Amid the dual waves of AI computing power expansion and the rise of the domestic storage industry, Biwin Storage Technology Co.,Ltd., a Chinese semiconductor storage company founded in 2010, is accelerating its push for a dual listing in both the A-share and H-share markets.
Recently, this A-share storage leader, after being listed on the STAR Market for two and a half years, has once again submitted a listing application to the Hong Kong Stock Exchange, officially embarking on its journey for a Hong Kong IPO, with Huatai International acting as the sole sponsor.
This marks Biwin Storage's second attempt at a Hong Kong listing. After its initial application on October 28, 2025, the prospectus lapsed on April 28, 2026. The company resubmitted its application just two weeks later.
**Triple-Digit Revenue Growth and Turn to Profitability**
In its prospectus, Biwin Storage describes itself as a leading independent semiconductor storage solution provider for the AI era, possessing full-stack technological capabilities in "controller chips x storage solution design x advanced packaging and testing." According to Frost & Sullivan, based on 2025 sales revenue, the company ranks among the top 15 market participants in the global storage products industry, with a market share of approximately 0.5%. Its solutions serve numerous globally renowned clients including Meta, Google, Alibaba, Xiaomi, OPPO, vivo, Honor, Transsion, Motorola, ZTE, TCL, HP, Lenovo, Acer, Asus, Positivo, BYD, and Changan. It has also established long-term cooperative relationships with leading global NAND and DRAM suppliers and major foundries to ensure a stable supply.
Biwin Storage's business encompasses intelligent mobile & emerging AI edge devices, PC & enterprise storage, smart automotive & other applications, and advanced packaging and testing services.
Financial data disclosed in the prospectus shows the company's operating revenue grew rapidly during the reporting period of 2023, 2024, and 2025. Revenue was RMB 3.59 billion in 2023, increased to RMB 6.69 billion in 2024 (an 86.5% growth), and rose another 68.8% in 2025, surpassing RMB 10 billion to reach RMB 11.3 billion. The compound annual growth rate over the three years was 77.4%.
In terms of business structure, during the reporting period, revenue from the intelligent mobile & emerging AI edge devices segment was RMB 1.182 billion, RMB 3.710 billion, and RMB 4.945 billion, respectively. Its contribution to total revenue increased from 32.9% to 43.7%, making it the largest revenue source.
Categorized by semiconductor storage solution type, NAND Flash is Biwin Storage's primary revenue source, with revenue of RMB 2.347 billion, RMB 4.472 billion, and RMB 6.461 billion during the reporting period. DRAM revenue was RMB 717 million, RMB 1.213 billion, and RMB 3.024 billion for the same periods, showing significant growth. Additionally, revenue from MCP (an integrated storage solution combining NAND Flash and DRAM) grew substantially from RMB 393 million in 2023 to RMB 1.602 billion in 2025.
Regarding gross profit, the company reported a gross loss of RMB 76.71 million in 2023, which turned into a gross profit of RMB 1.157 billion in 2024 and RMB 2.413 billion in 2025.
Concurrently, Biwin Storage's performance shifted from loss to profitability. In 2023, the company incurred a net loss of RMB 630 million. It achieved profitability in 2024 with a net profit of RMB 135 million, which surged to RMB 839 million in 2025.
The prospectus attributes the turnaround to profitability from 2023 to 2024 primarily to substantial revenue growth driven by increased sales and improved pricing for intelligent mobile and emerging AI edge devices, as well as a shift in gross profit due to product mix changes (increased supply of products for emerging AI edge devices, which typically have higher margins) and economies of scale. The net profit of RMB 839 million in 2025 was mainly due to significant revenue growth across business lines and increased gross profit and margin driven by improved market conditions in the storage solutions industry and greater contributions from higher-margin business lines.
For the first quarter of this year, Biwin Storage's operating revenue was RMB 6.814 billion, a year-on-year increase of 341.53%. Net profit attributable to shareholders of the listed company was RMB 2.899 billion, a year-on-year increase of 1,567.85%, turning a year-on-year loss into a profit. The net profit for just this single quarter was 3.4 times that of the entire previous year.
However, as of the end of Q1, Biwin Storage's total assets were RMB 24.48 billion, total liabilities were RMB 15.9 billion, resulting in a debt-to-asset ratio of 65%. This includes short-term borrowings of RMB 5.757 billion and long-term borrowings of RMB 5.336 billion. Combined with liabilities due within one year, short-term debt repayment pressure reached RMB 6.757 billion, while cash and cash equivalents stood at only RMB 3.795 billion. In Q1 2026, the net cash flow from operating activities was negative RMB 2.706 billion.
**Facing Four Patent Lawsuits and Shareholder Sell-offs Following Stock Price Rally**
It is noteworthy that alongside the surging performance, Biwin Storage is currently involved in four patent infringement lawsuits.
According to information disclosed in the prospectus, as of the latest practicable date, the company is named as the defendant in four patent infringement lawsuits accepted by the Nanjing Intermediate People's Court. Two lawsuits were filed in September 2025, and the other two were filed in April 2026. All four lawsuits were initiated by the same plaintiff, EMTL Storage Technology (Shenzhen) Co., Ltd. (the plaintiff), a company headquartered in Shenzhen engaged in patent litigation and licensing. The lawsuits involve four different patents (the disputed patents), with a total claimed amount of RMB 50 million.
In September 2025, EMTL initiated lawsuits against Biwin Storage for infringement of invention patent rights based on two patents from its patent portfolio. The first hearings for these two cases were held on April 2, 2026, and April 3, 2026, respectively. As of the latest practicable date, all lawsuits are still ongoing, and no judgments or rulings have been made.
Currently, Biwin Storage has entered a "second-generation succession" mode.
Biwin Storage Technology Co.,Ltd. was founded in 2010 by Sun Rixin. In 2015, Sun Rixin stepped back from frontline management, and his then 27-year-old son, Sun Chengsi, took over the helm as Executive Director and Chairman.
Information shows that Sun Chengsi, 38, obtained a Bachelor of Business Administration from Oxford Brookes University, UK, in June 2011. He joined the company as Deputy General Manager in August 2012 and served as General Manager from November 2015 to June 2019. He was appointed Executive Director and Chairman in November 2015. He is responsible for the group's overall strategic planning, market operations, management, and decision-making. He also holds director and senior management positions in several subsidiaries of the group.
After Sun Chengsi took the helm, Biwin Storage was listed on the STAR Market of the Shanghai Stock Exchange at the end of 2022. In April 2025, the company completed a private placement of A-shares, issuing approximately 30.025 million shares to 24 investors, raising about RMB 1.9 billion to fund the expansion of its Huizhou production base and advance its wafer-level advanced packaging capabilities.
In September 2025, under Sun Chengsi's leadership, the company initiated preparations for a main board listing in Hong Kong.
The prospectus shows that Biwin Storage's executive directors are Sun Chengsi, He Han, Xu Qian, Wang Can, and Liu Yang. The non-executive director is Liu Shigang. The independent non-executive directors are Wang Yuan, Tan Lifeng, and Qi Jin.
Prior to the IPO, Sun Chengsi, the controlling shareholder and actual controller, directly held 17.77% of the shares, making him the single largest shareholder. China Integrated Circuit Industry Investment Fund Phase II Co., Ltd., managed by Huaxin Investment Management Co., Ltd., held 5.47%. China Merchants Bank Co., Ltd. - ChinaAMC SSE STAR 50 Index ETF held 2.4%.
It is worth noting that as Biwin Storage's performance surged, its stock price has also been rising continuously since September 2025.
As of the close on May 19, Biwin Storage's stock price was RMB 313.43 per share. Based on this period, the stock price has increased by 344%, with a total market capitalization reaching RMB 147.6 billion.
However, against the backdrop of the continuously rising stock price and steadily increasing market capitalization, company shareholders have also initiated share reduction plans.
Just a month ago, on April 16, Biwin Storage announced that shareholders Sun Jing, Shenzhen Baisheng, Shenzhen Baitai, Shenzhen Taisheng, and Shenzhen Fangtailai planned to reduce their holdings in the company.
Specifically, Sun Jing intends to reduce holdings by no more than 4.7084 million shares (1.00% of total share capital); Shenzhen Baisheng by no more than 523,200 shares (0.11%); Shenzhen Baitai by no more than 2.0926 million shares (0.44%); Shenzhen Taisheng by no more than 732,400 shares (0.16%); and Shenzhen Fangtailai by no more than 1.3602 million shares (0.29%).
Shenzhen Baisheng, Shenzhen Taisheng, Shenzhen Fangtailai, and Shenzhen Baitai are employee shareholding platforms of Biwin Storage, with holdings by company executives, core technical personnel, and others. The reduction window is from May 14, 2026, to August 13, 2026.
Earlier, in May of this year, the company's second-largest shareholder, the National Integrated Circuit Fund Phase II, completed a share reduction, cashing out RMB 1.646 billion. This was already its second reduction.
From October to December 2025, the National Integrated Circuit Fund Phase II reduced its holdings by 4,646,000 shares, accounting for 0.9955% of the company's total share capital, cashing out RMB 491 million. After the latest reduction, the National Integrated Circuit Fund Phase II remains the company's second-largest shareholder, holding 5.0002% of the shares.
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