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.