RISC-V Chip Designer ESWIN Computing Clears Hong Kong IPO Hurdle

Beijing ESWIN Computing Technology Co., Ltd. has passed its listing hearing with the Hong Kong Stock Exchange, moving a step closer to an initial public offering on the Main Board. The company is set to become the first publicly listed firm in Hong Kong focused on the RISC-V chip architecture, a growing open-source alternative to dominant designs like ARM and x86.

Financial Performance

According to its prospectus, ESWIN Computing demonstrated consistent revenue growth, increasing from RMB 1.75 billion in 2023 to RMB 2.43 billion in 2025. This reflects a compound annual growth rate (CAGR) of approximately 17.8% over the three-year period.

The company's growth accelerated in early 2026, with first-quarter revenue reaching RMB 494 million, an 18.4% increase year-over-year. While human-computer interaction (HCI) chips provide a stable revenue base, its computing chips and solutions segment is expanding rapidly, with revenue growing from RMB 375,000 in 2023 to RMB 320 million in 2025. In the first quarter of 2026, this segment generated RMB 223 million in revenue.

Market Position and RISC-V Opportunity

RISC-V is gaining traction as a third major computing architecture, valued for its open-source, modular, and power-efficient characteristics, which are seen as ideal for the AI era. Citing a report from Frost & Sullivan, the market for RISC-V main control chips in China is forecast to surge from RMB 1.1 billion in 2021 to RMB 37.7 billion by 2025, with projections reaching RMB 219.4 billion by 2030.

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Based on 2025 revenue forecasts, Frost & Sullivan identifies ESWIN Computing as China's largest domestic provider of HCI chips for smart terminals. The report also highlights the company's comprehensive global portfolio of patents, IP, and products in the combined "RISC-V + AI" space.

Operations and Outlook

As of March 2026, ESWIN Computing had commercialized over 150 products and served more than 220 clients worldwide, including major technology firms. Its products are integrated into various sectors such as smart computing, automotive, industrial, smart home, and office equipment.

The successful hearing marks a critical milestone in the company's commercialization strategy. The next phase will involve deepening its RISC-V innovation and driving large-scale adoption in high-value applications like edge AI, intelligent computing, and robotics.