FS.COM Limited completed its Hong Kong initial public offering (IPO) with a final offer price fixed at HK$41.60 per H share—the top of the indicated range—raising gross proceeds of HK$1.66 billion. After estimated listing expenses of HK$104.97 million, net proceeds are expected to reach HK$1.56 billion.

The Global Offering comprised 40 million H shares, split 10% for the Hong Kong Public Offering (4 million shares) and 90% for the International Offering (36 million shares). Both tranches were heavily oversubscribed: the retail book drew 196,756 valid applications, translating into a 1,579.71-times subscription rate, while the institutional tranche was 10.92-times covered. No claw-back mechanism was triggered, and the over-allotment option of up to 6 million shares (15% of the base deal) remains available to the underwriters, led by China International Capital Corporation Hong Kong Securities Limited as stabilising manager.

Trading in FS.COM’s shares (stock code 03355) will commence on the Hong Kong Stock Exchange at 9:00 a.m. on 23 March 2026 in board lots of 100 shares. Public float at listing will represent 28.37% of the enlarged share capital, or 113.28 million shares, satisfying Listing Rule requirements.

Ownership remains highly concentrated. The top 25 placees account for 94.82% of the offered shares, while the largest 25 H-shareholders will collectively control 98.24% of the class upon listing. The Stock Exchange issued a cautionary note highlighting the potential for significant price volatility due to the concentrated register.

Cornerstone investors secured 16.92 million shares (4.23% of total issued capital), including Hao Great China Focus Fund (0.94%), Great Holding Development (0.68%) and WT Asset Management (0.47%). All cornerstone allocations are subject to a lock-up until 22 September 2026.

Post-listing, founder and chairman Xiang Wei and affiliated Yuxuan partnerships will hold 55.04% of the company, with a statutory lock-up extending to 22 March 2027. Other pre-IPO shareholders representing 38.85% of the register are also bound by PRC Company Law lock-ups through the same date.

FS.COM’s capital structure will comprise 400 million issued shares at listing, excluding any shares issued upon potential exercise of the over-allotment option. The company confirmed compliance with all Hong Kong Listing Rules and guidance, including public float thresholds and connected-party placing restrictions.