Samsung HBM4 prices soar by 30%, attracting market attention; Lianqi Technology temporarily rises over 8% during trading

China Securities Journal, February 20 (Editor: Hu Jiarong) — Supported by favorable overseas markets, Hong Kong storage concept stocks edged higher, with Lianqi Technology surging over 8% at one point. As of press time, Lianqi Technology (06809.HK) rose 2.37%, and GigaDevice (03986.HK) increased 1.43%.

Samsung HBM4 Pricing Sparks Industry Shockwaves

According to market sources, South Korea’s memory chip giant Samsung Electronics is negotiating pricing for its latest high-bandwidth memory chips for artificial intelligence, with quotes up to 30% higher than the previous generation. This move has quickly attracted intense attention across the global semiconductor supply chain.

Citi’s Chief Investment Strategist Charu Chanana noted: “Samsung’s HBM4 pricing strategy once again confirms the return of pricing power in the AI memory chip market. Ongoing supply tightness combined with technological barriers is allowing leading manufacturers to regain pricing dominance in the high-end market.”

After falling behind SK Hynix early in the AI race, Samsung is accelerating its comeback: last week, it announced that HBM4 chips have achieved mass production and are being delivered to commercial clients. Industry sources indicate that SK Hynix also plans to maintain a high-price strategy for HBM4 — its August 2023 supply to Nvidia was priced at about $500 per unit.

Bloomberg Intelligence analyst Masahiro Wakasugi analyzed that if Samsung’s HBM4 is priced at $700, operating profit margins could reach 50%–60%. “As Samsung expands supply to Nvidia, the average selling price gap with SK Hynix will narrow by 2026, because Nvidia’s order premiums are significantly higher than those of other customers.”

Lianqi Technology Performs Well

Lianqi Technology, one of the leading Hong Kong storage concept stocks, has gained over 100% since its listing on February 9.

Lianqi Technology is a leading developer of DDR5 RCD, MDB, and CKD chips, and is among the top three global suppliers of memory interface chips. According to a report by Frost & Sullivan, based on 2024 sales, the company is the world’s largest memory interconnect chip supplier and the second-largest PCIe Retimer supplier. Its products focus on memory interconnects and PCIe/CXL interconnect chips, empowering data centers, AI servers, and other computing infrastructure, earning it the market nickname as the “seller of shovels” in the AI era.

Hong Kong stock prospectus shows that the company’s revenue is highly internationalized: from 2022 to Q1 2025, overseas sales were 2.455 billion, 1.921 billion, 2.577 billion, 564 million, and 934 million yuan respectively, accounting for 66.9%–84.0% of total revenue, demonstrating strong global customer recognition and supply chain resilience.

Lianqi Technology released an earnings forecast in January this year: it expects net profit attributable to parent for 2025 to be between 2.15 billion and 2.35 billion yuan, up 52.29%–66.46%; net profit after deducting non-recurring gains and losses attributable to parent is expected to be between 1.92 billion and 2.12 billion yuan, up 53.81%–69.83%. The growth is mainly driven by the explosive demand for interconnect chips in the AI industry, with product shipments experiencing a leap forward.