Direct:
Biwin is filing for a HK listing and the detail that matters is the word “again.” Biwin Storage (688525.SH) just resubmitted its Hong Kong listing application with Huatai as sole sponsor. HK applications expire after roughly six months if they are not cleared, so a refile was procedurally necessary, but it also lands while the financials are at their most flattering point in years.
Those numbers: 2025 revenue of RMB11.3 billion, up 68.8%, with net profit up roughly 429% to RMB853 million. Then Q1 2026 alone posted RMB2.9 billion in net profit on RMB6.8 billion in revenue. One quarter of 2026 cleared more than triple all of 2025's profit. Biwin's own framing is the AI-driven price upcycle plus domestic-substitution demand, and for once the framing is hard to argue with.
Worth being precise about what Biwin is. It is not a fab. It is a packaging, testing, and module house: NAND and DRAM bought as wafers from the upstream majors, assembled into SSDs, eMMC, LPDDR, and ePoP stacks. Its margin lives on the spread between wafer cost and finished-module price. In a shortage that spread widens, and that is a big part of what the 429% reflects. It also explains why Biwin is racing to lock supply before the spread compresses. It signed a roughly $1.5 billion, 24-month wafer procurement deal in March, a figure close to its entire 2025 revenue.
So the HK listing reads as supply-chain insurance dressed as growth capital, and Biwin is not the only one moving. GigaDevice (603986.SH) completed its HKEX main-board listing in January, raising about $600 million with the retail tranche oversubscribed 542 times. Ingenic (300223.SZ) has board approval to follow. Chinese memory firms are using the Hong Kong capital window hard while the upcycle is still printing record numbers.
For SSD buyers, the practical read: Biwin is the “BW” code on a lot of NAND packages, building for HP, Acer/Predator, and its own Black Opal line. When the company assembling your drive is locking two-year wafer contracts and tapping Hong Kong for cash, that behavior is not consistent with a company expecting retail prices to soften.
Drafted with AI assistance against parallel reporting.
Sources:
- DigiTimes, Biwin reapplies for HK listing (May 15, 2026)
- DigiTimes, Biwin profit jumps 427% as memory cycle turns (Jan 2026)
- DigiTimes, GigaDevice/Biwin two-year wafer deals (Apr 2026)
- TrendForce, China memory firms ride AI upcycle / Biwin 429% (Apr 2026)
- Futunn, Biwin Q1 2026 net profit RMB2.9B (2026)
- Caixin Global, GigaDevice HK debut (Jan 14, 2026)
- AAStocks, Biwin (688525.SH) resubmits HKEX application (May 2026)
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