Zhiyi Investment founder and CEO Zhao Fu (left) with ESWIN Computing's Wang Dongsheng (center) and Mi Peng (right) at the listing ceremony.
According to IPO Zaozhidao, Beijing ESWIN Computing Technology Co., Ltd. (hereinafter referred to as "ESWIN Computing") officially listed on the Hong Kong Stock Exchange Main Board under the stock code "1256" on October 9, 2026, becoming the "first RISC-V stock."
Since its establishment, ESWIN COMPUTING has received investment from multiple well-known institutions. Among them, Zhiyi Investment participated in ESWIN Computing's Series C financing in 2021.
Zhiyi Investment founder and CEO Zhao Fu stated: Congratulations to ESWIN Computing on its Hong Kong Stock Exchange listing. From our Series C investment in 2021 to today, what Zhiyi has witnessed is not just the growth of a chip company, but a breakthrough in domestic RISC-V computing power from "usable" to "easy to use and scalable," gradually achieving "leadership" in the AI era. ESWIN has built a multi-scenario product matrix for the AI era covering automotive, embodied intelligence, robotics, and edge computing. Its automotive-grade chips have achieved stable mass production and deployment, and its edge AI layout continues to expand.
Behind these achievements is the industrial vision and long-term strategic direction that Mr. Wang Dongsheng established for ESWIN, as well as the world-class execution demonstrated by Chairman Mi Peng and his team. Zhiyi Investment highly recognizes the fighting strength of the ESWIN team. Value realization in the semiconductor field is never achieved overnight. The listing is a new starting point, and we look forward to ESWIN continuing to deepen its RISC-V plus AI core technology路线, becoming a pillar of China's computing power independent innovation.
Investing in ESWIN Computing Based on Four Major Criteria, Confident It Can Continuously Amplify Platform Value
In fact, in 2021, the RISC-V sector was still in its early development stage. Market enthusiasm had not yet picked up, and there were not many startup projects with genuine commercialization capabilities.
Zhao Fu pointed out that the core decision-making basis for Zhiyi choosing to bet on ESWIN Computing in 2021 mainly rested on four points: First, from a long-term strategic perspective, Zhiyi firmly believes in the major trend of independent innovation in domestic chips. RISC-V is a rare path for China to build an independent computing power foundation, capable of reducing dependence on external architectures. Although the technology was not yet mature in 2021, this is the most fundamental investment logic for Zhiyi's layout in this track.
Second, ESWIN Computing possesses a mature team that has been tempered through long-term industrial practice. The team has deep experience in large-scale industrial operations, supply chain execution, and industrialization implementation, clearly distinguishing it from many startup teams that only have technical solutions. This is a trait Zhiyi values greatly.
Third, the team has already accumulated solid mass production capability and commercialization experience. In 2021, the vast majority of RISC-V companies were still at the IP research and development and sample verification stages, while ESWIN Computing had already achieved chip mass production and deployment, with stable customers and real application scenarios. It crossed the most difficult mass production chasm in chip startups, significantly reducing industrialization risk.
Fourth, ESWIN is not a single-point IP or single-chip product company. Its business layout covers a wide range, with products spanning display, IoT, edge computing, and multiple other tracks. Multiple business lines synergize with each other, creating larger market space and a higher growth ceiling. Compared to companies focused on a single product, it has stronger risk resistance and long-term expansion potential.
Today's ESWIN Computing has gradually developed into China's largest domestic intelligent terminal human-machine interaction chip product provider. In the "RISC-V plus AI" direction, ESWIN Computing has become the company with the most comprehensive global patent, IP, and product coverage, which also validates Zhiyi's judgment at the time.
"Overall, in 2021, when the RISC-V industry was still in its early stages and quality targets were scarce, ESWIN Computing was one of the few targets in the track that possessed both technical strength and industrial implementation capability, making it a key focus of our layout," Zhao Fu summarized.
Zhao Fu further pointed out that as the number of participants in the domestic RISC-V track increases, different companies have their own development paths. RISC-V application scenarios are sufficiently rich, and the overall market remains a blue ocean. ESWIN Computing's differentiated barrier is not simply about IP or single-core performance. The core lies in deep scenario understanding and the ability to collaborate long-term with leading customers for continuous iteration.
"Many competitors focus more on the IP core itself, while ESWIN Computing starts from real terminal application needs to build integrated hardware-software platform solutions," Zhao Fu added. "The company's goal is not to pursue short-term market share, but to pursue long-term leadership in core scenarios. Beyond its existing advantageous areas, it is also continuously expanding in automotive, robotics, embodied intelligence, and computing directions, constantly broadening application boundaries, forming synergistic advantages across multiple industrial lines, and continuously amplifying platform value."
Of course, Wang Dongsheng is also one of the most important labels associated with ESWIN Computing. Zhao Fu believes that Wang Dongsheng possesses the vision and sense of mission unique to Chinese entrepreneurs. "Having deeply cultivated the technology track for so many years, what resonates most with us is precisely this kind of person who treats technology as a national endeavor. That's exactly the spirit Wang Dongsheng embodies."
At the same time, Wang Dongsheng is not a utopian idealist—he repeatedly emphasizes that hard technology requires both looking up at the big industrial direction and respecting commercial realities, finding a balance between long-term value and short-term survival. "This is precisely Zhiyi's creed: we don't chase highs, we don't chase trends. We only accompany champions through the most difficult part of the journey in tracks we have deeply cultivated, and then provide longer-term companionship as the company grows to 'add the icing on the cake.' When looking at a company, we never look at whether it is cheap now, but at how big it can grow when the industry explodes—this long-term vision aligns with Wang Dongsheng's."
Furthermore, Wang Dongsheng is accustomed to planning layouts from the perspective of the entire industry chain. This approach of "starting from fundamental laws and making systematic moves" is also exactly like Zhiyi's methodology.
Zhiyi's Investment Methodology Validated Again, Gradually Forming a "Systematic Approach to Hitting the AI Mainline"
Notably, with ESWIN Computing's successful listing on the Hong Kong Stock Exchange today, Zhiyi Investment has harvested two IPOs in less than two months—on August 20, Lu Kong Transmission officially listed on the Shenzhen Stock Exchange ChiNext under stock code "301655." Since its Series B financing in September 2018, Zhiyi Investment has invested in Lu Kong Transmission five times over eight years, with total investment exceeding RMB 300 million. Before the IPO, Zhiyi Investment held 7.77% of Lu Kong Transmission's shares, making it the largest external investor.
In response, Zhao Fu explained that although Lu Kong Transmission is in the energy layer and ESWIN Computing is in the chip layer; one is new energy electric drive, the other is RISC-V computing power chips, the tracks are far apart. But Zhiyi invested in them using the same methodology—at the coldest or most divisive moments, relying on deep industry research to identify the champion that has not yet been fully recognized, decisively taking a heavy position, and accompanying long-term until validated by the market.
"The two companies listing in succession at the same stage precisely proves that this 'deep cultivation, precise selection, heavy positioning, empowerment, win-win' playbook is not reliant on a single stroke of luck, but can be repeatedly replicated across different tracks and different cycles. More importantly, the energy layer and chip layer are two cornerstone pieces—one at the bottom and one in the middle—of Zhiyi's AI full-stack map. Their simultaneous realization is also a concentrated harvest of Zhiyi's systematic AI layout over the years, marking Zhiyi's transition from 'being able to invest in good projects' to 'being able to systematically hit the AI mainline,'" Zhao Fu stated.
In Zhiyi's view, the "five-layer cake" proposed by Jensen Huang is not just a technology stratification, but an energy and value transformation chain from "electronics" to "intelligence"—electricity first becomes computing power, computing power then supports models, and models ultimately penetrate thousands of industries. Whoever masters every link from the bottom up holds the true certainty of this AI wave.
Zhiyi's layout is precisely a systematic move along this chain "growing upward from the energy foundation": at the energy layer, Lu Kong Transmission's electrification iteration for commercial vehicles builds the energy foundation for the industry's next step in AI intelligence; at the infrastructure layer, XiLian Optical connects optical communication pathways in the infrastructure interconnection layer, SpaceX provides space computing power at the infrastructure layer (through PSG layout), and Zhongke Liangshu schedules quantum computing power at the infrastructure layer; at the chip layer, ESWIN Computing promotes independent innovation in computing power chips with domestic RISC-V architecture; at the model layer, overseas Anthropic, xAI (through PSG layout), and domestic ByteDance respectively lead cutting-edge foundation models and application ecosystems; at the application layer, Guangjian Technology provides core modules for embodied intelligence to perceive the physical world (3D perception and data collection), Yufan Intelligence drives logistics and industrial scenario intelligence at the embodied intelligence application layer, Aiwater AI drives enterprise-level AI Agent implementation, and Aikai Biology drives AI-driven cell therapy innovation.
"Most institutions chase the heat of the top two layers, while Zhiyi chooses to invest from the 'heaviest' and most certain bottom layers—because no matter how tall the cake is, it is always the foundation that bears the weight. These five layers are not five isolated projects, but an interlocking map: it proves that Zhiyi's AI investment is not about betting on a single trend, but about disciplined, forward-looking laying of a complete mainline from electricity to intelligence, layer by layer," Zhao Fu emphasized.
Regarding possible stock price fluctuations after ESWIN's listing, Zhao Fu stated that the pricing logic of primary and secondary markets inherently differs. Primary investment focuses more on long-term growth space and industrial value, while the secondary market is more susceptible to short-term influences from liquidity, industry sentiment, and the pace of earnings realization.
"We will not simply judge a company's true value by short-term stock price fluctuations."
When discussing future investment strategy, Zhao Fu introduced that Zhiyi will continue to build a systematic layout around the AI five-layer architecture, following the investment discipline of "deep cultivation, precise selection, heavy positioning, empowerment, win-win," to be a group of disciplined investors who traverse cycles and create long-term returns.
"We will not be pushed by track heat to rush into projects. We adhere to two-dimensional screening: on one hand, whether it falls within the capability circle of the five-layer architecture; on the other hand, whether the company has real implementation scenarios, solid technical barriers, and reasonable valuation, refusing to pay premiums for concepts," Zhao Fu stated. "In practice, we maintain the approach of 'observe and verify first, confirm signals before taking heavy positions,' willing to lie in ambush on the eve of industry explosions rather than grabbing projects during bubble phases. At the same time, we independently review and assess every investment to control fund positions."
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