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JUMBO SHEEN
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JUMBO SHEEN FUND expands its semiconductor industry investment footprint with a new listed portfolio company. Spanning materials to advanced packaging, GPUs to memory, computing chips to autonomous driving chips, and now RISC-V computing architecture chips, another key piece of JUMBO SHEEN FUND’s semiconductor industrial chain investment puzzle has entered the capital market.
On October 9, Eswin Computing Technology Co., Ltd. (“Eswin Computing”, stock code: 01256.HK), a portfolio company of JUMBO SHEEN FUND, was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited, emerging as the highly anticipated “first RISC-V listed stock”. Ms. Wang Jun, President of JUMBO SHEEN FUND, and Mr. Yao Nianyue, Overseas Executive Director, were invited to attend the bell-ringing ceremony to witness this milestone together.
At the opening of its first trading day, Eswin Computing (01256.HK) opened at HK$1.55 per share, representing a market capitalization of HK$33.867 billion. The final offer price for the global offering was set at HK$1.55 per H-share, within the offer price range of HK$1.48 to HK$1.59. Following the partial exercise of the over-allotment option, the total number of H-shares offered under the global offering stands at 1.617 billion. The Hong Kong public offering comprises 157 million shares, accounting for approximately 9.71% of the global offering, while the international offering consists of 1.460 billion shares, representing roughly 90.29% of the global offering. The partial exercise of the over-allotment option involved the issuance of an additional 47.106 million H-shares, all allocated to the international offering, equivalent to about 3.00% of the initial global offering size.
I. Today’s Bell: A Key Move Comes to Fruition
Eswin Computing was founded in 2019 by Wang Dongsheng, founder of BOE. With over four decades of deep experience in the semiconductor industry, Wang Dongsheng once led BOE to rewrite China’s history of shortage in display panels. This time, he shifted his focus from “panels” to “chips”, betting on the open-source RISC-V instruction set architecture to build a “third pole” to challenge the chip world long dominated by x86 and Arm.
Based on 2025 revenue, Eswin Computing is China’s largest domestic supplier of human-machine interaction chips for smart terminals (holding a 5.7% market share), and the country’s third-largest domestic provider of RISC-V main control chips. From 2023 to 2025, the company’s revenue rose from RMB 1.752 billion to RMB 2.431 billion, representing a compound annual growth rate (CAGR) of 17.8%. Its revenue in Q1 2026 reached RMB 494 million, up 18.4% year-on-year. As of the end of March 2026, the company has launched more than 150 hardware-software co-design products, serving 220 customers worldwide, and owns over 620 IP modules and more than 20 series of RISC-V cores.
Its second growth curve deserves particular attention: revenue from computing chips and solution business jumped from RMB 375,000 in 2023 to RMB 320 million in 2025, and hit RMB 223 million in Q1 2026, accounting for 45.1% of total revenue. Its product portfolio includes EAM2011, China’s first automotive-grade MCU supporting lightweight AI applications; R520A, the world’s first multi-core, multi-architecture RISC-V core certified to ASIL-D functional safety; and EPD8828, the AMOLED display driver chip adopted in Honor 500 series. Its products are rapidly gaining volume penetration in core tracks including automotive, industry and edge computing.
The industry trend is equally clear: RISC-V’s global market share has exceeded 25%, and RISC-V has been incorporated into the 15th Five-Year Plan for the Development of Electronic Information Manufacturing Industry. Industry estimates show that China’s market size for RISC-V main control solutions grew from RMB 100 million in 2020 to RMB 16.1 billion in 2024, and is projected to reach RMB 161.1 billion by 2029. For this IPO, Eswin Computing introduced nine cornerstone investors including Hefei Construction Investment, Haiyao Industry (affiliated with Tongfu Microelectronics), Qizhong International (affiliated with Qizhong Technology), and ORIX — solid backing from industrial upstream and downstream players as well as long-term capital.
As an investor in Eswin Computing, JUMBO SHEEN FUND is honored to accompany the company from a unicorn to the capital market.
II. A Blueprint Mapped Out Long Beforehand
JUMBO SHEEN FUND’s investment in Eswin Computing is not an isolated bet, but a logical step within its industrial-chain investment strategy.
▍Chip Design | Eswin Computing A provider of computing architecture chips and solutions built on RISC-V as the core underlying technology, covering cloud-edge-end inference scenarios. It represents a key deployment in the “computing architecture” segment of JUMBO SHEEN’s investment map.
▍Materials | Xi’an Yicai The physical starting point for all chips lies in 12-inch silicon wafers. By monthly shipment volume in 2024, Xi’an Yicai, backed by JUMBO SHEEN FUND, ranks No.1 in mainland China and No.6 globally among 12-inch silicon wafer manufacturers. The company was listed on the STAR Market on October 28, 2025, becoming the first unprofitable enterprise accepted by the Shanghai Stock Exchange after the launch of the “Eight STAR Market Reforms”. Its total market cap once exceeded RMB 100 billion on its debut trading day.
▍Advanced Packaging | JCET-Advanced Packaging (Shenghe Jingwei) As Moore’s Law approaches physical limits, advanced packaging has emerged as a new battlefield to boost computing density. Chiplet and 2.5D/3D integration are the decisive technologies for large AI chips. JUMBO SHEEN portfolio company Shenghe Jingwei is a world-leading IC wafer-level advanced packaging and testing enterprise and the undisputed domestic leader in 2.5D advanced packaging, positioned at the heart of the advanced packaging wave.
▍Computing Power | Biren Technology | Black Sesame Technologies On January 2, 2026, Biren Technology, which JUMBO SHEEN has invested in successively since its Series B round in 2021, was listed on the Hong Kong Stock Exchange as “Hong Kong’s first GPU stock”. Its market capitalization surpassed HK$100 billion on listing day. JUMBO SHEEN also invested in Black Sesame Technologies, a global leader in autonomous driving computing chips, establishing multi-point positioning across general-purpose computing, autonomous driving computing and dedicated computing power.
▍Storage Capacity | ChangXin Memory Technologies On the other side of computing power sits storage capacity. JUMBO SHEEN-backed ChangXin Memory Technologies is China’s leading DRAM IDM, growing in lockstep with every expansion of China’s computing industry.
Viewed as a complete ecosystem: silicon wafers form the physical substrate; advanced packaging determines computing density; GPUs and RISC-V chips act as computing engines; storage serves as the data repository. Each individual portfolio company is a single point, and these points weave together into a network. Once the network is built, every investment falls within the overarching system. Today’s newly listed Eswin Computing is a new node naturally grown out of this ecosystem.
III. How We Make Moves in Semiconductor Investments
Looking back on JUMBO SHEEN’s semiconductor investment journey, three core principles have been consistently upheld.
First, map out the landscape before identifying targets. Rather than chasing market fads, we build our strategy on full industrial-chain research. Following the two main threads of domestic substitution and AI computing power, we first pinpoint critical bottleneck nodes, then identify the most promising teams at those nodes.
Second, take concentrated bets on critical nodes. Segments such as silicon wafers, advanced packaging, GPUs, memory and computing architecture require massive capital outlay, long development cycles and high technical barriers. These are also the areas with the lowest self-sufficiency rates and the highest strategic value. JUMBO SHEEN chooses to place heavy bets on these critical areas: invest early, invest precisely and invest substantially.
Third, long-term partnership and ecosystem collaboration. From successive follow-on investments in Biren Technology spanning its Series B round in 2021 to the Pre-IPO round in 2025, to parallel investments in upstream and downstream players within the same ecosystem from Xi’an Yicai to Eswin Computing, JUMBO SHEEN has acted as a long-term partner through industry cycles. Portfolio companies also partner with one another across silicon wafers, packaging & testing, chip design and other segments, triggering synergistic chemical reactions along the industrial chain.
IV. Conclusion
The semiconductor industry is a marathon measured in decades. AI is expanding from the cloud to edge and end devices. RISC-V has unlocked the “third pole” of computing architecture, and the wave of autonomy for domestic semiconductors is irreversible. These form the underlying logic behind our repeated investments, and the outcomes that time will ultimately deliver.
Today, Eswin Computing rings the listing bell. For JUMBO SHEEN, this marks another move on our investment map, and more importantly, the starting point of a new journey. We will continue to deepen our footprint across the industrial chain, and together with more Chinese semiconductor enterprises, keep telling the story of “China Chips”.
Warm congratulations to Eswin Computing on its successful listing on the Hong Kong Stock Exchange as Hong Kong’s “first RISC-V listed stock”. We look forward to Eswin Computing building on this new milestone, continuously advancing RISC-V chip R&D, improving the domestic chip ecosystem, and contributing to China’s semiconductor self-reliance.
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