Saughter and May advised on the Hong Kong IPO of FS.COM Limited

Saughter and May, Hong Kong and Beijing, advised the joint sponsors, overall coordinators and joint global coordinators on the global offering and listing of FS.COM Limited (“FS”) on the Main Board of the Hong Kong Stock Exchange. The offering raised approximately HK$1.66 bn (approximately US$213 mn) immediately following the completion of the global offering (prior to the exercise of the over-allotment option).

China International Capital Corporation Hong Kong Securities Limited, China Securities (International) Corporate Finance Company Limited, and China Merchants Securities (HK) Co., Limited are acting as joint sponsors, overall coordinators and joint global coordinators in the listing.

FS is the world’s second largest online direct-to-consumer networking solution provider in terms of revenue in 2024. FS had served more than 500,000 customers in over 200 countries and regions worldwide, covering approximately 60% of Fortune 500 companies from a wide spectrum of sectors.

Trading in FS’ shares commenced on the Hong Kong Stock Exchange on 23 March 2026.

Benita Yu, Senior Partner at Saughter and May, Hong Kong, commented: “We offer our heartfelt congratulations to the joint sponsors and FS on the success of the IPO. As FS primarily derives its revenue from overseas, this deal showcases our firm’s first-in-class expertise in assisting Chinese enterprises with an international business to achieve their overseas ambitions, with our team’s solid capability in handling international markets with multi-language capability. We are most grateful to the joint sponsors and FS for their confidence in us.”

Justin Chan, Corporate Partner at Saughter and May, Hong Kong commented: “This transaction once again showcases our outstanding ability of navigating complex IPO issues such as the impact of rapidly evolving tariff regulations on Chinese issuers and other cross border regulatory considerations. Congratulations to all the parties involved.”