Eswin Computing, a Chinese chip designer built on the RISC-V architecture, has cleared a key hurdle for a Hong Kong listing after passing its hearing at the Hong Kong Stock Exchange on September 21. The Beijing based company published its post hearing information pack the same day, with CITIC Securities and China Securities International acting as joint sponsors. The move positions Eswin to raise capital as it expands from smart terminal chips into computing and embodied intelligence applications.
Company Background and Market Position
Founded in 2019, Eswin operates under a fabless model, designing chips and outsourcing manufacturing, packaging, and testing to third party services. Its product portfolio spans human machine interaction and multimedia processing chips for smart terminals, as well as interconnect and computing chips for automotive, robotics, and industrial use. According to Frost and Sullivan data cited in its filing, Eswin was the largest domestic provider of smart terminal human machine interaction chip products in China by 2025 revenue.
RISC-V Growth and Product Portfolio
RISC-V adoption is accelerating as artificial intelligence evolves, with Frost and Sullivan projecting China's smart terminal chip penetration to rise from 6.9 percent in 2025 to 26.7 percent in 2030. Eswin has brought more than 150 hardware and software integrated products to market and served 220 customers globally during the track record period. It holds more than 620 IP modules, over 20 series of RISC-V cores, and more than 1,740 patent applications, and is a board member of RISC-V International.
Financial Performance and Business Shift
Eswin generated revenue of RMB 1,752.2 million in 2023, RMB 2,025.4 million in 2024, and RMB 2,431.2 million in 2025, a compound annual growth rate of about 17.8 percent. First quarter 2026 revenue rose 18.4 percent year on year to RMB 494.2 million. It recorded a loss of RMB 1,515.8 million in 2025 with a gross profit margin of 18.6 percent and expects continued net losses.
Computing Chips and Customer Validation
Revenue from computing chip products climbed from about RMB 375,000 in 2023 to RMB 319.8 million in 2025, and to RMB 223 million in the first quarter of 2026. Several RISC-V AI systems on chip passed customer validation in 2025, while prospective order value exceeded twice the 2025 revenue from these products as of March 31, 2026. Automotive grade microcontrollers have entered validation and shipment programs with tier one suppliers and automakers.
IPO Proceeds and Strategic Priorities
Eswin plans to use most of the IPO proceeds to develop and improve its RISC-V chips, upgrade its RISAA hardware and software platform, and pursue strategic mergers and acquisitions. It also intends to expand its marketing network and develop the RISC-V ecosystem. The company has adapted mainstream large language models including DeepSeek to run on its devices, showcasing its shift from individual chips to system level solutions.
Eswin's Hong Kong listing hearing marks an important step for China's RISC-V ecosystem at a time when adoption is accelerating across cloud, edge, and device segments. The company's growing computing revenue and customer validation suggest commercial momentum beyond its established display chip business. However, its continued losses highlight the heavy research and development investment still required to compete in advanced chip design.