Since its first commercial sale in July, Neuracle has sold 13 of its NEO-ONE SCI brain implant systems and implanted 8. The company made those figures public on 29 September, when it answered questions from the Shanghai Stock Exchange about its application to list its shares.
What Neuracle disclosed
The exchange’s first-round questions included Neuracle’s core technology and where it came from, the clinical and commercial case for its invasive products, the non-invasive business and its customers, costs and margins, the shareholding history, and the size of the raise. The answers put the first commercial numbers on an approved invasive BCI in China.
On sales, NEO-ONE SCI had generated no revenue by 30 June 2026. Since the first sale in July, 13 units have been sold, 8 implanted and more than 70 are in firm and intended orders, as of late September. Experts at 42 top-tier hospitals have been trained on the procedure.
On payment, the system is listed at RMB 475,000 per set on procurement platforms in 27 provinces, and is not in the national or any local basic medical insurance catalogue. Since May 2026, Shanghai’s city commercial insurance scheme, Huhuibao, covers 30 percent of the listed price for eligible patients, up to RMB 150,000 a year.
On money, first-half 2026 revenue was RMB 46.3 million, almost all from the non-invasive business of EEG systems, stimulation equipment and related development services, and none from the implant, against a net loss of RMB 65.5 million. Full-year 2025 revenue was RMB 108.5 million with a net loss of RMB 230.5 million. The exchange asked why Neuracle needs to raise working capital when it held RMB 222 million in cash and RMB 448 million in wealth-management products at the end of 2025. The board has since dropped a planned RMB 236 million marketing network and IT project and moved the money to research, lifting the research budget to RMB 1.776 billion within an unchanged RMB 2.5 billion raise, subject to shareholder approval.
On governance, all shareholders signed an agreement on 19 September permanently terminating the special rights, including redemption and anti-dilution rights, that earlier investors held against the founders. Those rights had been suspended at filing but were set to revive if the listing failed.
How long the listing could take
| Date | Step |
|---|---|
| 4 February 2026 | Pre-listing tutoring registered, CITIC Securities as sponsor |
| 13 March 2026 | NEO-ONE SCI approved by the National Medical Products Administration |
| 9 June 2026 | Tutoring completion report published |
| 11 June 2026 | STAR Market application accepted, planned raise RMB 2.5 billion |
| 24 June 2026 | Exchange issues first round of review questions |
| July 2026 | First commercial sale of NEO-ONE SCI |
| 29 September 2026 | Answers to first-round questions and updated prospectus published |
| 1 October 2026 | Still at the question stage on the exchange’s review page, with no listing committee meeting scheduled |
The fast benchmark is Unitree, the Hangzhou robotics company. Its STAR Market application was accepted on 20 March 2026. It passed the listing committee 73 days later, on 1 June, won registration on 2 July and began trading on 19 August, 152 days after acceptance. Unitree had already answered two rounds of questions confidentially under the exchange’s pre-review mechanism before its application was accepted, so its clock started later in the process.
Neuracle was 110 days past acceptance when it published its answers, and is still at the question stage. Across 22 STAR Market companies registered between June 2025 and June 2026, acceptance to registration took 358 days on average. At that pace, Neuracle would win registration around June 2027. The actual date depends on whether the exchange issues a second round of questions and when it schedules the listing committee.
Why a Neuracle listing would stand out
None of the best-known Western developers of implanted brain-computer interfaces is publicly listed. Neuralink, Synchron, Precision Neuroscience, Paradromics and Blackrock Neurotech are all private. The listed Western companies sit around the edges: NeuroPace (Nasdaq: NPCE) sells an implanted closed-loop device for epilepsy, and ONWARD Medical (Euronext: ONWD) runs an investigational brain implant programme alongside its spinal cord stimulation business. Cortigent, a developer of a visual cortex implant, expects to combine with Nasdaq-listed ClearOne in October.
A Neuracle listing could offer investors a daily market price for a company selling an approved implant that turns brain signals into movement, along with the quarterly disclosure a listing requires.
Behind Neuracle
BrainCo, the Hangzhou company behind bionic hands and EEG headbands, was reported on 12 January to have filed confidentially for a Hong Kong listing. No application has been published, which is normal for a confidential filing before the hearing stage. Arfysica, a Shanghai company making non-invasive BCI systems for rehabilitation, registered for STAR Market tutoring on 4 September. Neither has announced a new listing step since mid-September.
Where this sits on the four-jurisdiction posture map
Issue 01 of the Dargentic Intelligence Report classified four global regulatory postures on brain-computer interfaces: Rights-First (Chile), Horizontal Regulator (EU with AI Act and GDPR), State-Patchwork (US), and Industrial Builder (China and South Korea). Neuracle’s route to market suggests the Industrial Builder posture reaching the capital markets. The STAR Market’s fifth listing standard allows companies without profits to list on an expected market value of at least RMB 4 billion, and Neuracle is using it with an implant that had earned no revenue at the time of filing. The leading American implanted-BCI developers raise large private rounds and stay private. Neuracle is heading to a public market while its implant business is at first sales.
Not disclosed
Neuracle’s valuation at listing, share price range and listing date are not disclosed. The prices hospitals actually pay for NEO-ONE SCI are not disclosed. How many of the 13 units sold were paid for by patients, hospitals or insurers is not disclosed. Whether the exchange will issue a second round of questions has not been announced.
What to watch
Whether the Shanghai exchange sends Neuracle a second round of questions or schedules its listing committee. Either would set the realistic listing window.
Whether NEO-ONE SCI enters a basic medical insurance catalogue. At RMB 475,000, reimbursement is likely to decide how fast the more than 70 firm and intended orders turn into implants.
Whether Neuracle’s next financial update shows implant revenue for July to September, its first period of commercial sales.
Whether shareholders approve the shift of RMB 236 million into research.
Sources
Primary:
- Shanghai Stock Exchange: Neuracle’s answers to the first-round review questions, 29 September 2026 (Chinese)
- Shanghai Stock Exchange: Neuracle updated prospectus with first-half 2026 figures, 29 September 2026 (Chinese)
- CITIC Securities: Neuracle tutoring notice, February 2026 (Chinese)
- SEC: ClearOne registration statement describing the Cortigent combination
- ONWARD Medical: ARC-BCI programme
Coverage:
- Beijing Business Today via 10jqka: Neuracle discloses first-round answers, 29 September 2026 (Chinese)
- Sina Finance (Cailian Press): average STAR Market review times, 13 June 2026 (Chinese)
- China Financial Information Network: Unitree lists on the STAR Market, 19 August 2026 (Chinese)
- Bloomberg: ‘Hangzhou Six’ tech startup BrainCo is said to file for Hong Kong IPO, 12 January 2026
- 21st Century Business Herald: Arfysica registers for STAR Market tutoring, 7 September 2026 (Chinese)
Cross-reference to prior InsideBCI coverage: