Eswin Computing has passed its listing hearing at the Hong Kong Stock Exchange (HKEX). It released its post-hearing information pack on September 21.
Founded in 2019, Eswin designs chips and outsources their manufacturing, an approach known as the fabless model. It builds its products on the RISC-V architecture, with a portfolio spanning human-machine interaction (HMI), multimedia processing, interconnect, and computing chips.
Eswin was China’s largest domestic provider of HMI chips for smart devices by revenue in 2025, according to Frost & Sullivan data cited in its HKEX filing.
RISC-V adoption is accelerating as artificial intelligence technology evolves, with market penetration said to be reaching 25%.
RISC-V is widely viewed as well suited to AI computing. It can handle general-purpose control tasks and support AI computation through features such as parallel instruction extensions. Its flexibility and efficiency allow it to serve computing needs in cloud data centers, at the network edge, and on end-user devices.
In a global chip market long dominated by x86 and Arm, RISC-V is emerging as a third major computing architecture. It is an open instruction set standard, with flexibility, modularity, and energy efficiency among its attractions.
China’s market for RISC-V controller chips grew from RMB 1.1 billion (USD 163.8 million) in 2021 to RMB 37.7 billion (USD 5.6 billion) in 2025, according to Frost & Sullivan data cited in Eswin’s filing. The same source forecasts a market worth RMB 219.4 billion (USD 32.7 billion) by 2030.
Eswin’s revenue continues to grow as it invests heavily in R&D, with economies of scale beginning to emerge.
Eswin generated revenue of RMB 1,752.2 million (USD 261 million) in 2023, RMB 2,025.4 million (USD 301.7 million) in 2024, and RMB 2,431.2 million (USD 362.1 million) in 2025, a compound annual growth rate of about 17.8%.
In the first quarter of 2026, revenue rose 18.4% year-on-year to RMB 494.2 million (USD 73.6 million) from RMB 417.5 million (USD 62.2 million) a year earlier.
Its revenue mix is changing, too.
HMI chips remain Eswin’s largest source of revenue, underpinning its cash flow and market position. The chips are used in televisions, monitors, laptops, smartphones, watches, and automotive displays, serving major consumer electronics and internet-of-things brands in China and overseas.
Computing chips and solutions have provided stronger growth.
Revenue from computing chip products rose from about RMB 375,000 (USD 55,900) in 2023 to RMB 319.8 million (USD 47.6 million) in 2025. In the first quarter of 2026, it reached RMB 223 million (USD 33.2 million), up sharply from RMB 44.7 million (USD 6.7 million) a year earlier, as the products entered markets including automotive and industrial applications.
Eswin is also expanding from individual chips into system-level solutions that combine hardware and software.
The company’s ability to reuse its own IP supports that shift. As of March 31, 2026, Eswin said it had developed more than 620 IP modules and over 20 series of RISC-V cores, spanning processor core design, chip development, and system-level solutions.
These reusable technologies have helped Eswin quickly launch its EIC77 series of intelligent computing systems-on-chip (SoCs). It has also adapted mainstream large language models, including DeepSeek, to run on its devices. Its products range from systems-on-module and single-board computers to AI accelerator cards and industrial PCs.
Customer validation and prospective orders offer signs of commercial demand.
Several RISC-V AI SoCs passed customer validation in 2025. As of March 31, 2026, the value of prospective orders exceeded twice the company’s 2025 revenue from RISC-V AI SoCs.
Several highly integrated RISC-V products have also passed validation at the circuit board level by leading Chinese telecommunications companies and are scheduled for mass production in 2026.
Eswin’s automotive-grade microcontroller units (MCUs) based on RISC-V have also been adopted in high-end vehicle models. Its automotive-grade MCU for electronic rearview mirrors and head-up display solutions have entered validation and shipment programs with several tier-one automotive suppliers and automakers.
Eswin said in its prospectus that it will use most of the IPO proceeds to develop and improve its RISC-V chips, upgrade its RISAA hardware and software platform, pursue strategic mergers and acquisitions, expand its marketing network, and develop the RISC-V ecosystem.
This article was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.71 = USD 1 based on estimates as of September 23, 2026, unless otherwise stated. USD conversions are approximate and, where appropriate, rounded for ease of reference. They may not fully match prevailing exchange rates.