A super IPO has just been born in Beijing.

Wang Dongsheng's third IPO is coming.

On October 9, Eswin Computing was listed on the Hong Kong Stock Exchange, becoming the "first RISC-V stock" in the Hong Kong stock market. As of press time, the market value of this chip company exceeds HK$32 billion.

Prior to that, BOE, the leading enterprise in the display industry founded under the leadership of Wang Dongsheng, had long been listed on the A-share market. Together with Xi'an Yicai, a leading manufacturer in the silicon wafer sector listed on the Shanghai Stock Exchange, it means that the 69-year-old "Father of China's Semiconductor Display Industry" has already harvested three listed companies.

Along with the listing bell, numerous investors including IDG Capital, Legend Capital, Lighthouse Capital, Goldstone Investment, China Integrated Circuit Industry Investment Fund, Financial Street Capital, Guoxin Venture Capital, China Integrated Circuit Industry Investment Fund Phase II, E-Town Capital, Shangqi Investment, China Development Bank Technology Innovation, Three Rings Capital, Bohua Capital, Zhiyi Investment, Gaorong Ventures, and Zongwei Capital have also ushered in the harvest moment.

Wang Dongsheng leads the team, a super IPO emerges in Beijing

The story of Eswin Computing dates back to 2015.

At that time, in order to solve the shortcomings in the domestic display driver chip field, a fund formed by BOE and the National Integrated Circuit Industry Investment Fund planned to cooperate with domestic financial investors to acquire a world-renowned display driver chip design enterprise, and promote its operation and R&D to be implemented in China.

However, the acquisition failed in the end, so the relevant team turned to independent incubation and established the predecessor of Eswin. By 2019, this platform had formed businesses including 12-inch silicon wafers, chips and solutions, board-level system packaging and testing, and display driver chip packaging and testing, laying the groundwork for the birth of Eswin Computing.

It was also in this year that Wang Dongsheng joined. After stepping down as the chairman of BOE, he was invited to join Eswin and began to devote himself to the integrated circuit business. "My first dream is to hand over BOE to the next generation, and the next generation can do better than me. The second dream is to engage in integrated circuits."

At that time, although several businesses of the Eswin Group belonged to the semiconductor industry, they had different requirements for R&D, production and customer introduction. Considering that mixed operation was not conducive to market-oriented financing and professional development, the company implemented organizational restructuring, split different main businesses into independent legal entities for separate development and financing.

Under this background, Eswin Computing was established in Beijing in September 2019, and took over the chip and solution business. Since there are mature participants in the Arm and x86 fields, Wang Dongsheng judged that after the advent of the AI era, it is necessary to rethink ICT technologies and systems such as computers, communications and electronics, thus leading the company to choose RISC-V.

This judgment corresponds to new terminal demands. In their view, the applications of AI and edge devices are increasingly diverse, and different scenarios have different requirements for power consumption, computing power and customization. The open and modular features of RISC-V can provide space for designing chips according to scenarios.

At the beginning of its establishment, Eswin Computing set up a Central Research Institute, covering from RISC-V computing architecture, high-speed interface and basic IP modules, to chip design, supporting software and development tools, and finally chose to focus its product implementation on smart terminals with rich existing industrial experience.

Devices such as TVs, monitors and mobile phones require chips to control screen display, drive pixels, and recognize touch input. Focusing on these demands, the company has developed human-computer interaction and multimedia processing chip products. In 2020, they carried out customized product cooperation with industry customers, incorporating customer demands into the R&D process.

With the advancement of underlying R&D, Eswin Computing delivered its first 32-bit RISC-V IP module in 2021, and started the development of high-performance products. In the following year, the revenue of their flagship product exceeded 100 million yuan, and at the same time, the RISC-V multimedia processing chip customized for leading smart terminal customers achieved mass production.

On this basis, the company continued to develop interconnection and computing chip products, applying its existing capabilities in core, chip design and software to fields such as smart cars, robots and automated industrial equipment. In addition, Eswin Computing is also promoting the development of AI SoC products based on the RISC-V architecture for large model inference applications.

After launching more than 150 software and hardware integrated products to the market, Eswin Computing, which has accumulated more than 620 IP modules, has served 220 customers around the world in the past. Its revenue increased from 1.752 billion yuan in 2023 to 2.431 billion yuan in 2025, and reached 494 million yuan in the first quarter of 2026.

Starting from smart terminals and then expanding to smart retail, automotive and edge computing, they have gradually built a foundation of products, customers and revenue. However, affected by factors such as R&D, the company is still in a loss state at present. Since 2023, their cumulative loss in 39 months has exceeded 5.2 billion yuan.

After seven years of development, Wang Dongsheng led Eswin Computing to set off from Beijing and finally successfully listed on the Hong Kong stock market. The more than HK$2.2 billion raised through the listing will also become an important support for the further development of this chip company in the future.

Financing up to Series D with a market value of over HK$32 billion

Looking back, after the chip business became independent, continuous investment is required for R&D, tape-out, team expansion and customer verification.

The recognition of Wang Dongsheng and his team prompted many investors to act decisively and invest in Eswin Computing one after another. In 2020, the company completed Series A financing, raising 1 billion yuan from IDG Capital, Legend Capital, Xinengdong, Three Rings Capital, Bohua Capital and other institutions.

After contacting Wang Dongsheng, Lighthouse Capital became the long-term exclusive financial advisor of Eswin Computing. Since then, Lighthouse Capital not only assisted them in completing Series B, Series C and Series D financing consecutively, but also participated in the investment of the company.

According to Xu Yinchuan, Managing Director of Lighthouse Capital and Head of Technology Computing & Semiconductor Business, the reason why they chose to deeply bind with Eswin Computing is not only because Wang Dongsheng has rich entrepreneurial and industrial experience, but also because this project is closely connected with the existing industrial chain, and once successful, it can benefit upstream and downstream parties.

Shortly afterwards, Eswin Computing completed 2.5 billion yuan of Series B financing to achieve rapid development. In addition to the joint lead investment by Legend Capital and IDG Capital, the investors also include Lighthouse Capital, Gaorong Ventures, Sunshine Ronghui, Tianyi Capital, Haining Juanhu Science and Technology City Development Investment, Haining Industrial Assets, Bohai Industrial Fund, Hunan Caixin Financial Control, Xinengdong, Three Rings Capital, Bohua Capital and other institutions.

In the view of Gaorong Ventures, from the large-scale application of smart terminal chips to the implementation of embodied intelligent products and the layout of edge AI computing, Eswin Computing continues to expand the commercial space of RISC-V. "Wang Dongsheng has strategic vision, global perspective and patriotism, and the team has the spirit of practical innovation."

By the time of Series C in 2021, investors could see more underlying R&D achievements of this company. The financing size of this round was 2.5 billion yuan, jointly led by Goldstone Investment and China Integrated Circuit Industry Investment Fund, followed by Shangqi Investment, China Development Bank Technology Innovation, Huaxin Investment and other institutions. IDG Capital, Legend Capital, Xinengdong and other institutions continued to increase their positions, and Zhiyi Investment also joined in this round.

According to Zhao Fu, Founder and CEO of Zhiyi Investment, their judgment at that time was that RISC-V is a rare route for China to build an independent computing power base, and the Eswin Computing team already has mass production and customer commercialization experience, which can bring technology into real scenarios. Large-scale industrial operation and supply chain experience, as well as the layout covering multiple products and applications, are also important reasons for their investment.

As time went by, in addition to the breakthrough in the revenue of its flagship products, Eswin Computing also obtained the design contract for RF processing products of telecom operators and the design contract for full-custom V2X chips and other products, and delivered 64-bit RISC-V IP. The further acceleration of development also attracted more investors.

In the Series D financing of more than 3.2 billion yuan of this company, the investors include Financial Street Capital, Guoxin Venture Capital, E-Town Capital, Ruicheng Fund, Zhongxin Fund, Yixing Fund, GF Qianhe, Jiantou Investment, Guangzhou Industrial Investment Group, China Integrated Circuit Industry Investment Fund Phase II, Cloudwalk, Juanhu Dream, Chuxin Fund, Ceyuan Capital, Ultra HD Industry Fund, Zhuhai Zhuke and other institutions.

After 4 rounds of financing, Eswin Computing finally raised more than 9 billion yuan. The investors who accompanied their growth also reaped a lot. Before the listing, IDG Capital, which holds 8.94% of the shares, is the largest external institutional shareholder. According to a rough calculation of HK$32 billion, the shareholding value of this investment institution exceeds HK$2.8 billion.

The 69-year-old veteran reaps his third IPO

Along with the IPO bell, Wang Dongsheng also reaped his third IPO.

It took him decades of time to achieve today's results. Born in Zhejiang in 1957, Wang Dongsheng majored in finance in his early years. In 1992, when Beijing Electronic Tube Factory was on the verge of bankruptcy, he took over as the factory director and promoted enterprise reform.

In the following year, Wang Dongsheng led the employees to raise 6.5 million yuan of seed funds by themselves, and finally founded BOE. For more than 20 years after that, he served as the chairman and CEO of BOE for a long time, participating in promoting China's display industry from catching up to large-scale operation and international competition.

After leading BOE to be listed on the A-share market for many years, after experiencing technology R&D, supply chain construction, large-scale production and global market competition, he started his second entrepreneurship in 2019, and embarked on the road of integrated circuits through Eswin Group, which finally led to the subsequent story.

Up to now, Eswin Group has grown into a provider of products and services in the integrated circuit field, with businesses including chips and solutions, silicon materials, ecological chain development and other sectors. In addition to Eswin Computing, which undertakes the chip and solution business, they also have Xi'an Yicai, which focuses on the silicon material business.

The two companies face different industrial problems. Eswin Computing starts from computing architecture, chip design and software, while Xi'an Yicai provides 12-inch silicon wafers required for chip manufacturing, which are used to manufacture memory chips, logic chips, image sensors, display driver chips and power devices.

With the support of IDG Capital, Xinengdong, Three Rings Capital, Bohua Capital, Goldstone Investment, China Integrated Circuit Industry Investment Fund, Shaanxi Private Fund, Zongwei Capital, China Life Equity, Hengxu Capital, Shangqi Capital, SDIC Chuanghe, Shanghai Comprehensive Reform Fund, Source Code Capital, China Development Bank Technology Innovation, Shaanxi Integrated Circuit Fund, China Integrated Circuit Industry Investment Fund Phase II and other institutions, Xi'an Yicai was listed in 2025.

Focusing on these two main businesses, Eswin Group also extends to upstream and downstream links such as materials, components, equipment, packaging and testing through the ecological chain development business. Starting from industrial research and project screening, the company participates in project planning, pre-R&D and feasibility study, and then promotes industrial implementation, system construction, as well as subsequent financing and growth.

Chip products require the cooperation of manufacturing and packaging & testing, and materials, equipment and components also need to enter the customer's verification system. Eswin Group promotes businesses separately through different companies, and then supplements supporting links through investment and incubation, linking the development of individual projects with the construction of upstream and downstream.

After the business was gradually expanded, Wang Dongsheng also successively handed over the management responsibility of the company to the next generation. Up to now, the chairman and chairman of the executive committee of Xi'an Yicai is 48-year-old Yang Xinyuan, while the chairman and CEO of Eswin Computing is 46-year-old Mi Peng.

However, the 69-year-old Wang Dongsheng is still working hard for the development of China's semiconductor industry. In addition to continuing to serve as the chairman of Eswin Group, he is also the chairman of the strategy and investment committee of the board of directors of Xi'an Yicai and Eswin Computing, and participates in promoting broader industrial cooperation.

In 2024, he put forward the industrial concept of RDI (RISC-V Digital Infrastructure), calling on the upstream and downstream of the industrial chain to jointly build the RDI industrial ecosystem. According to this vision, RDI covers chips, equipment, software and systems adopting the RISC-V architecture, as well as the resulting "new computing power, new network, new data, new facilities and new terminals".

This initiative extends the scope of cooperation from chip design to equipment, software and systems. For RISC-V chips to enter more applications, both product development, software adaptation and adoption by equipment manufacturers are required. Wang Dongsheng hopes to promote this computing architecture to enter a wider range of digital infrastructure through the joint investment of upstream and downstream parties.

From display panels to silicon wafers and computing chips, Wang Dongsheng continues to participate in the industrialization of technology, and also organizes funds, teams and upstream and downstream resources for related industries. The development of BOE, the entry of domestic silicon wafers into customer supply chains, and the adoption of RISC-V products by terminals together form the main line of his life: to continuously fill the key gaps in China's semiconductor industry chain with industrialization capabilities.

This article is from the WeChat official account "ChinaVenture", author: Lu Zhigao, authorized for release by 36Kr.