June12thearly trading saw the memory chip sector buzzing, with Biwin Storage (688525.SH） seeing its share pricejump nearly10%to set a fresh all-time high, briefly touching358.86CNY/share, pushing its total market cap close to1700billion CNY. Meanwhile, peers like Purain Technology, Longsys, Shannon Core Creation, Hengshuo, and Beijing Innosilicon rode the wave higher too.
As of press time, Biwin Storage had climbed6.65%, trading at345.84CNY/share, with atotal market cap hovering around1630billion CNY.
In related news,SKGroup Chairman Choi Tae-won recently shared with reporters thatSKHynix plans to triple its wafer fabrication capacity by2034to keep up with the soaring demand for advanced memory chips that fuel today’s artificial intelligence boom.
6月9晚间，Biwin Storage announced a hefty procurement deal with a major memory manufacturer. According to their filing, the company signed a routine operational purchase agreement, committing to buy enterprise-grade flash memory at a fixed volume and price over a1.8608billion USD contract value, fully locked-in for a total period of24months. Per the terms, this agreement also extends to both parties’ respective controlled subsidiaries.
The filing notes that this is a major procurement contract tied to daily operations. If executed smoothly, it’ll help secure mid-to-long-term memory chip capacity and delivery timelines, effectively buffering against supply chain hiccups caused by market volatility.
Now, as we’ve tracked at NUPIAO, typical long-term agreements (LTA) between downstream makers and memory giants usually allow prices to float within a certain range based on market shifts. That makes Biwin’s latest deal stand out. Unlike standard LTAs, their ““locked volume and fixed price”approach guarantees a set rate, completely insulated from market swings.
Public records show Shenzhen-based Biwin Storage has quickly become a domestic powerhouse in memory chip modules, serving as a core global supplier forAIsmart glasses, with active ties toMeta. Founded in2010with registered capital topping4.7hundred million CNY, the company went public on the STAR Market in2022December, specializing in semiconductor memory R&D, design, packaging, testing, sales, and distribution. Notably, memory products alone account for a massive96%of their revenue.
During an investor relations event on May28th, Biwin Chairman Sun Chengsi highlighted the company’s dual manufacturing hubs. There’s Qilai Technology in Huizhou, which focuses on memory packaging/testing andSPpackaging, primarily catering to parent company needs while also supporting select strategic clients. Then there’s their cutting-edge wafer-level advanced packaging facility in Dongguan, already equipped to handle2.5D,Chiplet,RDL,Fanout, and other next-gen packaging architectures.
Biwin has been actively expanding its footprint across the IC space lately.On June10th, the company revealed that its wholly-owned subsidiary, Hainan Nanbaisuan, plans to dip its own funds into Zhenbao Tech’s STAR MarketIPOstrategic placement. They’re eyeing468.1thousand shares, representing1.21%of the current issuance, with an investment ticket of20.86million CNY. Since Biwin’s shareholder, the National Integrated Circuit Industry Investment Fund Phase II, already holds3.94%of Zhenbao Tech, this move creates a joint investment scenario with related parties, flagging it as a connected transaction. Zhenbao Tech itself specializes in R&D, manufacturing, and sales of critical components used inside vacuum chambers for IC and display panel production equipment.
5月, Biwin previously injected capital into Beijing Xingyun IC Co., Ltd.On May26th, Biwin announced that after weighing Xingyun’s growth potential, its subsidiary Hainan Nanbaisuan, alongside Xu Linxian and Company Director/GM He Han, would further contribute10 million CNY,5.95 million CNY,and4.05 million CNY respectively.Post-investment, their stakes in Xingyun will stand at1.7141%,0.6387%,and0.7570%respectively. Management states this capital injection will deepen ties with Xingyun and give them a clearer edge in understanding edgeAIdeployment strategies.
To give you some background, Beijing Xingyun was launched in2024, zeroing in on next-genGPGPUchips built specifically for large language model inference. On the tech side, they’ve engineered a fully proprietary product boasting massive VRAM specs and rock-solidCUDAcompatibility. The brain behind the operation is founder Ji Yu, a Tsinghua University CS PhD and former alum of Huawei’s famed“Genius Youth“talent program.
Biwin is also teaming up with Beijing Hygon Chip Zheng Technology Co., Ltd. (a.k.a.“Hygon Chip Zheng”), a homegrown innovator providing end-to-end high-speed optical interconnect solutions. Their focus? Silicon photonics design, high-speed optoelectronic components, and optical modules, with a strong footprint in theAIdata center arena.
Per Biwin’sMay15thfiling, both sides plan to deep-dive into optical interconnect packaging cooperation, targetingAIcompute infrastructure use cases. Right now, silicon photonics and key raw materials are tight on supply, running pricey, and demanding heavy upfront cash. To help, Biwin and its subsidiaries will handle ODM work for these optical products and extend financial support capped at2hundred million CNY to ease their material purchasing burden.
Looking ahead, HKEX filings reveal that on May12th, Biwin officially submitted its listing application to the Hong Kong exchange, publishing prospectus details on the SEHK portal the same day, with Huatai International stepping in as the sole sponsor.
Tapping into the steadily rising tide of the memory chip sector, Biwin’s financials are looking stronger by the quarter. According to their April15thperformance update, Q12026revenue hit6.814billion CNY, up a staggering341.53%year-over-year; net profit attributable to shareholders reached2.899billion CNY, flipping from a previous year loss of197 million CNY to solid profitability.Management points to the explosive growth inAIcompute power as the main catalyst, noting the industry’s entered a golden cycle where surging demand keeps pushing prices skyward.
Rolling back to full-year2025, the company racked up11.302billion CNY in revenue, a68.82%annual jump; net profit soared to853 million CNY, skyrocketing429.07%; and non-GAAP net profit hit785 million CNY, climbing an incredible1072.25%year-over-year.
Market watchers atTrendforceproject that overall pricing for standardDRAMcontracts will keep climbing through Q22026.NAND Flashremains firmly driven byAIand data center appetite. The domino effect of price hikes across the entire product lineup isn’t slowing down, with analysts expecting contract rates to stay on an upward trajectory this quarter—all triggered by that relentless surge inAIcomputing demand.
A February report from Goldman Sachs highlights that the global memory chip market is currently gripping the tightest supply squeeze we’ve seen in the last15years. For2026, the supply-demand gap is projected to hit4.9%forDRAM,4.2%forNAND,and5.1%forHBM. Experts warn this bottleneck won’t clear up until2027at the earliest, potentially stretching even further out.
