IPO News | Baiwei Storage (688525.SH) once again submitted the Hong Kong Stock Exchange as one of the top 15 global market participants in the storage products industry

Zhitong Finance App learned that, according to the Hong Kong Stock Exchange disclosure on May 12, Shenzhen Baiwei Storage Technology Co., Ltd. (688525.SH for short) has once again submitted a listing application to the main board of the Hong Kong Stock Exchange, with Huatai International as the sole sponsor.

Company profile

According to the prospectus, the company is a leading independent semiconductor storage solution provider for applications in the AI era. It has full stack technology capabilities for main control chips x storage solution design x advanced packaging and testing.

The company procures NAND and DRAM wafers from suppliers and foundries, and manufactures various storage solutions in the form of NandFlash, DRAM, or MCP. NandFlash (such as eMMC, UFS, and SSD) is commonly used for data storage in smart mobile, PC, server, and automotive products. DRAM (such as LPDDR and DDR) is used for fast data processing in intelligent mobile, PC, and AI end side devices. MCP is an integrated storage solution combining NandFlash and DRAM. The company's semiconductor storage solutions include not only the design and sale of memory chips in NandFlash, DRAM and MCP formats, but also advanced packaging and testing services provided by the company to strategic partners in the semiconductor industry.

The company has established an integrated R&D packaging and testing business model, which integrates product development with advanced sealing and testing, such as wafer-level and chip-level packaging technology. Relying on this model, the company is better able to develop storage solutions that drive AI transformation to meet its strong demand for high-capacity and low-power storage solutions in increasingly compact devices. This end-to-end capability allows the company to tailor configurations to each customer's specific application scenarios and technical requirements; and the company provides far more than standard hardware, which distinguishes the company from vendors that focus only on chip sales.

According to Frost & Sullivan, the company is among the top 15 global market players in the storage products industry in terms of sales revenue in 2025, with a market share of about 0.5%.

The company's solutions have served many world-renowned customers including Meta, Google, Alibaba, Xiaomi, OPPO, vivo, Honor, Voice, Motorola, ZTE, TCL, HP, Lenovo, Acer, Asus, Positivo, BYD and Changan. The company has also established long-term partnerships with the world's leading NAND and DRAM suppliers and world-renowned wafer foundries to ensure stable supply.

Financial data

revenue

In 2023, 2024 and 2025, the company's revenue was approximately RMB 3,591 billion, RMB 6.695 billion, and RMB 11.302 billion, respectively.

profit

In 2023, 2024 and 2025, the company's profit for the year was approximately -631 million yuan, 135 million yuan, and 840 million yuan, respectively.

Gross Margin/ Gross Loss Ratio

In 2023, 2024 and 2025, the company's (gross loss ratio) /gross margin was (2.1%), 17.3%, and 21.4%, respectively.

Industry Overview

The storage product industry chain can be divided into three major links: upstream wafer and master control chip design and manufacturing, midstream storage product manufacturing, and downstream terminal applications. Among them, the midstream sector plays an important connecting role between the upstream and downstream sectors, and is a core hub for value creation within the industrial chain.

Downstream application fields are highly diversified, covering fields such as AI end-side devices (such as AI intelligent mobility, AIPC, AI glasses), consumer electronics, intelligent driving, and industrial energy. Each terminal market has unique requirements, driving continuous upgrading and innovation of storage products in terms of capacity, speed, power consumption, and reliability. Through storage solution design and advanced packaging technology, midstream manufacturers enhance the adaptability of products to the diverse needs of downstream applications, thereby gaining more market opportunities.

Looking at product types, driven by a combination of factors — including technical specifications for specific scenarios, different technology iteration cycles, different value propositions, and different downstream application requirements, such as AI servers, intelligent driving, and the Internet of Things — global storage products, including NAND, DRAM, and MCP, etc., have shown a differentiated growth trajectory, which has jointly promoted market expansion.

The storage industry has historically followed a 3-4 year cycle pattern. Judging from the historical performance from 2020 to 2024, in 2021, strong demand for consumer electronics, combined with terminal manufacturers' preparations, and stable supply, pushed prices and market size to peak. By 2022 to 2023, production capacity started from 2020 to 2021 has been online, but the combined effects of global economic headwinds (high inflation, geopolitical conflicts, and slow growth in major economies) have seriously dragged down market demand. This mismatch between supply and demand triggered a sharp drop in product prices. By the second half of 2023, as AI drove down demand and inventories, the overall market began to show signs of recovery, and prices began to rebound.

Looking ahead to 2025 to 2030, the cyclical fluctuation of the storage industry is expected to narrow, rooted in structural supply and demand shifts: AI-driven corporate demand replaced volatile consumer electronics as the core driver, showing an overall upward trend of moderate fluctuations. On the one hand, the continuous expansion of emerging application scenarios such as AI end-side devices, smart cars, and physical intelligence will provide a strong and lasting growth engine for storage demand and support the long-term development of the market. On the other hand, with the deep integration and empowerment of industry-level models and various economic fields, it will spawn considerable demand for AI inference. Real-time data retrieval, temporary data storage, and efficient processing required during the inference phase will further drive incremental storage requirements and become another key growth driver for the industry. These developments will help mitigate extreme supply and demand imbalances, stabilize the industry cycle, and achieve steady market growth amidst cyclical fluctuations. As far as the storage products market in mainland China is concerned, the underlying causes of major fluctuations in supply and demand dynamics, market history and forecasting, and the resulting impact on overall product pricing and sales are roughly similar to the global market.

Board Information

After compilation, the board of directors will be composed of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors. Directors serve for three years and are eligible for re-election at the end of their term. According to relevant Chinese laws and regulations, the term of an independent non-executive director may not exceed six consecutive years.

Shareholding structure

As of the last practical date (May 6, 2026), Mr. Sun is entitled to exercise the voting rights associated with 17.74% of the total number of issued shares. Mr. Sun will continue to be the single largest shareholder of the company after it was compiled.

Intermediary team

Sole sponsor and editor: Huatai Financial Holdings (Hong Kong) Limited;

Legal advisors: Gao Weishen Law Firm, Shanghai AllBright (Shenzhen) Law Firm;

Sole sponsor and codifying legal adviser: King & Wood Mallesons;

Reporting accountant and independent auditor: Tianjian International Certified Public Accountants Co., Ltd.;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.