Author | ZeR0 Editor | Mo Ying
Wang Dongsheng, founder of BOE, has just secured another semiconductor IPO. As reported by Chip Insights on October 9, today, Beijing RISC-V chip product provider ESWIN Computing rang the bell to list on the Hong Kong Stock Exchange, becoming the "first RISC-V stock" on the Hong Kong market. Its offering price was HKD 1.55 per share (approximately CNY 1.32), and the opening price fell to HKD 1.54 per share (approximately CNY 1.31). As of 9:45, the stock price reached a high of HKD 1.57 per share (approximately CNY 1.34) and a low of HKD 1.365 (approximately CNY 1.17), down 11.94%, with a market capitalization exceeding HKD 31.9 billion (approximately CNY 27.2 billion).
Founded in 2019, ESWIN Computing was established by Wang Dongsheng, a pioneer of China's semiconductor display industry and founder of BOE. It has been recognized as a national "Little Giant" specialized, refined, differential, and innovative SME. National Integrated Circuit Industry Investment Fund Phase II and BOE both hold shares in the company. According to Frost & Sullivan, in terms of 2025 revenue, ESWIN Computing ranked fourth among providers of human-machine interaction chip products for smart terminals in China and ranked first among domestic suppliers, holding a market share of 5.7%.
Its RISC-V main control chip products cover applications in smart terminals and embodied AI. In 2025, ESWIN Computing ranked fifth among RISC-V main control chip product providers in China and ranked third among domestic suppliers, holding a market share of 1.2%.
The prospectus shows that in 2026, targeting large model inference applications, ESWIN Computing launched a development plan for high-performance AI SoC (System on Chip) based on the RISC-V architecture. Its RISC-V AI SoC products have been adopted by a leading consumer storage manufacturer for advanced personal storage solutions.
01.BOE-related founding team, cumulative loss of CNY 4.9 billion from 2023 to 2025
The business of ESWIN Computing was initially established in 2018 and managed and operated by its predecessor company. In 2019, considering that mixed operations were not conducive to market-oriented financing and specialized development, its predecessor company implemented an architectural restructuring and split into four different legal entities (including ESWIN Computing and three other companies under the ESWIN Group). Each company undertook different main businesses (system-level products, 12-inch silicon wafers, board-level system packaging and testing, display driver chip packaging and testing) to ensure the independent development and financing of different main businesses, and to accumulate core competitiveness in their respective fields.
In the early stage of entrepreneurship, ESWIN Computing adopted RISC-V as the underlying computing architecture, focusing on the R&D and design of chips, chipsets and/or boards and related core software, and outsourcing IC (Integrated Circuit) manufacturing, packaging, and testing to third-party service providers. RISC-V is a new generation of Reduced Instruction Set Computing (RISC) architecture, with a design philosophy of open source, modularity, high scalability, and high energy efficiency. Due to its open-source nature, industry participants can freely use, modify, and distribute the architecture without paying licensing fees, which promotes innovation and application in various industries.
In the management team of ESWIN Computing, Wang Dongsheng is the founder and chairman of the Strategy and Investment Committee; co-founder and vice chairman Wang Bo has over 20 years of R&D and management experience at Intel, ultimately serving as product director; chairman and CEO Mi Peng has been deeply engaged in the semiconductor field for over 20 years and has worked in multiple departments and subsidiaries of BOE; president and COO Hu Weihao also comes from the BOE system and has about 20 years of experience in the semiconductor industry; senior vice president and CTO He Ning has 20 years of experience in semiconductor and product R&D.
In 2023, 2024, 2025, and January-March 2026, the company's revenue was CNY 1.752 billion, CNY 2.025 billion, CNY 2.431 billion, and CNY 494 million, respectively; net losses were CNY 1.837 billion, CNY 1.547 billion, CNY 1.516 billion, and CNY 375 million, respectively; R&D expenses were CNY 1.445 billion, CNY 1.337 billion, CNY 1.042 billion, and CNY 252 million, respectively.
During the same period, its adjusted net losses were CNY 1.705 billion, CNY 1.44 billion, CNY 1.161 billion, and CNY 287 million, respectively, showing a narrowing of losses.
From 2023 to 2025, the net cash flow from operating activities of the company was CNY -1.251 billion, CNY -781 million, and CNY -1.171 billion, respectively, turning to a net inflow of CNY 171 million in the first quarter of 2026.
As of March 31, 2026, ESWIN Computing had 1,001 R&D employees, accounting for 70% of the total workforce; it has launched more than 150 software and hardware integrated products to the market, serving 220 customers globally; it has accumulated more than 620 IP modules, over 20 serialized RISC-V cores, and more than 1,740 patent applications related to its products.
To promote innovation, iteration, and development within the RISC-V ecosystem, the company launched the RISAA ecosystem technology platform (RISAA platform), encouraging technology sharing, collaboration, and integration. This enables developers to efficiently build custom chips, chipsets, and/or boards without building complex systems from scratch, significantly lowering the R&D threshold.
02.Human-machine interaction chips remain the main force, computing chips account for 45.1% in the first quarter
In terms of product categories, ESWIN Computing divides its proprietary products into two main categories:
(1) Human-machine interaction and multimedia processing chip products, mainly applied in home, office, and portable scenarios, enabling smart terminals to manage screen-based input/output and process multimedia signals.
(2) Interconnect and computing chip products, mainly applied in automotive, robotics, and industrial scenarios, enabling intelligent agents such as automobiles, robots, and industrial equipment to perceive, process, and execute actions in response to the physical environment.
In recent years, the revenue structure of ESWIN Computing has changed. In 2025, its human-machine interaction chip revenue was CNY 1.856 billion, accounting for 76.3% of total revenue; computing chip revenue accounted for 13.2%; multimedia processing chip revenue accounted for 6.2%; interconnect chip revenue accounted for 2.5%; and licensing and service revenue accounted for 1.7%.
In the first quarter of 2026, its computing chip product revenue increased to CNY 223 million, accounting for 45.1% of the revenue for the period; human-machine interaction chip revenue was CNY 228 million, accounting for 46.0%. The gross profit margin of ESWIN Computing was 15.4%, 17.7%, and 18.6% from 2023 to 2025, respectively, and fell back to 14.8% in the first quarter of 2026. The reason is that it adopted a "trading price for volume" strategy under limited circumstances to help improve customer penetration and expand shipment volume, but it also lowered the selling prices of some products.
Geographically, the Hong Kong region of China contributed over 68% of ESWIN Computing's revenue from 2023 to 2025, while the Chinese mainland contributed 68.4% of its revenue in the first quarter of 2026.
03.Top five customers contribute over 80% of revenue, supplier concentration rises
BOE (Customer A) was the largest customer of ESWIN Computing for three consecutive years. According to Frost & Sullivan, in 2025, BOE's procurement from ESWIN Computing accounted for approximately 60% of the total procurement of human-machine interaction chips used in TV panels supplied to its Chinese customers. In the first quarter of 2026, the largest customer of ESWIN Computing became Customer I, to which it provided AI SoC products and supporting hardware and software for large-scale intelligent computing center solutions.
The prospectus shows that Customer I is an affiliate of a leading domestic big data and AIDC computing power operation service provider, mainly engaged in providing computing infrastructure and related services for large-scale intelligent computing centers, including the construction and operation of computing infrastructure, as well as providing computing power and related technical services for leading customers in multiple industries such as Internet companies, telecom operators, and large AI model developers. As of September 18, 2026, ESWIN Computing has jointly developed 93 projects with BOE, such as CHPI technology and other emerging display technologies, of which 28 projects are under development and 65 projects have been mass-produced. In 2023, 2024, 2025, and January-March 2026, the revenue proportion of the top five customers of ESWIN Computing was 90.7%, 88.5%, 89.5%, and 83.1%, respectively, and the proportion of the largest customer was 82.1%, 76.8%, 64.6%, and 39.3%, respectively.
During the same period, the procurement proportion of its top five suppliers was 44.5%, 44.5%, 54.6%, and 64.4%, respectively, and the proportion of the largest supplier was 12.4%, 13.7%, 18.7%, and 23.7%, respectively, showing an increase in supplier concentration.
During the track record period, National Integrated Circuit Industry Investment Fund Phase II, one of the shareholders of ESWIN Computing, held a 1.49% equity interest in Supplier D and less than 10% equity interest in Supplier G. Qizhong International, one of the cornerstone investors of ESWIN Computing, is indirectly wholly owned by Qizhong Technology, an advanced packaging and testing merchant in Hefei. The holding company of Qizhong Technology is one of the top five suppliers of ESWIN Computing (i.e., Supplier C).
04.National Integrated Circuit Industry Investment Fund Phase II and BOE hold shares
All major subsidiaries of ESWIN Computing are established in China and wholly owned by ESWIN Computing.
After the listing, the single largest shareholder group of ESWIN Computing will include ESWIN Group, Yili Technology, Yixiang Technology, Yiming Technology, Wang Dongsheng, Mi Peng, Yang Xinyuan, and Liu Haiping. Except for the interests in ESWIN Group, Yang Xinyuan and Liu Haiping are each independent third parties. Immediately after the completion of the global offering (assuming the over-allotment option is not exercised) and the listing, they will jointly control 29.30% of the total issued share capital of ESWIN Computing.
As of the date of the prospectus, ESWIN Group, as a technology platform company focusing on the development of the semiconductor industry and the construction of the ecological chain, directly holds 17.74% of the total issued share capital of ESWIN Computing. ESWIN Group also manages Yili Technology and Yixiang Technology as their exclusive general partner. As employee stock ownership platforms for ESWIN Computing, Yili Technology and Yixiang Technology hold 12.72% and 1.09% of the total issued share capital of ESWIN Computing, respectively, as of the last practically feasible date. After the completion of the global offering, National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. (referred to as "National Investment Fund Phase II" or "Big Fund Phase II") holds approximately 4.79%. BOE indirectly holds a small amount of shares in ESWIN Computing through its equity participation in Beijing Xindongneng.
05.Conclusion: Proportion of RISC-V computing chips surges, business structure is changing
ESWIN Computing has established a revenue base in human-machine interaction chips and is gradually pushing computing chips into new scenarios. The proportion of revenue from its RISC-V architecture-based computing chip products increased significantly in the first quarter of 2026, reflecting the rapid change in the business structure. After the listing, the company still faces tests such as continuous losses, high R&D investment, and rising concentration of customers and suppliers. It needs to improve profitability and form replicable deliveries in the fields of automotive, robotics, industry, and intelligent computing.