Taiwanese memory module makers are issuing bonds, arranging bank financing and planning a share placement as rising chip costs increase their working-capital needs. The financing spans Adata, TeamGroup, Apacer, Transcend, Innodisk, Silicon Power and GoldKey Technology.
The itemized completed and planned bond issues and bank facilities total NT$28 billion, excluding Adata’s proposed placement of 30 million shares. That total combines financing at different stages and does not represent cash already received.
Module makers buy DRAM and NAND flash chips and assemble them into products including RAM modules, SSDs and industrial storage devices.
Completed issues and planned financing
Adata accounts for the largest stated financing amount. The company disclosed receiving NT$2 billion from a convertible-bond issue in January. Bank of Taiwan said Adata signed a NT$12 billion syndicated credit agreement on March 26 to support medium-term working capital. Adata also plans the private share placement.
| Company | Stated financing amount | Reported status |
|---|---|---|
| Adata | NT$2 billion in convertible bonds and NT$12 billion in bank credit | Bond proceeds received; credit agreement signed |
| GoldKey Technology | NT$1.5 billion in convertible bonds and NT$3 billion in bank financing | Both reported completed on May 17 |
| TeamGroup | NT$2 billion in convertible bonds | Issue completed |
| Apacer | NT$1 billion in convertible bonds | Issue completed |
| Innodisk | NT$3 billion in convertible bonds | Planned |
| Transcend | NT$3 billion in convertible bonds | Planned |
| Silicon Power | NT$500 million in convertible bonds | Planned |
GoldKey had said in a May 8 corrective disclosure that its board had approved the bank facility but the formal agreement had not yet been signed. Its bank financing was subsequently reported as completed on May 17.
Higher inventory costs alongside strong sales
The financing comes alongside substantial reported revenue growth. Adata reported March revenue exceeding NT$10 billion for the first time and preliminary first-quarter revenue of NT$26.11 billion, more than double the year-earlier figure. TeamGroup reported March revenue of NT$4.92 billion, up 326.68% from February.
In its February 2 outlook, research firm TrendForce forecast quarter-over-quarter increases of 90% to 95% in conventional DRAM contract prices and 55% to 60% in NAND flash contract prices for the first quarter of 2026. Those figures were forecasts, rather than confirmed quarter-end results.
On March 31, TrendForce projected further second-quarter increases of 58% to 63% for conventional DRAM and 70% to 75% for NAND flash. These forecasts concern contract prices rather than retail prices for individual RAM kits or SSDs.
TrendForce said DRAM suppliers were directing capacity toward high-bandwidth memory and server applications, while NAND capacity was increasingly allocated to enterprise SSDs. The research firm also said suppliers had reduced shipments to PC manufacturers and module makers despite weaker demand in some end markets.
Adata chairman Simon Chen said at a March 5 earnings conference that the company held NT$30 billion worth of chip inventory at the end of February and aimed to increase that to more than NT$35 billion by the end of March. The March amount was a target, rather than confirmation of purchases subsequently completed.
Chen also said several large cloud service providers had approached Adata seeking long-term supply agreements, which he described as unusual.
