Three Chinese brain-computer interface operators are simultaneously moving through IPO processes on two exchanges. Neuracle Medical Technology (Chinese: 博睿康技术（上海）股份有限公司) is the leader: its Shanghai Stock Exchange STAR Market prospectus was accepted for review on 11 June 2026, with a planned RMB 2.5 billion (approximately US$345 million) raise. BrainCo (强脑科技) filed a confidential Hong Kong Exchange application in January 2026, with joint sponsors China International Capital Corporation (CICC) and UBS. Arfysica Innovation (术理创新), led by female founder Wang Wei, registered STAR Market pre-IPO tutoring in early September 2026 with Huatai United Securities, entering the pipeline three months behind Neuracle at the earliest stage. Despite the trade-press framing that one of these companies is “about to ring the bell,” none has priced or listed. The first Chinese BCI stock is not yet public.
Neuracle Medical is the actual leader
Neuracle Medical Technology is the same 博睿康 that received China’s first commercial invasive BCI approval from the NMPA in March 2026 for the NEO-ONE SCI device (a coin-sized dual-mode closed-loop epidural implant, indicated for hand rehabilitation in spinal cord injury). The company was founded in November 2011 and is headquartered in Zhangjiang, Pudong District, Shanghai. Founders Xu Honglai (Chairman and General Manager) and Huang Xiaoshan (Vice-Chairman and Deputy General Manager) are both Tsinghua Biomedical Engineering alumni and students of Prof. Gao Shangkai, described in Chinese-language coverage as one of the founders of China’s BCI field. Xu holds 12.25 percent direct ownership; Huang holds 10.44 percent. Combined founder control via Beijing 博睿康投资 and Shanghai partnership vehicles totals 33.56 percent.
Neuracle’s STAR Market IPO tutoring was registered on 4 February 2026 with CITIC Securities as sponsor. Prospectus acceptance by the Shanghai Stock Exchange followed on 11 June 2026 under Standard 5 (the STAR Market’s pre-profit technology track, which permits listing without positive net income). The planned raise is RMB 2.5 billion (~US$345 million at current exchange rates), split RMB 1.54 billion to R&D, RMB 0.41 billion to production capacity, and RMB 0.55 billion to working capital. The offering is up to 20 million ordinary shares at no less than a 25 percent post-issue float. As of publication, the CSRC review remains at the prospectus acceptance stage; no registration approval has been granted.
The disclosed financials reset the Chinese invasive BCI story
The Neuracle prospectus is the first substantive financial disclosure from a leading Chinese BCI operator, and it materially resets what commercial invasive BCI looks like in 2026.
Revenue for 2023, 2024, and 2025 was RMB 75.21 million, RMB 65.97 million, and RMB 108 million respectively. Gross margin was 75.97 percent, 79.40 percent, and 78.18 percent across the same years. Net loss attributable to shareholders was RMB 48.76 million, RMB 49.53 million, and RMB 230 million (the 2025 figure includes significant non-cash items, with non-recurring-adjusted loss of RMB 47.31 million). Cash on hand at reporting date was RMB 222 million with additional structured deposits of RMB 448 million; asset-to-liability ratio was 14.14 percent.
The critical prospectus datapoint: NEO invasive product revenue through the reporting period is zero. All disclosed revenue comes from the company’s non-invasive product line (EEG systems in 8 to 1024 channel configurations, EMG and evoked-potential systems, transcranial electrical stimulation), which is deployed at more than 500 hospitals and 300 research institutions across China. The commercial-invasive business is investigational: 32 patients had been implanted by end-2025, primarily under the NMPA innovative-medical-device special-review pathway that produced the March 2026 NEO-ONE SCI clearance.
The takeaway is that Neuracle’s IPO is being underwritten by the STAR Market’s pre-profit track (Standard 5), against a proven non-invasive commercial base plus a first-mover regulatory position on invasive. The company is not raising against a revenue-producing invasive product line. It is raising to fund the pipeline: NEO-ONE ANS (epilepsy, in NMPA innovative-device review with confirmatory multi-centre trials underway), NEO-ONE Stroke, NEO-AXIS (lower-limb), and NEO-AURA (high-channel next-generation platform for fine motor and speech decoding). The invasive commercial revenue line is a future-quarter event, not a present-quarter one.
Named institutional investors on the cap table include Sequoia China (Hongshan), Songhe Capital, Huakong Fund, Pudong Venture Capital, Baidu Ventures, Dachen Caizhi, and Zhongguancun Development. The most recent private round was a China Merchants China Fund E round in December 2025 (RMB 15 million).
BrainCo pursues a separate Hong Kong track
BrainCo, whose Chinese entity is 强脑科技 (BrainAurora Zhejiang, based in Shaoxing) with a US office in Somerville, Massachusetts, is on a different regulatory track. The HKEX issuer is a Cayman Islands exempted company incorporated on 25 April 2023 as a post-reorganisation holding entity. BrainCo filed its confidential Hong Kong IPO application in January 2026 with joint sponsors CICC and UBS. Bloomberg first reported the filing on 12 January 2026. Target raise has been reported as “several hundred million USD,” though the confidential prospectus is not public.
Founder Han Bicheng (韩璧丞) is 39 years old, from Mudanjiang, Heilongjiang, and paused a Harvard Center for Brain Science doctoral programme in 2020 to lead BrainCo full-time. He founded BrainCo in 2015 at Harvard Innovation Labs and relocated the operating base to Hangzhou in 2018. Han was named MIT Technology Review 35 Innovators Under 35 in 2017.
BrainCo’s product portfolio is non-invasive and consumer-facing. The BrainRobotics intelligent bionic hand uses surface EMG signals from the wrist plus AI decoding, retails around US$10,000 to US$15,000, and received FDA 510(k) clearance (K220002) in September 2022 as a Class II device. The FocusOne and FocusEDU EEG headbands are marketed for classroom attention monitoring; FocusCalm is a consumer wellness product. BrainCo is grouped with DeepSeek, Unitree Robotics, DEEP Robotics, Game Science, and Manycore Technology as the “Six Little Dragons” of Hangzhou.
The pre-IPO round closed in early 2026 at CNY 2 billion (~US$286 million), co-led by IDG Capital and Walden International, the fund led by Lip-Bu Tan (current CEO of Intel). Strategic investors on the round include Lens Technology and Omnivision Integrated Circuits Group. Prior valuation was reported at approximately US$1.3 billion (unicorn status).
The BrainCo timeline has slipped. The January 2026 filing did not produce a Q1 or Q2 2026 pricing. As of publication, no HKEX hearing update has surfaced for September 2026. HunterBrook Media published an investigation in April 2025 alleging that BrainCo has received backing from the sanctioned China Electronics Corporation since 2017, has cooperated with Huawei’s Embodied Intelligence programme in a 16-company MOU in 2024, and maintains links to “Seven Sons of National Defense” universities. These allegations are journalist-reported, not corporate-confirmed, and BrainCo has not issued a public rebuttal. The HKEX confidential-filing process does not require the geopolitical-overhang disclosures that a US or EU listing would.
Arfysica joins the STAR queue in September
Arfysica Innovation (术理创新（上海）智能科技股份有限公司) registered pre-IPO tutoring with the Shanghai China Securities Regulatory Commission Bureau in early September 2026, with Huatai United Securities as sponsor. Arfysica is the first female-founded Chinese BCI operator to enter the STAR Market IPO process.
Founder and controlling shareholder Wang Wei (王薇) holds 45.79 percent directly and 51.00 percent combined via direct and indirect vehicles. She holds a Bachelor’s in Biomedical Engineering from Tianjin University under Professor Wang Mingshi and a PhD in Biomedical Engineering from the University of Southampton (United Kingdom), awarded 2006. Prior to founding Arfysica in 2015, Wang held a Global Core Expert role at Siemens Healthineers. She is a member of an IEC international medical imaging equipment standards committee, a China BCI Industry Alliance expert committee member, and a Fengxian District CPPCC member. Reports that place her birth in the 1970s are inferred from her 2006 PhD completion date rather than primary-source confirmed. Reports describing her PhD as “in biology” are translation drift from the biomedical engineering degree.
Arfysica’s registered capital is RMB 100 million. Headquartered in Fengxian, Shanghai. The company’s product line is an AI-driven multimodal non-invasive BCI platform combining EEG caps (dry and wet electrode configurations), an AI decoder, and exoskeleton or glove hardware. Indications targeted include motor rehabilitation after stroke, traumatic brain injury, and brain tumour surgery, plus cognitive rehabilitation and neurodevelopmental disorders including ADHD. Company statements cite more than 1,000 patients treated clinically and more than 100 patents held (both figures self-reported, not independently audited).
Two recent priced rounds have been disclosed: a B+ round in January 2026 (several hundred million RMB, co-invested by Oriental Fortune Capital and the National SME Development Fund) and a C round in February 2026 (several hundred million RMB, with Daohe Investment, Dongfang Hengxin, and Xinding Capital named).
Arfysica is three STAR Market milestones behind Neuracle. Pre-IPO tutoring registration is the entry point of the STAR Market process, followed by tutoring completion, prospectus filing and acceptance, CSRC inquiry rounds, and registration approval before pricing and listing. Typical timeline from tutoring registration to listing is 18 to 24 months minimum. A 2027 or 2028 listing date is plausible; a 2026 listing is not.
What the queue says about China’s Industrial Builder posture
Issue 01 of the Dargentic Intelligence Report classified four global regulatory postures on brain-computer interfaces. Under the Industrial Builder posture, China (and South Korea) build state-industrial capital and regulatory pathways to move BCI operators toward commercial deployment. The three-company IPO queue is the capital-markets operationalisation of that posture.
The STAR Market’s Standard 5 pre-profit technology track exists precisely to allow strategic-priority industries to reach public markets before commercial revenue justifies a traditional listing. Neuracle’s ability to file under Standard 5 with zero invasive revenue is a policy design feature, not an accident. HKEX’s confidential-filing regime performs a parallel function for founders who want listing optionality without pre-filing disclosure. Both regulatory frameworks are actively channelling BCI operators toward public capital markets while the underlying invasive commercial base is still under construction.
Read alongside the March 2026 NMPA NEO-ONE SCI approval, the August 2026 Tiankai Suishi non-invasive cognitive-assessment cap NMPA approval, the RMB 570 million cumulative six-month raise by Gestala announced 26 August 2026, and the Phoenix Peng pivot from NeuroXess to Gestala, the September 2026 IPO queue completes a picture: China’s BCI operators are entering commercial regulatory clearance, private capital saturation, and public capital-markets listing at compressed timescales, on an Industrial Builder posture that does not require pre-existing invasive revenue to justify any of those steps.
Not disclosed
Neuracle’s CSRC inquiry-round dates and expected registration timeline are not disclosed. Named senior underwriter partners on the Neuracle deal beyond CITIC Securities are not disclosed. BrainCo’s confidential HKEX prospectus is not publicly available; expected pricing date, share count, and post-money valuation remain undisclosed. BrainCo’s response to the HunterBrook April 2025 allegations has not been made public. Arfysica’s revenue figures, headcount, ChiCTR clinical-trial registration numbers, and NMPA registration certificate numbers are not disclosed at the tutoring-registration stage.
Whether Xuanwu Hospital or Tsinghua Neural Engineering Lab holds any equity stake in Neuracle through a founder-linked vehicle is not explicitly disclosed in the Sina Finance prospectus summary that InsideBCI reviewed. Whether any of the three companies has received Chinese state-industrial policy funding from the MIIT 15th Five-Year Plan BCI allocation (announced 26 August 2026) is not disclosed.
What to watch
Neuracle’s first CSRC inquiry round and any subsequent registration approval. Prospectus acceptance is not the same as registration approval; the CSRC inquiry cycle typically produces multiple rounds of questions and follow-on filings before registration. Any material change to the RMB 2.5 billion raise size or to the use-of-proceeds split would be a hard signal on how CSRC reads the pre-profit invasive pipeline.
BrainCo’s HKEX hearing timeline. The January 2026 confidential filing has not produced a Q1 or Q2 or Q3 pricing. A late-2026 or early-2027 hearing update would be the next hard signal. A prolonged pricing delay could reflect either the HunterBrook geopolitical overhang or a broader HKEX BCI-sector price-discovery challenge.
Arfysica’s tutoring completion and prospectus filing dates. Standard STAR Market tutoring runs 3 to 12 months. Arfysica’s tutoring completion date will indicate whether the Wang Wei-led non-invasive rehabilitation platform is moving through the process at market pace or slower.
Any Chinese BCI operator not on the current queue (StairMed, NeuroXess, NeuCyber, Weiling Medical, Gestala, Tiankai Suishi) registering pre-IPO tutoring in the coming quarters. A fourth or fifth Chinese BCI operator entering the IPO pipeline would confirm the September 2026 queue as the beginning of a sustained wave rather than an isolated cluster.
The first Chinese BCI stock to actually ring the bell. The first commercial-invasive BCI IPO in any global market will be a category-defining event. Neuracle is the current front-runner in that race, but the CSRC registration process can extend the timeline, and BrainCo’s HK track could plausibly produce a listing first if BrainCo’s HKEX hearing accelerates. As of publication, no Chinese BCI operator has priced or listed.