Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.</li>
<li>We look at the company's core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.
We look at the company's core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>RISC-V, as a relatively new and rapidly developing instruction set, has gradually penetrated thanks to its advantages of being open-source, flexible, low-power consumption.However, overall market is still in exploration stage.</li>
<li>Embodied intelligence is regarded by ESWIN as the second largest business scenario in the future, but it has not yet found a way to achieve commercialization on a large scale.</li>
<li>In terms of IPO valuation, a conservative scenario could be P/S of 15-20x. A neutral scenario could be P/S of 25-30x. An optimistic scenario could be P/S of 35-40x</li>
</ul>


RISC-V, as a relatively new and rapidly developing instruction set, has gradually penetrated thanks to its advantages of being open-source, flexible, low-power consumption.However, overall market is still in exploration stage.
Embodied intelligence is regarded by ESWIN as the second largest business scenario in the future, but it has not yet found a way to achieve commercialization on a large scale.
In terms of IPO valuation, a conservative scenario could be P/S of 15-20x. A neutral scenario could be P/S of 25-30x. An optimistic scenario could be P/S of 35-40x


Pre-IPO Beijing ESWIN Computing Technology (PHIP Updates) - The Strength and the Concerns

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Biren Technology / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

INFRONEER Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, last week's Hong kong listings were a mixed bag.</li>
<li>On the placement front, given the holiday shorterened week there were only a few placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, last week's Hong kong listings were a mixed bag.
On the placement front, given the holiday shorterened week there were only a few placements across the region.


Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

Hong Kong

Beijing ESWIN Computing Technology Co., Ltd. is a RISC-V oriented chip product provider in China, specializing in the research and design of chips, chipsets, and circuit boards, along with essential software. The company was China's largest domestic smart device human-machine interaction chip product provider by revenue in 2025 and is currently seeking a primary listing on the Hong Kong Stock Exchange.

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Beijing ESWIN Computing Technology (ESWIN HK)

ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

ESWIN Computing has passed the HKEX hearing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Pre-IPO Beijing ESWIN Computing Technology (PHIP Updates) - The Strength and the Concerns

RISC-V gaining traction for open-source flexibility, but is in early stage. Embodied intelligence seen as future scenario, but commercialization...

Xinyao (Criss) Wang

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

ESWIN Computing has passed the HKEX hearing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Pre-IPO Beijing ESWIN Computing Technology (PHIP Updates) - The Strength and the Concerns

​RISC-V gaining traction for open-source flexibility, but is in early stage. Embodied intelligence seen as future scenario, but commercialization...

Xinyao (Criss) Wang

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

RISC-V gaining traction for open-source flexibility, but is in early stage. Embodied intelligence seen as future scenario, but commercialization...