Shenzhen Frost & Sullivan Technology Co., Ltd. (Stock Code: 3355.HK) successfully listed on the main board of the Hong Kong capital market on March 23, 2026. The company is a global leader in online DTC network solutions, providing scalable, cost-effective, and one-stop network solutions through its online sales platform FS.com. In terms of revenue in 2024, the company is the world's second-largest online DTC network solutions provider. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Shenzhen Frost & Sullivan Technology Co., Ltd., and hereby warmly congratulates them on their successful listing.
Shenzhen Feisu Innovation Technology Co., Ltd. (hereinafter referred to as 'Feisu Innovation') successfully listed on March 23, 2026, issuing a total of 40 million shares at an issue price range of HK$35.2 to HK$41.6, raising a total amount of approximately HK$1.664 billion.
During the process of listing in Hong Kong, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer communicate with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and providing feedback to the Hong Kong Stock Exchange on various industry-related issues for the issuer.
Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data, from January to December 2025, and over the past 36 months, Frost & Sullivan provided listing industry advisory services for 82 (market share of 73%) and 180 (market share of 71%) Hong Kong-listed IPOs, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.
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Investment highlights
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The thriving platform ecosystem and strong network effect make it a leading provider of network solutions;
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The preferred platform for network solutions based on the globalization strategy;
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Rich products and flexible solutions meet the differentiated needs of customers around the world;
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Platform-based full-stack technology;
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A visionary management team and an innovative corporate culture;
According to a report by Frost & Sullivan,
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Based on 2024 revenue, the company is the world's second-largest online DTC network solution provider;
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Based on 2024 revenue, the company is the largest platform-based company in the global online DTC network solutions market;
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Based on its 2024 revenue, the company is the largest provider of high-performance network solutions in the global online DTC network solutions market.
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Global Network Solutions Market
Network infrastructure is one of the three core infrastructures that, alongside computing power and storage infrastructure, constitutes the digital world. The core function of network infrastructure is to establish stable, efficient, and secure connection channels, enabling interconnectivity between different devices, systems, and users. Network infrastructure encompasses high-speed data transmission, reliable network coverage, flexible bandwidth management, and comprehensive security protection mechanisms. A robust network infrastructure supports the application and development of emerging technologies such as artificial intelligence, cloud computing, big data, and the Internet of Things, and is key to driving digital transformation and intelligent upgrading.
Network solutions refer to the integrated hardware and software packages provided to meet the needs of enterprises in constructing, using, and managing network infrastructure. They aim to help enterprises achieve efficient, secure, and reliable network connections and communications. Network hardware refers to various hardware devices and supporting service facilities used for building, maintaining, and expanding computer networks, supporting interconnection and data exchange between devices within the network. Hardware is the foundation of network communication. Network software refers to programs that implement network communication and management, including operating systems, protocol stacks, and application software.
The global network solutions market size increased from $119.2 billion in 2020 to $162.8 billion in 2024, with a compound annual growth rate of 8.1% from 2020 to 2024. It is expected that the global network solutions market size will continue to expand, reaching a total market revenue of $245.3 billion by 2029, with a compound annual growth rate of 8.5% from 2024 to 2029.
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Global Online Network Solutions Market Overview
Problems Faced by the Business Model of Traditional Network Solutions
In the traditional network solution business model, network solution providers mainly serve large and important customers through customized projects, such as telecom operators and major cloud service providers. They also serve a wider range of other types of customers, including small and medium-sized enterprises in vertical industries, through offline distribution models. Currently, global giants in the network solution market adopt the traditional business model to strike a balance between ensuring service quality and maintaining market coverage. However, despite the long history of the traditional business model, it is facing various challenges due to the rapid evolution of digital transformation among global enterprises and dynamic changes in market demand. These challenges mainly include: (i) The geographical coverage of offline distribution networks is still limited, making it difficult to fully cover global customers; (ii) Local distributors usually only offer a relatively limited variety of products, making it difficult for customers to purchase products that best meet their needs; (iii) Customers have relatively limited channels to obtain product information, making it difficult to fully understand key data such as product performance, parameters, and user reviews; (iv) The traditional offline model involves multiple intermediary links (such as distributors, agents, and retailers), resulting in high costs across the entire value chain and higher final selling prices; and (v) Long procurement and delivery cycles.
Opportunities for the development of online network solutions
To solve the challenges faced by traditional offline business models, a business model that provides online solutions through an online platform has emerged. Online network solutions refer to the sale of network products and related services through an online platform. The online business model leverages its convenience, efficiency, cost savings, and information transparency advantages to effectively address the shortcomings of traditional offline models in terms of product variety, decision-making difficulty for selection, procurement costs, procurement and delivery efficiency, etc., making it more in line with the procurement needs of enterprise customers for network solutions. The advantages of online network solutions include:
- Cover a wider market and reach more customersOnline mode breaks geographical boundaries, enabling online products to reach a wider customer base.
- With richer product offerings and a more convenient selection processOnline platforms can display a more comprehensive range of products and detailed product information.
- Faster response and more efficient transaction processesOnline platforms provide 24-hour services, allowing customers to place orders at any time. In addition, online payment and logistics systems significantly shorten transaction times and delivery cycles.
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Purchase costs have decreased, and prices are more transparent.Online sales typically reduce intermediate links and lower operating costs, making product prices more competitive. At the same time, online platforms usually clearly display product prices and configurations, facilitating customers to compare and make purchases, thereby enhancing price transparency.
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Convenient after-sales service and technical support Online platforms offer a variety of after-sales services, including online consultation, technical document download, and remote technical support.
The global online network solutions market size grew from $21.5 billion in 2020 to $31.7 billion in 2024, with a compound annual growth rate of 10.2% from 2020 to 2024. The global online network solutions market is expected to continue expanding, with total market revenue reaching $52.7 billion in 2029, a compound annual growth rate of 10.7% from 2024 to 2029. The penetration rate of the global online network solutions market (global online network solutions market revenue divided by global network solutions market revenue) increased from 18.0% in 2020 to 19.5% in 2024 and is expected to continue rising during the forecast period, reaching 21.5% in 2029.
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Global Online DTC Network Solutions Market Overview
Online DTC network solutions refer to the direct contact with end customers through the online platforms operated by network solution providers, enabling product sales and service delivery. Compared to third-party online platforms, online DTC network solutions have the following unique advantages:
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Proficient product expertise and highly customized capabilitiesOnline DTC network solution providers focus on selling and delivering their own branded products, thus possessing a deep understanding and high professionalism of their own products, covering technical architecture, features, best practices, etc. They can provide customized solutions based on the specific needs and scenarios of enterprise customers during AI transformation, including hardware selection, software configuration, and network architecture design, to ensure that network infrastructure can best support AI workloads.
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End-to-end solutions and unified managementTypically, online DTC network solution providers offer comprehensive solutions that cover network equipment, software, and related services. Since all components come from the same provider, it is easier to achieve deep integration and collaborative operation. Enterprises can centrally monitor, configure, and manage the entire network infrastructure through a unified management platform, thereby reducing operational complexity and improving efficiency. In addition, DTC network solution providers will conduct comprehensive compatibility tests on their own branded products to ensure seamless collaboration between different components.
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Direct and comprehensive service supportOnline DTC network solution providers directly offer services closely integrated with specific products and technologies to customers, including pre-sales consultation, solution design, deployment and implementation, after-sales support, and technical training.
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More agile innovation capabilities and cutting-edge technology integration capabilitiesOnline DTC network solution providers typically have their own R&D teams, enabling them to integrate the latest network technologies into their products more quickly. They can flexibly adjust their product roadmap according to business development trends and customer needs, and launch new products and solutions that meet the needs of business and network transformation more swiftly.
The global online DTC network solutions market size increased from $3.3 billion in 2020 to $5.7 billion in 2024, with a compound annual growth rate of 15.0% from 2020 to 2024. It is expected that the global online DTC network solutions market will continue to expand, with total market revenue reaching $108 billion by 2029, and a compound annual growth rate of 14.0% from 2024 to 2029. The penetration rate of the global online DTC network solutions market (revenue from the global online DTC network solutions market divided by revenue from the global online network solutions market) increased from 14.9% in 2020 to 17.8% in 2024 and is expected to further increase to 20.5% by 2029.
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Global Online DTC Network Solution Market Competition Landscape
The global online DTC network solution market is relatively fragmented. By supplier type, the market includes platform-centric market participants and market participants adopting a hybrid business model. The former sell products only through online DTC platforms, while the latter use both online DTC platforms, offline channels, and/or online distributor channels to sell products. In 2024, the top three participants together accounted for 22.0% of the market share. In 2024, Fathom ranked second in the global online DTC network solution market with a 6.9% market share, becoming the largest platformized company in the market. In addition, Fathom ranked first in the high-performance network solution (100G and above) market.
