New Stock News | AI Drives Upcycle in Memory Industry, Independent Memory Leader Hosin Global Accelerates Push Toward HKEX

AI is reshaping the demand structure of the memory industry. From large-model training to inference applications, from data centers to intelligent terminals, demand for higher capacity, faster read/write speeds, and greater reliability continues to be unleashed. The market's focus has also expanded from how much memory prices have risen to which companies can translate industry opportunities into product competitiveness and profitability. The industry upcycle now has more specific demand support. Research published by TrendForce on September 21, 2026, noted that major North American cloud service providers have raised their enterprise SSD demand forecasts, with fourth-quarter orders expected to potentially exceed the already-high third-quarter level and support further increases in enterprise SSD prices. As AI applications extend to scenarios such as data retrieval and caching, the sources of memory demand growth are broadening. Against this backdrop, Hosin Global, a leading Chinese independent memory company, is pushing ahead with a Hong Kong listing. Its appeal lies not only in the earnings elasticity brought by the industry upcycle, but also in its asset-light operations, the synergy between self-developed controllers and modules, and its accumulated ability to expand from consumer-grade to enterprise-grade products. For the market, this is a memory company with both operating performance support and a path for technology and product upgrades. Profitability Continues to Improve; Asset-Light Model Unlocks Operating Flexibility Benefiting from the industry upcycle and business development, Hosin Global has delivered strong earnings growth. According to its public application documents, under International Financial Reporting Standards, the company's net profit in 2025 was RMB 1.364 billion, up about 182.5% year on year; net profit for the first four months of 2026 was RMB 3.841 billion. The net margin for the same period was 47.9%, up 43.5 percentage points from 4.4% in the same period of 2025. The company is an asset-light independent memory manufacturer that primarily outsources wafer processing, packaging, and testing to third-party wafer manufacturers and OSAT service providers, taking a different operating path from peers that invest in their own packaging and testing facilities. The asset-light model helps reduce upfront capital expenditure and fixed costs and maintains flexibility in supplier selection, allowing more resources to be focused on product definition, R&D, and quality management; however, supply chain delivery, inventory prices, and customer demand can still affect operating performance. Over a longer time frame, Hosin Global's profit trajectory is also noteworthy: the company recorded a net loss of approximately RMB 117 million in 2023, achieved net profit of approximately RMB 483 million in 2024, and further increased it to RMB 1.364 billion in 2025, with the full-year net margin rising from 5.5% in 2024 to 12.1%. This trajectory from loss to profit and continued profit growth demonstrates the company's ability to unlock earnings as the market recovers. Controller Chips and Modules in Synergy; R&D Capabilities Enter Products Hosin Global has built a platform covering four core technologies, including controller chip design and development, firmware algorithm development, test system development, and storage media characterization analysis. Based on this platform, it offers products including embedded storage, solid-state drives, DRAM, and mobile storage, targeting consumer-grade, enterprise-grade, and automotive-grade application scenarios. For NAND Flash-based storage products, controllers and firmware participate in data read/write, error correction, and lifespan management, and their value ultimately must be demonstrated through product performance, reliability, and customer validation. This path began in the company's early days. Hosin Global was founded in December 2018. According to its official website, the HG2319 USB 3.2 flash drive controller was taped out in 2019 and mass-produced in 2020; subsequently, the HG2283 PCIe Gen34 SSD controller was taped out in 2021 and mass-produced in 2022, as the controller lineup gradually extended to more product types. Early technology cooperation and sustained independent R&D together form the backdrop of its capability accumulation. From 2023 to 2025, the company's R&D expenses were approximately RMB 283 million, RMB 392 million, and RMB 493 million, respectively, totaling about RMB 1.168 billion over the three years. Continuous investment enables controllers, firmware, and product engineering to iterate in tandem. For customers, the potential value of this synergy lies in the fact that product requirements can be fed back more directly into chip and algorithm development, while R&D results also have the opportunity to be commercialized through storage products. Consumer-Grade Accumulation Supports Enterprise-Grade Expansion; Growth Space Extends to New Scenarios In terms of product mix, embedded storage is Hosin Global's core business. In the first four months of 2026, revenue from this business grew about 307.6% year on year, accounting for 67.8% of the company's total revenue, with both sales volume and average selling price increasing from the same period last year. DRAM has gradually grown into an important business, with its revenue share rising from 1.3% in 2023 to 24.8% in 2025; revenue in the first four months of 2026 grew 44.0% year on year, accounting for 13.6%. The accumulation from Hosin Global's first strategic development cycle is already reflected in consumer-grade customer cooperation and product commercialization capabilities. According to its public application documents, the company maintains cooperation with companies such as Xiaomi, Transsion, OPPO, and vivo. Understanding customer needs, translating them into product features, completing validation, and delivering at scale are important foundations for the company's expansion into new scenarios. Enterprise-grade expansion therefore does not start from scratch, but continues to build on existing experience in controllers, firmware, testing, and customer service. The expansion of AI applications also provides opportunities for Hosin Global to enter more demanding storage scenarios. According to its public application documents, storage products for enterprise-grade scenarios have already begun mass production. Extending from consumer-grade to enterprise-grade is expected to broaden the boundaries of product applications, but it still requires meeting stricter reliability, sustained performance, and customer certification requirements; subsequent scaling progress in the enterprise-grade business should be judged based on specific product validation and actual deliveries. According to Frost & Sullivan forecasts cited in the public application documents, the global memory product market is expected to grow from USD 377.5 billion in 2026 to USD 723.8 billion in 2030, a compound annual growth rate of 17.7% during the period. This forecast provides a perspective on long-term industry demand and offers development space for manufacturers with technology and delivery capabilities, but it does not mean that memory prices, corporate profits, or capital market valuations will continue to rise in a straight line. For Hosin Global, a Hong Kong listing gives the market an opportunity to more fully understand its technology and operating accumulation. Industry prosperity provides opportunities, while asset-light operations and controller R&D constitute business characteristics different from pure module assembly, and the extension of consumer-grade experience into enterprise-grade applications opens a new growth direction. What is worth watching about this independent memory leader is whether it can continuously translate its existing technology and customer base into product competitiveness and sustainable profitability.