王东升的“芯”征程：两家“独角兽”企业冲刺IPO

Core Viewpoint - Wang Dongsheng, known as the "father of Chinese LCD," is leading a new venture, Beijing Yisiwei Computing Technology Co., Ltd., which focuses on RISC-V architecture and is on the path to an IPO in Hong Kong, potentially becoming the first RISC-V stock [2][4][12]. Company Overview - Yisiwei Computing was established in 2019 and has completed four rounds of financing, raising approximately 9 billion yuan [6][7]. - The company is the largest domestic supplier of fully customized RISC-V solutions, with significant backing from well-known investment institutions [7][19]. - Wang Dongsheng's vision for Yisiwei is to create a respected enterprise in the integrated circuit field, with a focus on innovation and development [12][17]. Financial Performance - Yisiwei Computing has not yet achieved profitability, with cumulative losses nearing 7 billion yuan over the past three years [19][22]. - Revenue figures for 2022 to 2024 are projected at 2 billion yuan, 1.75 billion yuan, and 2.025 billion yuan, respectively, with significant operating losses reported [19][20]. - The company has a heavy reliance on a single major client for nearly 80% of its revenue, which poses a risk to its financial stability [20][21]. Market Position and Strategy - The RISC-V architecture is seen as a potential "third path" in the CPU market, offering an open-source alternative to established architectures like X86 and ARM [14][15]. - Yisiwei aims to leverage RISC-V's flexibility and efficiency to address challenges in the AI era, positioning itself as a leader in this emerging market [15][18]. - The company plans to use IPO proceeds for developing new smart terminal solutions and expanding its marketing network [21]. Leadership Transition - Wang Dongsheng has stepped down from the chairman roles of both Yisiwei Computing and its sister company, Yisiwei Materials, passing leadership to a younger generation while remaining involved in strategic roles [22].