ESWIN Computing Lists on Hong Kong Stock Exchange as First RISC-V Chip Company, Debuts with Market Cap Over HK$31.9 Billion

Beijing ESWIN Computing Technology Co., Ltd. officially began trading on the Main Board of the Stock Exchange of Hong Kong on October 9.¹ The initial public offering was priced at HK$1.55 per share, giving the company a market capitalization of over HK$31.9 billion at the time of listing.¹ This transaction makes the company the first publicly listed chip company in the global capital markets with RISC-V as its core technology architecture.² According to the plan disclosed in the public offering, the funds raised will be allocated to product research and development and platform upgrades.² Additionally, the proceeds will be used to expand marketing networks, pursue potential mergers and acquisitions, and cultivate the RISC-V technology ecosystem.²

ESWIN Computing was founded by Wang Dongsheng, a leading figure in the semiconductor display field who previously founded BOE and stepped down from related management positions in 2019 to enter the semiconductor sector.¹ The company's core operational team comprises professionals from various semiconductor and industry giants.¹ Current co-founder Wang Bo has work experience at Intel, providing the team with industrial engineering expertise.¹ Chairman Mi Peng and President Hu Weihao, who are responsible for overall operations and management, both have long-term employment backgrounds within the BOE system.¹

In terms of revenue scale, ESWIN Computing achieved revenues of 1.752 billion yuan in 2023.² This figure continued to rise, expanding to a total of 2.431 billion yuan by 2025.² In the first quarter of 2026, the company recorded a single-quarter revenue of 494 million yuan, an increase of 18.4% compared to the same period last year.² The data reflects that the company maintained double-digit year-over-year sales growth as it approached the capital markets.²

In terms of revenue breakdown, human-computer interaction (HCI) chip products constitute the company's current primary business.¹ In the full year of 2025, HCI chip products generated 1.856 billion yuan in revenue for ESWIN Computing.¹ This core business accounted for 76.3% of the company's total revenue for the year.¹² Based on sales in this segment in 2025, the company ranked first in China's domestic smart terminal HCI chip supply chain, with a market share of 5.7%.¹

Compared to the HCI products that contribute the vast majority of revenue, the company's computing chip business shows a trend of rapid growth from a very low base.¹ In 2023, revenue from computing chips was only 375,000 yuan.¹ After two years of product promotion, revenue from these chips expanded to 320 million yuan in 2025.¹ Although the sales base for this segment is still small compared to HCI chips, it has achieved a scale leap of several hundred million yuan in two years.¹

In terms of technology development and intellectual property accumulation, as of March 2026, the company has launched over 150 software and hardware products.¹ As of the same statistical point, ESWIN Computing has built over 620 IP modules in its underlying designs.¹ Meanwhile, the company has cumulatively filed over 1,740 patent applications for its technology reserves.¹ These technology reserves provide foundational support for its continuous innovation in master control chips and terminal solutions.¹

In the specific implementation for automotive electronics and consumer hardware, ESWIN Computing has begun to penetrate the supply networks of leading downstream manufacturers.¹ The company's self-developed automotive-grade AI MCU chip, EAM2011, has successfully entered the supply chain systems of major vehicle manufacturers.¹ Downstream purchasers of this automotive-grade chip include large automakers such as SAIC, BYD, and Chery.¹ In the consumer storage sector, ESWIN Computing has co-developed the first consumer-grade AI NAS device based on the RISC-V architecture with Zspace.¹ According to the commercialization schedule, this network-attached storage product is planned to enter mass production in the fourth quarter of 2026.¹

From a macroeconomic perspective, data compiled by Frost & Sullivan shows that the total market size for RISC-V master control chips in China was only 1.1 billion yuan in 2021.¹ By 2025, the market size for RISC-V master control chips in China had rapidly climbed to 37.7 billion yuan.¹ The agency further predicts that by 2030, the transaction volume of this master control chip market in China will surpass the 219.4 billion yuan threshold.¹ According to Ni Guangnan, an academician of the Chinese Academy of Engineering, the RISC-V technology architecture currently holds a 25% market share in the global processor landscape.¹

In the competitive landscape of China's RISC-V master control chip market in 2025, ESWIN Computing ranked fifth overall in the industry.¹ If only domestic Chinese suppliers are considered, ESWIN Computing ranked third in the market during the same period.¹ Some analysis points out that although ESWIN Computing is a key player in this sector, its compound annual revenue growth rate of approximately 17.8% from 2023 to 2025 significantly lags behind the overall China RISC-V master control chip market's compound growth rate of 139.5% during the same period.² With the start of its first day of trading, the chip company will use the funds raised from its Hong Kong listing to further validate commercial returns in automotive and AI terminal scenarios.¹²