feisu Innovation’s development is driven by high-quality products and a vibrant ecosystem.

Over the years, leveraging online sales platforms for operational efficiency, diverse proprietary SKUs, and delivery capabilities, the company has successfully attracted global clients and built a strong brand.

Feisu Innovation’s DTC approach eliminates middlemen, enabling the company to offer more competitive prices, faster response times, and greater flexibility for customized solutions.

Through direct interaction with customers, the company can collect real-time feedback and data, continuously improve products and services, and, supported by advanced digital infrastructure, achieve high automation and operational efficiency, reducing costs and errors.

This further enhances collaboration with global supply chain partners, achieving economies of scale. As the business grows, the company will continue to strengthen product innovation, optimize the ecosystem, and improve customer experience, fostering shared growth with partners.

By empowering AI infrastructure development and exploring enterprise AI adoption needs, Feisu Innovation has upgraded from a “tool provider” to an “ecosystem enabler.”

Feisu Innovation’s growth flywheel, source: company IPO prospectus

For decades, Feisu Innovation has built solid partnerships with global supply chain players, with over 200 telecom product suppliers and network equipment manufacturers involved, reducing potential supply chain risks.

The company’s diverse range of proprietary network device SKUs allows flexible product matching and parameter customization to meet various customer scenarios.

With its extensive product portfolio, the company serves over 500,000 customers across more than 200 countries and regions, with a notable increase in AI-related clients.

Through diversified revenue streams and supply chain strategies, Feisu Innovation effectively addresses the challenges of global enterprise network infrastructure upgrades, resisting regional and trade risks, and building resilience through cycles.

04

Summary and Outlook

As AI computing power shifts from “scale” to “collaboration” between “computing” and “networks,” the value of network infrastructure as a “seller” is being reassessed.

Feisu Innovation precisely positions itself at the intersection of global digital transformation and AI waves. Relying on its online DTC model, it has achieved steady revenue growth, improving gross margins, with both growth potential and stability.

Through the HKEX hearing, the company is poised to become Hong Kong’s first “enterprise network solutions” stock targeting the global market. As a scarce asset in the Hong Kong market, it offers investors a key channel to deeply share in the dividends of global network infrastructure and AI development.

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