Wednesday, October 7, 2026
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Inside BCI

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Tag: STAR-Market

7 articles

Market Moves

Neuracle has sold 13 brain implants at a listed RMB 475,000 each since July

Neuracle Technology (Shanghai) (博睿康), maker of China's first approved invasive brain-computer interface, has sold 13 NEO-ONE SCI implant systems and implanted 8 since its first commercial sale in July 2026, with more than 70 more in firm and intended orders. The system is listed at RMB 475,000 per set on procurement platforms in 27 provinces and is not covered by any basic medical insurance catalogue. Neuracle made the figures public on 29 September 2026 in its answers to the Shanghai Stock Exchange's first round of questions on its STAR Market listing application, 110 days after the application was accepted. First-half 2026 revenue was RMB 46.3 million, almost all from its non-invasive business and none from the implant, with a net loss of RMB 65.5 million. No listing committee meeting has been scheduled. None of the best-known Western developers of implanted BCIs, Neuralink, Synchron, Precision Neuroscience, Paradromics and Blackrock Neurotech, is publicly listed.

Oct 1

Policy & Regulation

China issues a medical-device standard for AI processing of EEG data in brain-computer interfaces

China's National Medical Products Administration (NMPA) has issued what state news agency Xinhua characterises as the world's first medical-device standard covering AI-processed electroencephalogram (EEG) data in brain-computer interfaces, announced on 14 September 2026. The standard was drafted by the National Institutes for Food and Drug Control (NIFDC) under an expedited procedure and becomes effective on 1 September 2027. Scope: quality requirements and evaluation methods for EEG datasets used by AI algorithms in BCI medical devices, covering collection, processing, annotation, storage, and access across R&D, production, and quality-control stages. Named NMPA and NIFDC officials: Yuan Peng (Deputy Director, NMPA Department of Medical Device Registration), Li Shu (Deputy Director, NIFDC medical device institute), Zheng Jia (Deputy Director, NIFDC Institute for Medical Device Standardization). This is the third BCI-related medical-device standard issued by China in twelve months, following 2025 standards on BCI terminology and on test methods for implantable closed-loop neural stimulators. The US FDA has no BCI-specific AI/EEG data-quality standard. The EU has no BCI-specific standard, only horizontal AI Act coverage of medical BCI as high-risk. On the narrow AI-EEG-BCI slice, China's world-first framing holds up.

Sep 17

Market Moves

Three Chinese BCI operators are in the IPO queue at once

Three Chinese brain-computer interface operators are simultaneously moving through IPO processes on two exchanges. Neuracle Medical Technology (博睿康技术（上海）股份有限公司) is the leader: its Shanghai STAR Market prospectus was accepted 11 June 2026 with a planned RMB 2.5 billion (~US$345M) raise. Neuracle received China's first commercial invasive BCI approval from NMPA in March 2026 (NEO-ONE SCI for spinal cord injury). BrainCo (强脑科技) filed a confidential Hong Kong Exchange application in January 2026 (joint sponsors CICC and UBS), with the September 2026 pricing calendar showing no imminent hearing. 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. Neuracle's disclosed prospectus reveals RMB 108 million 2025 revenue, all from non-invasive EEG systems, with the NEO invasive product still at zero commercial revenue and 32 patients implanted by end-2025.

Sep 14

Industry News

China unveils uMR Shenguan, an MRI-integrated closed-loop BCI platform

Tianjin University and Shanghai-listed United Imaging Healthcare (688271.SS) jointly unveiled uMR Shenguan on 23 August 2026 in Tianjin, described by the developer team as a full-stack MRI-integrated brain-computer interface framework. The system is designed to combine neural signal capture, decoding, modulation, and evaluation within a single MRI-based closed loop across 3T and 5T United Imaging systems. Named clinical verticals: motor rehabilitation, neuro-critical care, psychiatry, ophthalmology, and audiology.

Aug 27

Market Moves

Weiling Medical raises over RMB 100 million for its surface-electrode brain implant

Shenzhen's Weiling Medical Technology closed a new funding round of over RMB 100 million on 17 August 2026, led by Junzhong Capital with STAR Market-listed Innotek (688253.SH) as core industrial investor via the Jiaxing Innotek Industrial Fund. Weiling develops a fully implantable, flexible thin-film cortical electrode that sits on the cortical surface rather than penetrating brain tissue. A first-in-human implant in Guangdong in mid-June 2026 was reported by the company to restore forearm and wrist movement in the left upper limb of a locked-in syndrome patient.

Aug 20

Market Moves

Delian Capital partner warns of a Chinese BCI bubble

VCBeat, the Chinese healthcare-investment media outlet, published an on-record investor take on the Chinese brain-computer interface sector on 2 August 2026. Delian Capital partner Jiang Donghui framed the sector as at risk of a bubble cycle before maturity, laid out a four-quadrant investment matrix based on demand and technological advancement, and named Chinese BCI companies across invasive, semi-invasive and non-invasive paths. H1 2026 financing alone accounted for approximately 60 per cent of the sector's thirteen-year total.

Aug 2