Round 1 FHC starts in January, 17, at the 18.00 UTC.
Look this and other information here. The top 500 finishers will advance to Round 2, as well as contestant who gets the same number of points as the 500th contestant.
Round 1 will last 24 hours. This is not virtual contest, when you can choose moment when you start during these 24 hours, but 24-hour contest of full value. It is unusually decision. It is clearly that organizers wants all participants to find the convenient time to solve the problems. I hope the problemset we be completed such a way so how many times does participient can spend to solve the problems, 2 hours or 24, will not have a big impact to his result. Perhaps it is assumed that a certain set of problems will be solved by large number of participants, much more than 500, but very few people will be able to solve something else.
(I will glad to see the remarks about translation mistakes)