ESWIN Computing powers up its RISC-V growth story for Hong Kong investors

The chip designer combines an established smart-device human-machine interaction business with newer fast-growing computing products and other technology segments

Key Takeaways

• ESWIN Computing’s computing-chip sales grew nearly 20% in the first quarter of 2026, adding a new growth engine as it prepares to list in Hong Kong
• The company’s RISC-V technology platform and expanding commercial portfolio are expected to drive growth across human-machine interaction, multimedia processing and computing

By Teri Yu

Selling the brains behind intelligent machines sounds far sexier in today’s capital markets than simply supplying the chips behind TV screens. That’s the story that Beijing ESWIN Computing Technology Co. Ltd. (1256.HK) hopes to sell to investors ahead of its Hong Kong IPO, showing how it’s turning its established smart-device human-machine interaction business into a foundation for expansion into connected machines and AI.

ESWIN launched its Hong Kong IPO on Sept 28, seeking to raise up to HK$2.5 billion ($319 million). The company is offering 1.57 billion shares at HK$1.59 apiece, valuing it at as much as HK$34.97 billion, with Citic Securities and China Securities International as co-underwriters. Subscriptions close on Oct 6, with trading scheduled to begin on Oct 9.

ESWIN describes itself as a provider of chips built on RISC-V, an open-standard instruction set architecture based on reduced instruction set computing (RISC) principles, with a strategic focus on combining RISC-V with AI. Using that foundation, the company is building a broader portfolio that covers human-machine interaction, multimedia processing, connectivity and computing, with uses in vehicles, robotics, industrial equipment and intelligent computing.

The company’s latest financials show growing momentum in those newer directions. Its revenue rose 20% to 2.43 billion yuan ($363 million) in 2025, accelerating from 15.6% growth a year earlier. The momentum continued to build this year, with first-quarter revenue up 18.4% to 494.2 million yuan.

Building a business around RISC-V+AI

The RISC-V technology at the heart of ESWIN’s bet on the future provides an open, flexible, modular, and extendable instruction set that companies can use to develop processors, including proprietary designs, according to RISC-V International. That flexibility allows chip developers to build differentiated products around a shared architectural foundation.

ESWIN combines that flexibility with its own intellectual property and integrated hardware and software capabilities. Its products bring together chips and chipsets or circuit boards with the software needed to perform specific tasks.

By March 2026, the company had accumulated more than 620 intellectual-property (IP) modules, over 20 serial RISC-V cores and more than 1,740 patent applications. It had also commercialized more than 150 hardware and software products and served 220 customers.

Those assets are helping ESWIN to pursue several application markets without starting from scratch each time. Its technology modules can be reused and adapted, allowing engineering work on one product to contribute to the development of others.

The same principle extends to customers and suppliers. Existing customer relationships create opportunities to introduce additional products, while shared supply-chain resources support development and production across a broader portfolio.

ESWIN’s RISAA (RISC-V+AI) ecosystem and technology platform, built around RISC-V and AI, brings another dimension to that model by supporting technology sharing, customization and collaboration. The commercial goal is to shorten development cycles and spread the value of accumulated engineering investment across a growing range of applications.

ESWIN resembles U.S. chip giant Qualcomm (QCOM.US) in its business model, designing chips while outsourcing their manufacture, rather than producing them in its own factories. The key difference lies in architectural focus: ESWIN is building its product ecosystem around the open RISC-V instruction set, while Qualcomm’s Snapdragon processors use architecture from Britain’s Arm Holdings (ARM.US).

Clear growth curves

ESWIN’s strategy spans multiple areas: its established smart-device human-machine interaction business, expanding applications in embodied intelligence, and opportunities in AI chips for edge computing and computing centers. Combined, they give the company both an existing revenue base as well as additional markets to develop.

Smart-device chip products provide the foundation. Its human-machine interaction chips support screen-related functions in televisions, monitors, laptops, phones and watches, while multimedia-processing products help process and enhance audio, video and images.

Human-machine interaction products generated 1.86 billion yuan in revenue in 2025, accounting for 76.3% of total sales. Multimedia-processing products contributed a further 150.6 million yuan, up from 100.7 million yuan in 2024.

According to third-party market data cited in the filing, ESWIN was China’s largest domestic provider of smart device human-machine interaction chip products by 2025 revenue. That position gives it a commercial base from which to deepen customer relationships and broaden its product offerings.

ESWIN traces its origins to 2019, founded by veteran semiconductor-display-industry executive Wang Dongsheng. With more than four decades of experience, Wang is often called the “father of China’s semiconductor display industry.”

The company is run by a team with extensive industry experience, including Chairman and CEO Mi Peng, President and COO Hu Weihao and CTO He Ning and others, who bring experience in management, fundraising and product development. Co-founder and Vice Chairman Wang Bo has more than 20 years in the semiconductor industry and is leading the company’s overseas expansion, a key part of its growth strategy.

Computing products are becoming an increasingly important second growth engine in the company’s revenue mix. Revenue from that segment surged 342.5% to 319.8 million yuan last year. The changing mix illustrates how quickly the company’s business is broadening beyond its original human-machine interaction-related strength.

Its computing and connectivity products address complementary needs in intelligent machines. Connectivity products transmit information, while computing products support processing and decision-making, from microcontroller operations to more demanding AI applications.

That combination creates opportunities in embodied intelligence, in areas where vehicles, robots and industrial equipment sense their surroundings and act on the information they collect. It also provides a basis for developing more integrated offerings rather than simply supplying isolated components.

ESWIN has built a range of AI inference chips for edge computing, a market set to benefit as large language models spread. RISC-V chips are well suited to edge inference because they use little power and are highly flexible. For data centers, the company is also developing RISC-V AI chips and CPUs, backed by intellectual property and chip-design capabilities it owns.

The Hong Kong listing is expected to help ESWIN widen its RISC-V ecosystem and speed up commercialization, supporting growth across several businesses.

The Bamboo Works offers a wide-ranging mix of coverage on U.S.- and Hong Kong-listed Chinese companies, including some sponsored content. For additional queries, including questions on individual articles, please contact us by clicking here

To subscribe to Bamboo Works free weekly newsletter, click here