ESWIN Computing

Semiconductors · RISC-V Chips · Hong Kong IPO

IPO

ESWIN Computing launches Hong Kong IPO seeking up to $319M

Its chips run on the open-source RISC-V architecture, giving Chinese chipmakers a route around Western-controlled designs like Arm and x86.

• ESWIN Computing opened subscriptions on Sept 28 for a Hong Kong IPO of about 1.57 billion H shares priced at HK$1.48-1.59, aiming to raise up to HK$2.5 billion (roughly $319M).
• The Beijing-based company designs RISC-V chips for smart-home devices, office equipment, automotive displays and AI edge devices, outsourcing manufacturing and packaging to third-party foundries.
• Nine cornerstone investors, including Yitang Shenghai Fund and Hefei Construction Investment, agreed to subscribe for HK$1.161 billion worth of shares in the offering.
• Revenue rose 20% to 2.43 billion yuan (about $363M) in 2025, accelerating from 15.6% growth the prior year, though the company posted a 1.5 billion yuan net loss.
• At the top offer price, the listing would value ESWIN at up to HK$34.97 billion (about $4.5B), with Citic Securities and China Securities International as joint sponsors.
• Subscriptions close Oct 6, pricing is expected before noon on Oct 7, and H-share trading is set to begin on the Hong Kong Stock Exchange at 9 a.m. on Oct 9.
• A successful debut would make ESWIN Hong Kong's first publicly traded pure-play RISC-V chip company, a symbolic win for the open-standard architecture as Beijing pushes semiconductor self-sufficiency amid US export controls.