RISC-V chipmaker Eswin clears Hong Kong listing hearing

Eswin's Hong Kong listing signals China's push for RISC-V dominance. The company was China’s largest domestic provider of HMI chips for smart devices by revenue in 2025. This reflects Beijing's broader strategy to reduce reliance on x86 and Arm architectures, particularly in AI computing. RISC-V's open standard offers a path to self-sufficiency for Chinese chipmakers.

The growth of Eswin's computing chip revenue, from RMB 375,000 in 2023 to RMB 319.8 million in 2025, underscores a shift. This points to increasing domestic demand for AI-capable chips. China's RISC-V controller chip market grew from RMB 1.1 billion in 2021 to RMB 37.7 billion in 2025, according to Frost & Sullivan. This growth benefits Chinese foundries and IP developers, strengthening the local supply chain.

The thing to watch is Eswin’s ability to expand beyond HMI chips into system-level solutions. The company has developed over 620 IP modules and 20 series of RISC-V cores. Its EIC77 series of intelligent computing SoCs and adaptations of large language models like DeepSeek are critical. The test for Eswin is whether it can convert its prospective orders, which exceed twice its 2025 RISC-V AI SoC revenue, into sustained mass production and market share.