Flying Speed Innovation Lists on Hong Kong Stock Exchange, Founder Xiang Wei's Net Worth Exceeds HK$10 Billion

Question: How can civil engineering graduates cross over to build a global network solutions giant?

Civil engineering graduates, making the second-largest online DTC network solutions provider worldwide.

Text | Zhitong IPO ID: zhitongIPO

Author | Shao Yangang

On March 23, Shenzhen Feisu Innovation Technology Co., Ltd. (hereinafter “Feisu Innovation”) officially listed on the Hong Kong Stock Exchange. As a scarce target, Feisu Innovation’s listing makes it the first “enterprise network solutions” stock in Hong Kong stocks.

On the first day of trading, Feisu Innovation opened at HKD 56 per share, up 34.62%. By the close today, Feisu Innovation was at HKD 47.2 per share, a 13.46% increase from the issue price, with a total market value of HKD 18.88 billion.

Source: Snowball

It is reported that Feisu Innovation’s IPO involved a global offering of 40 million H-shares at an issue price of HKD 41.6, at the upper limit of the IPO price range, raising a net amount of HKD 1.559 billion. Among them, cornerstone investors including Hao Fund, Shenzhen Capital Group, GF Fund, Qianzhan Capital, Bosera Fund, etc., subscribed approximately HKD 700 million in total. During the IPO, Feisu Innovation was oversubscribed by 1,579 times in the Hong Kong public offering.

Notably, Feisu Innovation applied to list on the Shenzhen Stock Exchange Main Board in March 2023 but withdrew its IPO application in May 2024 after two rounds of inquiries. In January 2025, the Shenzhen Stock Exchange published three regulatory letters warning Feisu Innovation and its controlling person, Yu Wei, as well as sponsors China Merchants Securities, auditors Deloitte Hua Yong, and related personnel, for multiple internal control deficiencies during the IPO process.

Founded in April 2009, Feisu Innovation engages in R&D, design, and sales of core equipment and general accessories in the network communications field. It has developed over 80,000 SKUs of core devices and accessories, including optical modules, high-speed cables, network equipment, fiber jumpers and patch cords, fiber management products, optical transmission devices, copper cabling systems, testing instruments, and tools.

Unlike traditional ICT offline business models, Feisu Innovation provides one-stop procurement services through its self-operated internet platform fs.com, covering data centers, optical transmission, and enterprise networks. Its customer base includes government and enterprise clients, education, healthcare, transportation, and operators. This business model addresses many pain points of the traditional offline ICT industry, enabling Feisu Innovation to quickly become a leader in the global market.

Today, Feisu Innovation has grown into the world’s second-largest online DTC network solutions provider, with a 6.9% share of the global market in 2024, making it the largest platform-based enterprise in this field. As of February 2026, the FS.com platform has served over 500,000 customers across more than 200 countries and regions worldwide, covering about 60% of the Fortune 500 companies.

In terms of performance, the prospectus shows that in 2022, 2023, 2024, and the first three quarters of 2025, Feisu Innovation’s revenue was RMB 1.988 billion, RMB 2.213 billion, RMB 2.612 billion, and RMB 2.175 billion, respectively. Net profits were RMB 365 million, RMB 457 million, RMB 397 million, and RMB 423 million. Adjusted net profits were RMB 388 million, RMB 470 million, RMB 408 million, and RMB 461 million, with net profit margins of 18.3%, 20.6%, 15.2%, and 19.5%. Gross margins were 45.4%, 49.4%, 50%, and 52.6%.

Source: Prospectus

Feisu Innovation’s performance relies more on overseas markets. The prospectus indicates that the company has established global delivery centers in the US, Germany, Australia, Singapore, the UK, and Japan. In the first three quarters of 2022, 2023, 2024, and 2025, overseas revenue was RMB 1.96 billion, RMB 2.172 billion, RMB 2.565 billion, and RMB 2.13 billion, accounting for 98.6%, 98.2%, 98.2%, and 97.9% of total revenue during each period.

Source: Prospectus

Additionally, in the first three quarters of 2022, 2023, 2024, and 2025, R&D expenses accounted for 5.0%, 5.0%, 5.5%, and 5.7% of revenue; sales and distribution expenses accounted for 13.6%, 15.3%, 18.7%, and 17.9%.

For this IPO, Feisu Innovation plans to use the funds to strengthen R&D of its technological platform over the next five years, enhance delivery capabilities in major overseas markets, digitize network solutions and service business platforms, and support working capital and general corporate purposes.

Notably, Feisu Innovation’s founder, Yu Wei, is a civil engineering graduate. Before founding Feisu Innovation at age 28, he worked as a designer in the real estate industry.

After shifting to the telecommunications industry, Yu Wei initially grew the company leveraging Alibaba’s platform capabilities, then transitioned to independent sites to reduce platform dependence. After establishing a foothold in the market, Feisu Innovation attracted many investment institutions.

The prospectus shows that from 2015 to 2024, Feisu Innovation completed five rounds of financing, with investors including Fupeng Assets, Taiya Investment, Shenzhen Capital Group, Jiayuan Capital, and others. During the Series C financing in December 2021, with a latest per-share cost of RMB 18.33, the company’s post-money valuation was approximately RMB 6.6 billion.

In terms of ownership, before listing, Yu Wei directly and indirectly controlled 61.16% of voting rights, making him the company’s controlling shareholder. Fupeng Fund held 15.81%, Haitong Investment 4.46%, Yang Jie 4.40%, and Shenzhen Capital Group 3.79%. Based on the HKD 18.88 billion market cap on the first trading day and Yu Wei’s 55.04% ownership post-listing, his personal wealth exceeds HKD 100 billion.

(First image source: Feisu Innovation listing ceremony)