ESWIN Computing, founded by BOE's Wang Dongsheng, lists in HK with ~$493M cumulative losses

创业邦 · wechat · 2026-10-09

ESWIN Computing, the RISC-V chip company founded by BOE's former chairman Wang Dongsheng at age 62, listed on the HKEX at HK$1.55/share, raising a net HK$2.386B at an opening market cap of HK$33.9B.

China's largest domestic human-interface chip provider for smart terminals; interface chips brought in RMB 1.86B (76.3% of 2025 revenue), while interconnect/compute chips for automotive, robotics and industrial use grew from RMB 375K in 2023 to RMB 320M in 2025, hitting 45.1% of revenue in Q1 2026
Revenue grew from RMB 1.75B (2023) to 2.43B (2025), but cumulative net losses over three years near RMB 4.9B, driven by heavy R&D (expense ratio once 82.5%)
Raised over RMB 9B pre-IPO; IDG Capital is the largest institutional holder (8.30%)
Customer concentration risk: the top client (widely believed to be BOE) once contributed 82.1% of revenue
China's RISC-V MCU/SoC market is forecast to reach RMB 219B by 2030, but the real battle is software ecosystem, not chip availability

Original post →

ESWIN Computing, founded by BOE's Wang Dongsheng, lists in HK with ~$493M cumulative losses

More from Venture