On September 21, Beijing ESWIN Computing Technology Co., Ltd. (ESWIN Computing) successfully passed the Hong Kong Stock Exchange hearing, moving one step closer to a main board listing and potentially filling the gap for a dedicated RISC-V investment vehicle, earning the title of the "First RISC-V Stock."

In a global chip market long dominated by x86 and ARM architectures, RISC-V has rapidly emerged as the third computing pillar, prized for its open-source nature, modularity, and energy efficiency, and is widely regarded as the native computing architecture for the AI era. According to Frost & Sullivan data, China's RISC-V main control chip market is projected to surge from RMB 1.1 billion in 2021 to RMB 37.7 billion in 2025, reflecting a compound annual growth rate of 139.5%, and is expected to reach RMB 219.4 billion by 2030, indicating enormous headroom for expansion.

Based on 2025 revenue figures from Frost & Sullivan industry reports, ESWIN Computing stands as China's largest domestic provider of human-machine interface chips for intelligent terminals. In the "RISC-V + AI" domain, the company has achieved the most comprehensive global coverage across patents, intellectual property, and product offerings. As of the end of March 2026, ESWIN Computing has commercialized over 150 products, serving more than 220 clients worldwide, including several top-tier global technology firms. Its products span diverse application scenarios such as intelligent computing, automotive, industrial control, smart home, and office equipment.

Breaking down the revenue structure, human-machine interface chips remain the company's largest income source, providing stable cash flow and a solid market foundation. The computing chip and solutions segment is accelerating rapidly, with revenue climbing from RMB 375,000 in 2023 to RMB 320 million in 2025. In the first quarter of 2026, computing product revenue reached RMB 223 million, showing significant year-over-year growth as the company successfully entered core sectors like automotive and industrial applications.

According to the prospectus, ESWIN Computing's revenue from 2023 to 2025 stood at RMB 1.752 billion, RMB 2.025 billion, and RMB 2.431 billion respectively, representing a three-year compound growth rate of approximately 17.8%. Entering 2026, first-quarter revenue hit RMB 494 million, up 18.4% year-over-year, signaling an acceleration in growth momentum.

Passing the hearing marks a new phase in ESWIN Computing's commercialization journey. Looking ahead, the key focus will be on deepening RISC-V technology and product innovation while driving large-scale deployment in high-value scenarios such as terminal AI integration, intelligent computing, and robotics.