Chinese RISC-V chipmaker Eswin seeks US$300m in Hong Kong IPO ahead of October debut

Beijing-based RISC-V chipmaker Eswin Computing Technology is set to launch a US$300 million Hong Kong Initial Public Offering (IPO) beginning Monday, according to sources familiar with the matter. The company aims to begin trading on October 8, following its successful clearance of the final regulatory hurdle with bourse operator Hong Kong Exchanges and Clearing.

Eswin Group, the parent company of Eswin Computing Technology, was established by Wang Dongsheng, the founder of flat panel display giant BOE Technology. Wang is often referred to as the "father" of China's LCD industry.

Eswin Computing Technology specializes in system-on-chip (SoC) products built on the open-source RISC-V architecture. Its primary customers are in the artificial intelligence of things (AIoT) and consumer electronics sectors. Although the company remains loss-making, its 2025 revenue grew by 20% year-on-year, reaching 2.4 billion yuan, while net losses amounted to 1.5 billion yuan. Management anticipates continuing losses due to substantial investments in research and development.

The IPO will be sponsored by Citic Securities (Hong Kong) and China Securities (International) Corporate Finance Company. With the listing process ongoing, the size and timing of the offering may be subject to change. Eswin Computing Technology plans to utilize the IPO proceeds to develop new chip products, enhance existing ones, improve its hardware-software integrated platform, and explore potential strategic mergers and acquisitions to promote the RISC-V ecosystem.