Brain-computer interface. The old stocks are being snapped up like crazy.
In the winter of 2025, Cai Lei, a former vice president of JD.com and a patient with amyotrophic lateral sclerosis (ALS), gave a media interview. By this time, he had reached the final stage of the disease and could not speak. He could only express his thoughts through an eye - controlled device. During the interview, Cai Lei stated:
“I'm ready to try brain - computer interface technology.”
This technology is entering its prime time. At the beginning of 2026, brain - computer interface technology suddenly became extremely popular. We learned about two important events: Chen Tianqiao, the former richest man in China, got involved in establishing a brain - computer interface company; Qiangnao Technology, one of the “Six Rising Stars in Hangzhou”, was reported to have completed a financing of about 2 billion yuan and was about to submit an IPO application.
“It's very popular. Many people are chasing me to buy the old shares,” an early investor in Qiangnao Technology told the investment community. “It is the only medical and health company among the Six Rising Stars in Hangzhou. It also covers two technological tracks: human - machine interaction and brain - computer interface. It is extremely rare in both the A - share and Hong Kong stock markets.”
The Hottest Track at the Beginning of the Year
The exciting scene of the new year is unfolding.
On the first trading day of 2026 (January 5th), the brain - computer interface sector amazed everyone. In the A - share market, about 20 stocks, including Sanbo Brain Hospital, Botuo Biotech, Dowstone Technologies, Xiangyu Medical, Entrobase Technology, Aipeng Medical, and Meihao Medical, hit the daily limit. In the following two trading days, many stocks in the brain - computer interface sector continued to hit the daily limit. Across the ocean, it was equally lively. The US - listed shares of Brain Regeneration Technology, a Chinese concept stock, soared by more than 50% in two days.
This wave of explosive market is not accidental.
During the New Year's Day holiday, Elon Musk announced that his brain - computer interface company, Neuralink, would start “mass - producing” brain - computer interface devices in 2026 and promote a highly streamlined and almost fully automated surgical plan. Subsequently, Merge Labs, a brain - computer interface startup co - founded by Sam Altman, the CEO of OpenAI, announced that it was splitting into an independent company and would focus on using ultrasound to read brain activities.
Almost at the same time, Chen Tianqiao, the former richest man in China, also took action himself. Gestalt Technology was established in Tianfu International Bio - City, Chengdu, becoming China's first brain - computer interface company dedicated to the research and development of ultrasound - based brain - computer interface technology. This is a new technological path different from Elon Musk's Neuralink.
Looking at the list of founders, Chen Tianqiao and Peng Lei, the former co - founder and CEO of Brain Tiger Technology, are prominently listed. Over the past decade or so, Chen Tianqiao, who has been relatively low - key, has almost always been associated with brain - computer interface technology every time he appears. The Tianqiao and Chrissy Chen Institute for Neuroscience, one of the world's largest private brain science research institutions, was founded with a $1 - billion investment from Chen Tianqiao and his wife.
The latest news is that Qiangnao Technology was reported to have completed a financing of about 2 billion yuan. The investors include IDG Capital, Walden International, Lens Technology, Lingyi Precision Industry, and various industrial investors, top family offices from Hong Kong, China, and the United States. This is the second - largest financing in the world for a brain - computer interface company outside of Elon Musk's.
Sweeping across both the primary and secondary markets, the brain - computer interface has become extremely popular.
The First IPO is Coming Soon
Looking back, Chen Tianqiao was among the first group of people to invest in brain - computer interface technology.
This is related to his experience. In 2004, with the great success of the game “Legend” that his company was distributing, Shanda went public in the United States and its stock price soared. At that time, Chen Tianqiao was 31 years old and became the youngest richest man in China with a net worth of 15 billion yuan.
However, at this time, neurosis struck Chen Tianqiao. “All conditioned things are like dreams and phantoms, like dew and lightning. Thus should they be regarded,” a famous Buddhist quote that Chen Tianqiao believes in, may summarize what happened later.
At the peak of his career, Chen Tianqiao distanced himself from what made him nervous and gradually withdrew from Shanda. In the following years, determined to fight against his “mental illness,” Chen Tianqiao devoted himself to brain science research. Since 2016, Chen Tianqiao and his wife have been investing heavily, providing $1 billion in funding for global brain science research.
During the same period, in 2015, several students and researchers from Harvard and MIT founded BrainCo (Qiangnao Technology), becoming the first Chinese team to be selected into the Harvard Innovation Lab. Leading the team was Han Bicheng, a Harvard brain science doctor who dropped out of school to start a business.
Han Bicheng was born in Mudanjiang, Heilongjiang Province in 1987. In high school, he won the first prize in the “National Youth Biological Science Innovation Competition” through his in - depth research on plant growth and neural reflex mechanisms. In 2014, he entered the Harvard Brain Science Center to pursue a doctoral degree. The round - the - clock laboratory lights are a common memory for many Chinese students there.
“No one wants to have a craniotomy on their head,” and “an intern who blew off his right hand during an experiment” - these observations and experiences became the inspiration for Han Bicheng's startup team's technological route. They decided to take the non - invasive route and create a prosthetic limb that can be controlled by “thoughts,” enabling people with limb disabilities to resume normal lives.
Almost all of the startup capital came from Han Bicheng himself, and then external funds started to flow in:
According to Tianyancha information, Qiangnao Technology completed its angel round and Pre - A round of financing in 2016. The only publicly disclosed investor was Hantan Investment. In 2019, after returning to Hangzhou and settling there for two years, Qiangnao Technology successfully completed a $400 - million Series A financing. China Everbright Holdings, CDH Investments, CE HuaDa Technology, China Electronics, and DeXun Capital founded by Zeng Liqing participated. In 2025, the company completed a $30 - million Pre - B round and a $20 - million Series B financing from Dowstone Technologies and 37 Interactive Entertainment's venture capital fund respectively.
Until the recent news of the 2 - billion - yuan financing. The investment community learned from an investor in Qiangnao Technology that this financing corresponds to the Pre - IPO round, and the company “will submit its IPO application soon.” The investor revealed that Qiangnao Technology had a good sales performance in 2025, indicating that its technological products have started to be recognized by both domestic and international markets.
The curtain has been lifted.
The Year of Explosion is Here
China's brain - computer interface technology is entering its “Year of Explosion.”
In the past year of 2025, the “15th Five - Year Plan” proposed to layout brain - computer interface technology as a future industry. All regions responded quickly. Shanghai issued the “Action Plan for Cultivating the Future Industry of Brain - Computer Interface (2025 - 2030),” aiming to promote more than five invasive and semi - invasive products to complete clinical trials by 2027 and achieve full - scale clinical application of brain - computer interface products by 2030.
The pace of commercialization is accelerating. In March 2025, the National Healthcare Security Administration issued the “Guidelines for Project Approval of Nervous System Medical Service Prices,” specifically establishing price items for new brain - computer interface technologies, such as non - invasive brain - computer interface adaptation fees, invasive brain - computer interface implantation fees, and removal fees.
The numerous breakthroughs are coming in waves, forming a sharp contrast to the cold situation of brain - computer interface technology in previous years. Currently, brain - computer interface companies at home and abroad are advancing along different technological routes with varying degrees of difficulty, which can be roughly divided into invasive, semi - invasive, and non - invasive solutions.
Among the three routes, the invasive route has the highest technical difficulty but can directly obtain high - quality neural signals. Neuralink, Brain Tiger Technology, and Shanghai's Jieti Medical mentioned above are betting on the invasive route. The non - invasive route has higher safety and acceptance, and Qiangnao Technology is taking this route.
In this field, many players are emerging.
However, the valuations of brain - computer interface companies are no longer cheap. For example, Elon Musk's Neuralink announced a financing round of about $600 million in mid - 2025, and its valuation has reached about $10 billion. In February 2025, Jieti Medical completed a 350 - million - yuan Series B financing, becoming the largest - scale financing in China's invasive brain - computer interface industry. In addition, Brain Tiger Technology invested by Chen Tianqiao has also accumulated hundreds of millions of yuan in financing, and its valuation has soared.
However, beyond the hype, this is not a track where decisions can be easily made. Chen Tianqiao has publicly emphasized more than once: “Brain - computer interface is not a money - making opportunity. Investing in brain - computer interface is a long - term and patient endeavor.”
After all, even Elon Musk's Neuralink says it will start promoting commercialization in 2030. Indeed, when it comes to exploring the future of humanity, being cautious is always the top priority, and slow and steady progress leads to long - term success.
This article is from the WeChat official account “Investment Community” (ID: pedaily2012). Author: Feng Yuchen. Republished by 36Kr with permission.