Biwin Storage Technology Co.,Ltd. (688525.SH) announced on the evening of October 20 that its board of directors recently received a written resignation letter from director and deputy general manager Wang Can. Due to a shift in work focus, Wang resigned from his positions as director and deputy general manager on October 18, 2026, although his original term was set to run until May 21, 2028. Following his resignation, Wang will continue to serve as chairman and general manager of the company's controlled subsidiary, Hangzhou Xinshili Semiconductor Co., Ltd.
Based on this change, the company will no longer classify him as a core technical personnel. The company's core technical team will be reduced from three members—Wang Can, Gao Shenghao, and Qiu Honghao—to two: Gao Shenghao and Qiu Honghao. The announcement stated that Wang has signed confidentiality and non-compete agreements with the company, and there are no disputes or potential disputes involving job-related achievements or intellectual property. The company retains ownership of intellectual property related to inventions created during his tenure.
The company stated that Wang's resignation will not cause the number of board members to fall below the statutory minimum, nor will it affect the normal operation of the board or the company's business. The company will complete the by-election of directors as soon as possible in accordance with legal procedures. The decision to no longer classify him as a core technical personnel will not have a material adverse impact on the company's normal production and operations, technology research and development, or core competitiveness.
According to his public resume, Wang Can was born in 1985, is a Chinese national, and holds no permanent residency abroad. He holds a bachelor's degree in Mechanical Engineering and Automation from Tsinghua University and a master's degree in Optical Engineering from the Graduate School of the Chinese Academy of Sciences (now the University of Chinese Academy of Sciences). Early in his career, he worked as a research and development engineer at Huawei Symantec Technologies Co., Ltd. and Huawei Digital Technologies (Chengdu) Co., Ltd. from August 2008 to July 2012. From July 2012 to November 2015, he served as R&D director at Huasheng Electronics Co., Ltd. From November 2015 to June 2020, he was a director and deputy general manager at Guangdong Huasheng Data Solid State Storage Co., Ltd., and during that period, he also briefly served as SSDPDTLead at Micron Semiconductor Technology (Shanghai) Co., Ltd. from June to July 2020.
In August 2020, Wang joined Biwin Storage as deputy general manager and concurrently became a company director starting in May 2024. He was the only core technical personnel on the company's board and had long overseen research and development and the technology system. The most market-watched aspect of this change is the contrast of Wang choosing to step down despite receiving the largest pay increase. Financial report data shows that his pre-tax compensation was 1.127 million yuan in 2023 and 2.01 million yuan in 2024, then surged to 9.4524 million yuan in 2025—an increase of 7.4423 million yuan in a single year, higher than the increases for Chairman Sun Chengsi (6.2177 million yuan) and General Manager He Han (6.4664 million yuan) in the same year.
Meanwhile, according to the 2026 semi-annual report, Wang had cumulatively been granted 1.55 million restricted shares, second only to Chairman Sun Chengsi's 5.84 million shares and General Manager He Han's 5.45 million shares. During the reporting period, 649,500 shares had vested. On August 31, 2026, he was granted an additional 180,000 shares as equity incentive. The market views this move as Wang transitioning from the listed company's R&D line to subsidiary management and operations, rather than a complete departure.
As the destination of this transition, Hangzhou Xinshili was established on July 1, 2022, and is mainly engaged in integrated circuit (chip) research and development, design, and sales. In 2023, it implemented a capital increase and share expansion, with joint investment from the company, Sun Chengsi, He Han, Wang Can, and an employee shareholding platform. Wang Can took on the roles of chairman and general manager. A wholly owned subsidiary was subsequently established in Shenzhen, making it an important vehicle for the company's IC design layout.
Biwin Storage was established in 2010 and listed on the Shanghai Stock Exchange's STAR Market in 2022. It is a key domestic semiconductor memory company featuring integrated R&D, packaging, and testing, and is a constituent of the STAR 50 index. Its products cover embedded storage, PC storage, industrial and automotive-grade storage, enterprise-level storage, and mobile storage, and it conducts advanced packaging and testing through Tailai Technology. Benefiting from the AI storage super-cycle, the company achieved operating revenue of 11.302 billion yuan in 2025, a year-on-year increase of 68.82%, with net profit attributable to shareholders of 853 million yuan, up 429.07% year-on-year. In the first half of 2026, revenue reached 15.57 billion yuan, up 298.10% year-on-year, while net profit reached 7.166 billion yuan, up 3,273.48% year-on-year.
To address concerns about the stability of its technical team, the announcement disclosed that the company's R&D personnel increased from 683 at the end of 2023 to 1,685 by the end of the first half of 2026, accounting for 44.91% of the total workforce. The reserve talent pool is sufficient, and there is no significant reliance on any specific technical personnel.
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