The surge in artificial intelligence has elevated memory from a supporting role in traditional computing to a core bottleneck and resource that dictates the efficiency, scale, and cost of AI operations. According to a TrendForce forecast from January 2026, the global memory industry (DRAM + NAND Flash) output value is projected to reach $2.354 trillion in 2025, with an expected increase to $5.516 trillion in 2026, representing a year-on-year growth of approximately 134%. Further growth to $8.427 trillion is anticipated for 2027, marking a rise of about 53%.
This sustained positive industry outlook has provided strong support for the valuation and share price of leading A-share memory chip companies. On April 14, 2026, the share price of Biwin Storage Technology Co.,Ltd. (688525.SH), a leading memory chip firm on the STAR Market, surged to a historical high of 294.22 yuan.
A Frost & Sullivan report indicates that based on 2024 revenue statistics, Biwin Storage has become the world's largest supplier of AI-enabled emerging edge-side semiconductor storage solutions, establishing a leading position in the AI storage sector. In recent years, leveraging favorable industry trends and its own core competitiveness, Biwin Storage has achieved leapfrog growth in its operational performance. In 2025, the company's operating revenue increased by 68.82% year-on-year, while its net profit attributable to shareholders surged by 429.07%. A key driver was the contribution of approximately 960 million yuan from its AI glasses storage products, which saw a compound annual growth rate of about 378.09% from 2023 to 2025, making it the core engine of the company's performance growth.
Building on its first-mover advantage in the AI edge sector and its high-growth performance trajectory, Biwin Storage formally submitted a listing application to the Hong Kong Stock Exchange on October 28, 2025, initiating the process for an H-share issuance. According to HKEX regulations, a prospectus remains valid for six months from the date of submission. As of April 14, 2026, with only about two weeks remaining before the prospectus's expiration, the company had not yet publicly disclosed any definitive hearing progress.
Since June 2025, Biwin Storage has faced three rounds of patent infringement allegations from entities within the Longsys ecosystem, with the frequency and intensity of the lawsuits escalating. The initial lawsuit, filed by Longsys's wholly-owned subsidiary Yuan Yuzhi Technology (Shenzhen) Co., Ltd., sought damages of approximately 1.2169 million yuan; this case was ultimately withdrawn due to issues with the plaintiff's legal standing. In September 2025, MTL Storage Technology (Shenzhen) Co., Ltd. filed two further lawsuits against Biwin Storage concerning the same patent portfolio. These cases underwent their first court hearings on April 2-3, 2026, and remain under judicial review without a verdict.
According to a voluntary disclosure announcement by Biwin Storage on April 8, 2026, MTL filed two additional lawsuits, bringing new patent infringement claims with total sought damages of 50 million yuan. Furthermore, MTL requested a court order for Biwin Storage to cease production and sales of the related products, posing a direct threat to the company's eMMC product operations. The two newly contested patents are ZL201510093389.3, originally filed by Memory Technology LLC (MTL) of the US, and ZL200980106241.1, originally filed by Nokia. Both patents were subsequently transferred and are now held by MTL. MTL is a joint venture established by Longsys's wholly-owned subsidiary, Shenzhen Anjiecun Electronics Co., Ltd., and the US-based patent assertion entity MTL.
During the HKEX IPO review process, the stability and clear ownership of a listing applicant's core technology patents are key areas of scrutiny. Companies are required to fully disclose risks associated with significant pending litigation and thoroughly demonstrate that such risks will not impact their ongoing operational capabilities. The patent lawsuits initiated by MTL directly target Biwin Storage's core eMMC storage products, which are involved in the company's consumer electronics and AI edge-side businesses that constitute a high proportion of its revenue. The outcome of these court rulings could potentially impact the company's normal operations and its IPO prospects.
As a STAR Market-listed company seeking a dual primary listing in Hong Kong, Biwin Storage must also concurrently undergo the overseas listing filing review by the China Securities Regulatory Commission. In December 2025, the CSRC requested supplementary materials regarding compliance with technology export regulations. As of now, Biwin Storage's Hong Kong IPO application remains in an "Under Effective Review" status, making the outcome of this filing submission a point of significant interest.
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