Eswin Computing Gets Hong Kong Listing Nod, Revenue RMB2.4B but Net Loss Over RMB1.5B

By Lei Jianping, Leidi — September 21

Beijing ESWIN Computing Technology Co., Ltd. ("ESWIN Computing") has passed its listing hearing today and is preparing to list on the Hong Kong Stock Exchange.

In the first quarter of 2026, ESWIN Computing reported revenue of RMB 494 million and a net loss of RMB 375 million.

ESWIN Computing's sister company, Xi'an ESWIN, has already been listed on the STAR Market of the Shanghai Stock Exchange. Its IPO price was RMB 8.62 per share, with 537.8 million shares issued, raising a total of RMB 4.636 billion. As of today's close, Xi'an ESWIN's share price stood at RMB 29.28, giving it a market capitalization of RMB 118.2 billion.

Annual Revenue of RMB 2.4 Billion, Net Loss of RMB 1.5 Billion

ESWIN Computing focuses on two core application scenarios: smart terminals and embodied intelligence. The company is adopting the next-generation RISC-V computing architecture, innovating domain-specific algorithms and IP modules, and building an efficient and open software-hardware platform to provide customers with highly competitive system-level solutions.

As of December 31, 2024, ESWIN Computing had commercialized over 100 system-level solutions covering smart terminals and embodied intelligence, serving more than 100 customers worldwide.

The company has launched the RISAA (RISC-V + AI) ecosystem technology platform. Built on RISC-V cores and other foundational hardware, the platform integrates self-developed domain-specific IP modules for perception, connectivity, multimedia, interaction, and control. It provides open software platforms customized for different application scenarios and offers full-stack development tool support for ecosystem partners. Participants in the ecosystem can select all or part of the component combinations to form solutions tailored to their specific needs.

According to the prospectus, ESWIN Computing's revenue for 2023, 2024, and 2025 was RMB 1.752 billion, RMB 2.025 billion, and RMB 2.43 billion, respectively. Gross profit for the same periods was RMB 270 million, RMB 358 million, and RMB 453 million. Net losses for the years were RMB 1.837 billion, RMB 1.547 billion, and RMB 1.516 billion.

In the first quarter of 2026, the company reported revenue of RMB 494 million, gross profit of RMB 73.36 million, and a net loss of RMB 375 million.

Adjusted net losses for 2023, 2024, and 2025 were RMB 1.7 billion, RMB 1.44 billion, and RMB 1.16 billion, respectively. In the first three months of 2026, the adjusted net loss was RMB 287 million.

As of March 31, 2026, ESWIN Computing held cash and cash equivalents of RMB 1.3 billion.

Total Funds Raised: RMB 9 Billion

ESWIN Computing's management team includes Wang Dongsheng, Wang Bo, Mi Peng, and Hu Weihao. Non-executive directors are Li Jiaqing, Dr. Yu Xinhua, Zhang Shuai, and Li Guangning. Independent non-executive directors are Zhu Hehua, Dr. Lv Wendong, Dr. Zhang Chun, and Dr. Zhang Xiaojun.

Mi Peng serves as Executive Director, Chairman, and CEO of ESWIN Computing. According to an agreement signed in May 2025 by Wang Dongsheng, Mi Peng, Yang Xinyuan, and Liu Huanping, the four parties will act in concert on all matters at board meetings and shareholder meetings of the ESWIN Group.

Wang Dongsheng, born in 1957, holds a master's degree in management systems engineering. He founded BOE in 1993 and served as its Chairman and Executive Committee Chairman, leading the company to solve China's "screen shortage" problem and grow into a global leader in semiconductor display. He is widely regarded as the "Father of China's Semiconductor Display Industry."

In June 2019, Wang Dongsheng stepped down from BOE and joined Beijing ESWIN Technology in July 2019 to focus on the semiconductor business. He has served as Chairman of the ESWIN Group and Chairman of ESWIN Computing since November 2019.

Mi Peng, born in 1980, holds a master's degree in economics. From July 2001 to June 2015, he held various positions at BOE's subsidiaries and headquarters, including Head of the Finance Department, Head of the Budget Department, Head of the Investment Department, and Head of the Business Planning Center. From June 2015 to December 2017, he served as Deputy General Manager of Beijing Core Energy Management Company. From January 2018 to September 2019, he was General Manager of Beijing ESWIN Technology. Since September 2019, he has held roles including Director, CFO, and General Manager of the Automotive Chip Business Unit at ESWIN Computing. He has served as General Manager of ESWIN Computing since December 2023.

Since its inception, ESWIN Computing has completed four rounds of financing, raising a total of RMB 9 billion:

• June 2020: Series A — RMB 1 billion
• March 2021: Series B — RMB 2.5 billion
• December 2021: RMB 2.5 billion
• June 2023: RMB 3.026 billion
• April 2025: One investor injected RMB 250 million at the same per-share cost as the Series D round

IDG Capital and Junlian Capital Among Shareholders

Pre-IPO, ESWIN Group directly holds 17.74% of ESWIN Computing's total issued shares. ESWIN Group also manages ESWIN Technology and ESWIN Xiang Technology as their general partner. These two entities serve as employee shareholding platforms, holding 12.72% and 1.09% of total issued shares, respectively, bringing the total to 31.55%.

ESWIN Group is owned by ESWIN Ming Technology (52.4003%), Mi Peng (7.2057%), Yang Xinyuan (4.3234%), and Liu Huanping (3.9908%). ESWIN Ming Technology is held by Wang Dongsheng as its general partner (63% partnership interest) and nine other individuals as limited partners. No limited partner holds more than 10% interest in ESWIN Ming Technology.

Other major shareholders include:

• IDG Capital-controlled entities: Bo Xin Chuang Cheng (4.56%), Bo Si Zong Heng (2.9%), Bo Ming Wei Ye (1.47%) — total 8.94%
• Ningbo Zhuang Xuan (5.57%), Shanghai Gan You (1.13%) — total 6.7%
• Beijing Core Energy (5.78%)
• Junlian Capital: Junlian Shengyuan (2.48%), Junlian Yongyi (2.34%), Junlian Jiayun (0.53%) — total 5.34%
• National Industrial Investment Fund Phase II (5.16%)
• Sanhang Zhiying (2.71%), Xuzhou Yixing (0.41%) — total 3.12%
• Bohua Venture (1.86%), Bohua Phase III (0.66%), Bohua Tianchen (0.41%) — total 2.93%
• Shenzhen Tianbao Qiushi Investment Enterprise (LP) (1.65%)
• Suzhou Fenhu Investment Group (1.65%)
• Wuxi SAIC Jinshi Innovation Industry Fund Partnership (LP) (1.47%)
• Beijing Ruiyi Venture Capital Fund (LP) (1.29%)
• Huarong Holdings (Shenzhen) Equity Investment M&A Partnership (LP) (1.24%)
• Zhejiang Haining Juanhu Innovation Investment (1.15%)
• Zhuhai Huafa Venture Capital Fund Management (1.07%)
• China Internet Investment Fund (LP) (1.03%)
• Zhuhai Jinyi Quan Investment Consulting Partnership (LP) (0.93%)
• Shanghai Guoxin Venture Capital (0.86%)
• Beijing Yitang Chuangxin Venture Capital Center (LP) (0.86%)
• Chongqing Liangjiang Yixin Private Equity Fund Partnership (LP) (0.86%)
• Wuhu Ruicheng Zhanxin Industry No. 1 Fund Partnership (LP) (0.86%)
• Ningbo Meishan Bonded Port Ruixue Guangnian Investment Management Partnership (0.85%)
• Ningbo Meishan Bonded Port Aowen Investment Management Partnership (LP) (0.82%)
• Jiangsu Jiequan Green Industry Equity Investment Fund (LP) (0.82%)
• Wuhan Bosheng Jiaxu Equity Investment Partnership (LP) (0.82%)
• Hunan Caixin Jingjin Equity Investment Partnership (LP) (0.82%)
• CITIC Securities Investment (0.82%)
• Beijing Gaorong Phase IV Kangteng Equity Investment Partnership (LP) (0.69%)

Leidi is founded by media professional Lei Jianping. Please cite the source if republished.