Chinese memory module maker Biwin has signed a two-year agreement worth US$1.86 billion to secure flash memory chips, a deal larger than its annual revenue, as demand from artificial intelligence servers and data centres squeezes supply. Under the locked-volume, locked-price arrangement, Biwin would buy enterprise-grade chips in batches from the third quarter of 2026 through the second quarter of 2028, according to a filing with the Shanghai Stock Exchange on Tuesday. The supplier was not disclosed, citing commercial confidentiality. The company said the contract would “secure medium- to long-term capacity and delivery schedules for memory chips, reducing the risk of supply disruption caused by market fluctuations”. Biwin’s 2025 revenue of 11.3 billion yuan (US$1.7 billion) is eclipsed by the deal, which is equivalent to 12.6 billion yuan and is far above the threshold that triggers mandatory disclosure under Star Market rules. The arrangement highlights how Chinese downstream storage firms are responding to the current memory upcycle by locking in upstream supply earlier and for longer periods. Biwin said the 2026 purchase volume under the contract would amount to 4.45 per cent of its 2025 NAND flash procurement, rising to 14.88 per cent in 2027. Figures for the first half of 2028 were not disclosed. The company, based in Shenzhen though its shares are traded in Shanghai, does not manufacture chips itself, but designs, packages, tests and sells storage products for personal computers, smartphones, servers, wearable devices and other electronics. Memory supply has tightened as AI workloads fuel demand for enterprise solid-state drives, high-bandwidth memory and server DRAM. For module makers such as Biwin, securing NAND flash and other key components has become critical as original chipmakers allocate more capacity to higher-growth AI-related products. The squeeze is evident in global NAND earnings. TrendForce, a Taiwan-based market research consulting firm, reported that first-quarter revenue at the world’s five largest NAND brands jumped 83.7 per cent quarter on quarter to more than US$38.9 billion, driven by stronger-than-expected average selling prices and server demand. Samsung Electronics remained the largest supplier, with NAND revenue rising 104.7 per cent quarter on quarter to US$13.5 billion, while SK Hynix, Kioxia, Micron and SanDisk also posted double-digit growth. TrendForce said the imbalance was likely to persist into the second quarter. Smartphone and personal computer demand had been hit by higher memory prices, but server orders were expected to offset the weakness. NAND suppliers are also expected to keep pricing firm, prompting downstream companies such as Biwin to lock in future supply ahead of further increases. Biwin’s own earnings reflect the surge. First-quarter revenue jumped 341.5 per cent year on year to 6.81 billion yuan, while net profit attributable to shareholders reached 2.9 billion yuan, reversing a loss a year earlier. The company attributed the growth to booming AI computing, a strong memory cycle and rising product prices. Enterprise storage has become one of its main growth areas. In a May investor briefing, the company said its enterprise solid-state drive products had entered the core supply chains of major original equipment manufacturers, AI server producers and leading internet companies. Revenue from enterprise storage grew more than 300 per cent in 2025, it added.