The first listed RISC-V company, ESWIN COMPUTING (01256), has officially debuted on the Hong Kong stock market, and the company's high growth potential and scarcity have gradually become the main focus of market attention. According to Zhitong Finance APP, ESWIN COMPUTING completed its IPO subscription on October 6, with an offer price of HK$1.55, raising net proceeds of HK$2.386 billion globally, with the Hong Kong public offering receiving 9.09 times subscription and the international offering receiving 1.95 times subscription. On October 9, the company successfully listed. The listing of ESWIN COMPUTING fills the gap in the capital market for a pure-play RISC-V chip target, which is one of the core reasons why the company has attracted widespread market attention.
According to the use of proceeds, approximately 35% of the funds will be used for the development and iteration of chip products; 30% will be used to enhance the hardware and software capabilities of the RISAA platform and improve the open, flexible, and interoperable R&D system; 15% will be used for potential strategic mergers and acquisitions to expand technological capabilities and product portfolio and enhance the company's global competitiveness; and 10% will be used to build and expand the marketing network to further promote the construction of the RISC-V ecosystem. With this listing on the Hong Kong Stock Exchange, the growth story of ESWIN COMPUTING will also enter a new stage of development.
Attracting Long-Term Capital, Significant Long-Term Valuation Potential
From the subscription situation during the IPO stage to the stable performance in the grey market and on the first day of listing, market attention toward ESWIN COMPUTING is gradually shifting from short-term price movements to long-term value. There are two main reasons for this: first, investors are highly optimistic, as the dual scarcity attributes of being the "first listed RISC-V company" combined with AI empowerment make the company an unavoidable core target for capital allocation in this sector; second, the company's valuation remains at a relatively low level, attracting long-term investment institutions and major investors to enter and capture long-term returns.
From a market pricing perspective, high-quality targets in the AI+ sector with strong prospects generally command PS valuations above 20 times. For example, Zhipu in the general-purpose AI large model sector and Insilico Medicine in the AI pharmaceutical field still have PS ratios as high as several hundred times even after significant pullbacks from highs; Biren Technology in the AI+ chip field has a PS ratio exceeding 80 times. Looking at the valuation of ESWIN COMPUTING, based on the first-day closing price of HK$1.535, the company's total market capitalization is approximately HK$33.8 billion, corresponding to a PS ratio of approximately 11.8 times based on 2025 revenue. Compared with other targets, the market pricing is relatively low. However, it should be noted that market pricing amplifies the beta value in the short term, while the core logic for long-term upward movement is that the company's strength and development potential continuously attract long-term investors, thereby driving continuous realization of valuation and performance.
According to Frost & Sullivan, based on 2025 revenue, the company is China's largest domestic intelligent terminal human-machine interaction chip provider. In the "RISC-V + AI" direction, ESWIN COMPUTING has become the company with the most comprehensive global coverage of patents, IP, and products. The company will focus its raised funds on the integrated development of "RISC-V + AI," enhance its hardware and software technological strength, and also carry out strategic mergers and acquisitions to solidify its industry competitiveness and leadership position. According to Frost & Sullivan data, the market size of China's RISC-V main control chips in 2025 was RMB 37.7 billion, with a compound growth rate of 139.5% from 2021 to 2025, and is expected to reach RMB 219.4 billion by 2030, with a compound growth rate of 36.2% from 2026 to 2030.
R&D-Driven, Building a Clear Growth Curve
From an overall performance perspective, ESWIN COMPUTING has shown strong revenue growth. From 2023 to 2025, revenue increased from RMB 1.752 billion to RMB 2.431 billion, with a compound growth rate of 17.8%. In Q1 2026, revenue was RMB 494 million, a year-on-year increase of 18.4%. The company is an R&D-driven high-tech enterprise, and R&D requires substantial upfront investment, which is also the core reason why ESWIN COMPUTING is still operating at a loss. In Q1 2026, the company's R&D expense ratio was 51%, a decrease compared with the same period, mainly due to the release of R&D achievements as the company enters a harvest cycle, and its profitability space is expected to further expand.
ESWIN COMPUTING has built the RISAA (RISC-V + AI) ecosystem technology platform, deeply integrating the RISC-V computing architecture with AI technology, and has established diversified self-developed capabilities covering CPU cores, NPUs, bus interconnects, security, software toolchains, and AI compilers. In terms of ecosystem adaptation, the company's intelligent computing products have completed certification for enterprise-level operating systems such as Ubuntu and RedHat, and have reached cooperation with Canonical and RedHat, solving the pain point of RISC-V having "a chip but no soul" in high-end applications. As of March 31, 2026, the company has launched more than 150 software-hardware collaborative products, serving 220 customers worldwide, including several of the world's top technology enterprises.
The rise of AI Agents, automotive intelligence, and the accelerated industrialization of embodied robots are jointly driving the development of RISC-V, making it an important technology route in the global chip field, and the RISC-V ecosystem has entered a stage of certain high-speed growth. According to public research, RISC-V-related chip shipments have exceeded 10 billion units and will continue to maintain high-speed growth in the coming years.
Overall, the listing of ESWIN COMPUTING fills the gap in the capital market for a pure-play RISC-V target. Relying on solid fundamentals and a diversified product matrix built through R&D accumulation, the company's profitability has a foundation for continuous improvement. The interconnect and computing chip product business is accelerating volume growth, and demand across multiple scenarios continues to surge, providing support for high performance growth. In the long term, as the business logic materializes and performance continues to be released, the company's valuation is expected to reach new heights.