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Limited spots available, first come first served. Let us embark on the journey of sustainability together! [Click to register] For stock trading, look at the Jin Qilin analyst research reports—authoritative, professional, timely, comprehensive, helping you uncover potential thematic opportunities! Source: Securities Star. On October 9, 2026, 69-year-old Wang Dongsheng stood on the Hong Kong Stock Exchange bell-ringing podium for the third time. From BOE to Xi'an Eswin (688783.SH), and now to ESWIN COMPUTING (01256.HK), this "father of the display industry" has added another piece to his capital empire. However, ESWIN COMPUTING, hailed by the market as the "first RISC-V stock," broke its issue price on its very first day of listing. Over the following week, its share price remained below the issue price, leaving the nine cornerstone investors in a state of unrealized losses.

Securities Star noted that the lukewarm response from the capital markets points to the company's true fundamentals: from 2023 to 2025, ESWIN COMPUTING accumulated a net loss of approximately 4.9 billion yuan, and it still failed to turn a profit in the first quarter of 2026; its gross margin was below 20%, with the average selling price of its core human-machine interaction chip products nearly halved and gross margin sliding all the way down to 7.3%; revenue from its top five customers accounted for over 80% for an extended period, weakening its bargaining power. Combined with the Hong Kong stock market's increasingly rational valuation and pricing of unprofitable hard-tech enterprises, ESWIN COMPUTING is facing real scrutiny beneath the halo of being the "first RISC-V stock."

Share Price Still Below Issue Price, "First RISC-V Stock" Halo Fades

Rewinding to 1993, Wang Dongsheng founded BOE and served as its chairman, leading the company from the brink of bankruptcy to becoming a global panel leader; after stepping down in June 2019, he was invited to join Beijing ESWIN Technology Co., Ltd., venturing into the semiconductor field, and restructured the ESWIN Group's business architecture, spinning off four entities including Xi'an Eswin and ESWIN COMPUTING. On October 28, 2025, Xi'an Eswin listed on the Shanghai Stock Exchange's STAR Market; on October 9, 2026, ESWIN COMPUTING officially listed on the Hong Kong Stock Exchange. It is understood that ESWIN COMPUTING is a chip product provider based on the RISC-V architecture, which uses RISC-V as its foundational computing architecture, focusing on the R&D and design of chips, chipsets and/or boards and related core software, while outsourcing integrated circuit manufacturing, packaging, and testing to third-party service providers.

From panels to chips, from A-shares to Hong Kong stocks, Wang Dongsheng's capital empire is being rolled out step by step. But this time, the capital markets' response was lukewarm. In this listing, ESWIN COMPUTING globally offered approximately 1.617 billion H-shares at HK$1.55 per share, raising net proceeds of approximately HK$2.386 billion. Of this, approximately 35% is for developing new chip products and iterating existing chip products, approximately 30% for investing in the hardware and software capabilities of the RISC-V platform, approximately 15% for potential strategic acquisitions, approximately 10% for building and expanding the marketing network, and approximately 10% for working capital and general corporate purposes.

For investors, ESWIN COMPUTING carries the imaginative potential of the RISC-V architecture in China's chip industry, and Wang Dongsheng's industry background also adds credit endorsement to the company. Securities Star noted that on its first day of listing, ESWIN COMPUTING broke its issue price at the open, quoted at HK$1.54 per share, dipping to an intraday low of HK$1.365 per share, then fluctuating upward to an intraday high of HK$1.64 per share, before continuing to slide to the close, ultimately settling at HK$1.535 per share, down 0.97%. For a company endowed with a grand narrative, this opening was hardly dignified. The broken issue price did not stop on the first day—over the following two trading days, the share price continued to decline, with ESWIN COMPUTING closing at HK$1.345 per share on October 13. On October 14, 15, and 16, it showed a pattern of recovery—pullback—recovery. As of now, ESWIN COMPUTING's share price stands at HK$1.38 per share. Overall, ESWIN COMPUTING's share price remained below its issue price throughout its first week of listing, with market sentiment leaning cautious.

ESWIN COMPUTING introduced nine cornerstone investors in this IPO, subscribing to a total of approximately HK$1.161 billion, with the cornerstone lineup mainly comprising local state-owned capital platforms and industrial capital, including Yitang Shenghai Fund, Hefei Construction Investment, Haiyao Industrial, Qizhong International, CITIC Asset Management Hong Kong, Orix, and others, collectively allocated approximately 749 million shares, accounting for approximately 46.33% of the total offering. However, as the share price remained below the issue price, as of the close on October 16, the nine cornerstone investors had accumulated unrealized losses of approximately HK$127 million.

Gross Margin Below 20%, Human-Machine Interaction Chip Average Price Nearly Halved

Behind the broken issue price on listing is a stress test by investors of ESWIN COMPUTING's true fundamentals. As of March 31, 2026, ESWIN COMPUTING had launched over 150 software-hardware integrated products to the market. Based on application scenarios, the company offers two major product lines: intelligent terminal chip products (human-machine interaction chip products and multimedia processing chip products) and interconnect and computing chip products (interconnect chip products and computing chip products). According to Frost & Sullivan data, by 2025 revenue, ESWIN COMPUTING is China's largest domestic provider of intelligent terminal human-machine interaction chip products.

The title is impressive, but the financial data tells a different story. From 2023 to 2025, ESWIN COMPUTING's revenue was 1.752 billion yuan, 2.025 billion yuan, and 2.431 billion yuan, respectively. In the first quarter of 2026, the company's revenue was 494 million yuan, showing a steady growth trend. In terms of revenue structure, human-machine interaction chip products are the core base. From 2023 to 2025 and the first quarter of this year, human-machine interaction chip products accounted for 86.7%, 83.5%, 76.3%, and 46% of revenue, respectively; computing chip products' revenue share rose from 0.0% in 2023 to 13.2% in 2025, and further increased to 45.1% in the first quarter of this year, becoming the company's second-largest revenue source.

Securities Star noted that amid scale growth, ESWIN COMPUTING has yet to achieve profitability. From 2023 to 2025, the company recorded net losses of 1.837 billion yuan, 1.547 billion yuan, and 1.516 billion yuan, respectively, with a three-year cumulative loss of approximately 4.9 billion yuan, and it still lost approximately 375 million yuan in the first quarter of 2026. ESWIN COMPUTING attributed the losses to substantial upfront investment required for R&D, economies of scale not yet fully realized, and other factors. A closer look at the expense structure reveals a concerning signal: ESWIN COMPUTING's R&D expenses dropped from 1.445 billion yuan in 2023 to 1.042 billion yuan in 2025, with the proportion of revenue plummeting from 82.5% to 42.8%; meanwhile, selling and distribution expenses rose from 167 million yuan to 235 million yuan. When a chip design company begins to compress R&D investment, its long-term competitiveness inevitably raises market concerns.

The weakening of profitability further confirms this concern. ESWIN COMPUTING's overall sales gross margin has consistently been below 20%, and in the first quarter of 2026 it fell further from 18.6% in 2025 to 14.8%. The company explained in its prospectus that this was mainly due to the implementation of a "volume over price" market strategy, demand fluctuations, and other reasons. Among them, the average selling price of human-machine interaction chips, which contribute the highest proportion of revenue, dropped from 20.9 yuan in 2023 all the way to 11.6 yuan in the first quarter of 2026, nearly halved, with its sales gross margin sliding period by period from 18.8% to 7.3%. The reason "volume over price" can continuously push prices down may stem from extremely high customer concentration: from 2023 to 2025 and the first quarter of 2026, ESWIN COMPUTING's top five customers accounted for 90.7%, 88.5%, 89.5%, and 83.1% of revenue, respectively, with the largest customer accounting for 82.1%, 76.8%, 64.6%, and 39.3% during the same periods. This structure of heavy dependence on a single major customer puts the company in a passive position in price negotiations—in order to retain orders, it has no choice but to concede profit margins.

For Wang Dongsheng, the third bell-ringing is only the starting point. How to transform the "first RISC-V stock" from a paper halo into real profitability is what the capital markets truly care about.