Which company will win the title of "the first brain-computer interface stock" in the capital market?
According to the prospectus recently disclosed by BrainCo Technology, the company plans to raise 2.5 billion yuan in this IPO. Among them, 1.54 billion yuan is planned to be invested in the R & D project of brain - computer interface, 410 million yuan in the industrialization construction project of brain - computer interface, and 550 million yuan for supplementing working capital. It only took BrainCo Technology two days from the completion of the listing counseling work to the disclosure of the prospectus, which is quite fast.
In the Hong Kong stock market, according to media reports, Strong Brain Technology, a representative company of non - invasive brain - computer interface, submitted an IPO application for the Hong Kong stock market in a confidential manner at the beginning of the year. A reporter from Cailian Press noticed that behind the company's multiple rounds of financing, there are the figures of many listed companies such as 37 Interactive Entertainment (002555.SZ) and Lens Technology (300433.SZ). In addition, since this year, the brain - computer interface field has attracted much attention from capital, and large - scale financings have occurred frequently.
Based on factors such as the review styles of different capital markets and the secondary market's preference for the degree of technological sophistication, it is still worth looking forward to which of the two companies will "sprint" to success first.
BrainCo Technology Races to the STAR Market at Lightning Speed
The official website of the Shanghai Stock Exchange shows that on June 11, BrainCo Technology submitted its IPO application materials, and the listing application was officially accepted. At the same time, the prospectus was disclosed. Just two days ago, on June 9, the IPO status of BrainCo Technology changed. The "Report on the Completion of the Counseling Work for the Initial Public Offering and Listing of BrainCo Technology (Shanghai) Co., Ltd." submitted by CITIC Securities, the IPO counseling institution, was posted on the website of the China Securities Regulatory Commission.
According to the prospectus, the number of shares issued by BrainCo Technology in this offering shall not exceed 20 million shares (excluding the number of shares issued through the over - allotment option), and the number of publicly issued shares shall not be less than 25% of the total share capital after this offering; an over - allotment option may be used in this offering, and the over - allotment part shall not exceed 15% of the number of shares publicly issued in this offering. The total share capital after the offering shall not exceed 80 million shares (excluding the number of shares issued through the over - allotment option).
As early as December 2015, BrainCo Technology completed an angel round of financing of 12 million yuan. It was one of the early domestic brain - computer interface companies to complete financing. Subsequently, in March 2018, it completed a Pre - A round of financing of 30 million yuan. After that, it successively completed multiple rounds of financing, and well - known institutions such as Sequoia Capital China, Songhe Capital, Huakong Fund, Pudong Venture Capital, and Baidu Ventures joined in.
BrainCo Technology is one of the leading enterprises in invasive brain - computer interface in China. The official website shows that the company was established in November 2011, and its core founders are from the Tsinghua University Neural Engineering Laboratory, which ranks among the top in the world in the field of brain - computer interface. At present, the company has formed two major brain - computer interface platforms, non - invasive and minimally invasive. The indications of its products include major mental, neurological, skeletal, and muscular diseases such as epilepsy, complete spinal cord injury, stroke, depression, amyotrophic lateral sclerosis, and myasthenia gravis.
The main business and products of BrainCo Technology include two major categories: invasive and non - invasive brain - computer interface products. In March this year, the National Medical Products Administration approved the registration application for the innovative product of the implantable brain - computer interface hand motor function compensation system of BrainCo Medical Technology (Shanghai) Co., Ltd., achieving the world's first listing of brain - computer interface medical devices. It is applicable to patients with quadriplegia caused by cervical spinal cord injury, and can assist in realizing the compensation of hand grasping function through pneumatic glove equipment. This marks that the world's first invasive brain - computer interface medical device has entered the clinical application stage.
In addition, the company has developed the minimally invasive implantable brain - computer interface NEO platform. Based on this platform, the company applies various invasive technical paths such as epidural implantation, cortical attachment, and cortical penetration to promote the development of invasive brain - computer interface products with different functions and indications.
In terms of non - invasive brain - computer interface related products, the company has built a non - invasive brain - computer interface application ecosystem around two major application scenarios: brain science research and clinical diagnosis and treatment. It has developed and launched more than 20 non - invasive neural signal acquisition and regulation products, which are applied in more than 500 medical institutions and more than 300 scientific research institutions in China. The market share of the company's electroencephalogram acquisition products has been continuously increasing, ranking among the top in the country for many years. In 2025, the company's electroencephalograph ranked first in the domestic market, surpassing imported brands.
Relying on the sales of non - invasive products, from 2023 to 2025, BrainCo Technology achieved revenues of 75.2124 million yuan, 65.9747 million yuan, and 108 million yuan respectively. The main sources are the electroencephalogram acquisition system, transcranial electrical stimulation equipment, supporting products, technical service fees, and other projects.
However, due to the continuous high - level R & D investment, from the financial data, during the period from 2023 to 2025, the annual net losses of BrainCo Technology were 48.7575 million yuan, 49.5338 million yuan, and 230.4958 million yuan respectively. As of December 31, 2025, the company's undistributed net profit was - 467 million yuan, with accumulated unrecouped losses.
Non - Invasive Brain - Computer Interface Company Challenges the Hong Kong Stock Exchange
Since this year, affected by various favorable factors, the popularity of the brain - computer interface concept has been continuously rising. According to media reports, on January 12 this year, Strong Brain Technology, a brain - computer interface company among the "Six Little Dragons in Hangzhou", submitted an IPO application for the Hong Kong stock market in a confidential manner and will cooperate with China International Capital Corporation and UBS to prepare for the new share issuance. The fundraising scale may reach hundreds of millions of US dollars. At that time, the company had just completed a round of financing of about 2 billion yuan. It is reported that this round of financing was led by well - known venture capital institutions IDG and Walden International, and strategic investors in the industrial chain such as Lens Technology and OmniVision Technologies were introduced.
The company's official website shows that Strong Brain Technology was founded in 2015. It is the first Chinese team to be selected into the Harvard Innovation Laboratory. At present, it has completed a financing of 500 million US dollars and invested it in R & D. It is one of the two companies with the largest financing scale in the global brain - computer interface field, along with Elon Musk's Neuralink. It is a leading enterprise in the non - invasive field. Its main products include human - machine interaction products represented by BrainCo intelligent bionic hands, Qingling intelligent bionic legs, Revo1 and Revo2 bionic dexterous hands; brain - computer interface regulation products such as the BrainCo attention training system and the Kaixingguo brain - computer interface social communication training system; and the BrainAI brain science artificial intelligence innovation solution. The product matrix focuses on fields such as limb rehabilitation.
Strong Brain Technology once told the media that the company aims to help 1 million disabled people with limb disabilities to resume their daily lives and return to society by wearing neurally - controlled prostheses in the next five to ten years. It also aims to improve the conditions of 10 million patients suffering from brain diseases such as autism, ADHD, Alzheimer's disease, and insomnia.
In addition, since this year, there have been several large - scale financings in the brain - computer interface field. In March, Gestalt Technology, the first domestic enterprise focusing on ultrasonic brain - computer interface, completed an angel round of financing of 150 million yuan. This round of financing was jointly led by Guosheng Capital and Daotong Investment, and many well - known investment institutions and enterprises such as Qingsong Capital, Gobi Partners, Fourier Intelligence, Liepin, and Yunshi Capital participated in the follow - on investment, setting a new record for the highest angel round financing in the domestic brain - computer interface field. In the same month, Jieti Medical completed a strategic financing of 500 million yuan, led by Alibaba and followed by SDIC Fund Management Co., Ltd. Tencent, Yuanlai Capital, OrbiMed, Morningside Venture Capital, Qiming Venture Partners, Lilly Asia Ventures, Source Code Capital, and Shanghai SDIC Leading Fund also continued to follow up. Qifeng Capital served as the exclusive financial advisor. The cumulative financing amount of this company in the past year exceeded 1.1 billion yuan.
According to media reports, Hangzhou Jialiang Brain Science has completed a series of Series C financings of hundreds of millions of yuan, and its post - investment valuation is close to 1 billion US dollars. The investment institutions include Yufu Fund, Cendera Fund, and other well - known institutions. The company may plan to go public in 2027.
Well - Known Listed Companies and Investment Institutions Participate in Financing
There are the figures of many listed companies behind the multiple rounds of financing of Strong Brain Technology. On the investor interaction platform, Lens Technology once responded that the company conducts multi - dimensional cooperation with Strong Brain Technology in the form of capital + business and is its strategic investor and industrial partner. 37 Interactive Entertainment said that in November 2025, the company officially completed an investment of 20 million US dollars in Strong Brain Technology. In the future, the two sides will be guided by scenario implementation and based on social responsibility to explore the commercialization path of brain - computer interface. While empowering the company's business upgrade, they will promote the application of brain - computer interface technology in fields such as entertainment and XR.
Daoshi Technology (300409.SZ) said in its 2025 annual report that its wholly - owned subsidiary Hong Kong Jiana entered into a "Pre - B Round Preferred Stock Subscription Agreement" with Strong Brain Technology. Hong Kong Jiana used its own funds of 30 million US dollars to subscribe for the Pre - B round preferred stocks of Strong Brain Technology.
In addition, according to Aiqicha, among the investors of Strong Brain Technology, Lingyi Precision Industry (002600.SZ) holds about 5.9% of the shares, with a cumulative investment of about 20 million US dollars, and cooperates in the development of embodied intelligent hardware. OmniVision Technologies (603501.SH), Runze Technology (300442.SZ), and Xiangyu Medical (688626.SH) participated in its Pre - IPO round investment.
In contrast, the listed company investors behind BrainCo Technology are more hidden. On the investor interaction platform, Guangdong Media (000917.SZ) and Xuanji Information (300324.SZ) both said that the companies invested in BrainCo Technology through their subsidiaries, Fortune Capital and Beijing Huakong Investment respectively, but the shareholding ratio after penetration is relatively small. The 31st shareholder, Guangzhou Baidu, belongs to Baidu (BIDU).
At present, BrainCo Technology has completed multiple rounds of financing. In December 2015, BrainCo Technology completed an angel round of financing of 12 million yuan, with Rongtuo Capital as the main investor. Subsequently, in March 2018, BrainCo Technology introduced Kaifeng Venture Capital and China - Israel China Holdings Group to complete a Pre - A round of financing of 30 million yuan. After that, the company successively completed six rounds of financing, introducing well - known investment institutions such as Sequoia Capital China, Pudong Venture Capital, Baidu Ventures, Fortune Capital, Huakong Fund, and Zhongguancun Development. In December last year, China Merchants China Fund joined the E - round financing of BrainCo Technology.
Among the top ten shareholders of the company, the first and second largest shareholders are Xu Honglai and Huang Xiaoshan, who directly hold 12.2453% and 10.4379% of the shares respectively. They are also the joint controlling shareholders and actual controllers of BrainCo Technology. The former is currently the chairman and general manager of the company; the latter is currently the vice - chairman and deputy general manager. At the same time, Xu Honglai and Huang Xiaoshan indirectly control 6.1130% of the company's shares as the executive partners of Beijing BrainCo Investment, and Xu Honglai indirectly controls 4.7619% of the company's shares as the executive partner of Shanghai BrainCo Enterprise Management. The two jointly control 33.5581% of the company's shares.
As of the date of signing this prospectus, the other major shareholders and their affiliated parties holding more than 5% of the shares or voting rights of the issuer are Hongshan Hengchen and its affiliated parties, Rongtuo Innovation and its affiliated parties, Beijing Huakong and its affiliated parties, Shanghai Kaifeng and its affiliated parties, and Jiming Investment and its affiliated parties.
Who Will Cross the Finish Line First Remains a Mystery
A reporter from Cailian Press noticed that according to the statistics of the registration - based IPO on Eastmoney, from June 2025 to June 2026, the average time taken for 22 companies on the STAR Market whose registration became effective from acceptance to registration was 358 days (about 12 months); it took even longer to be listed on the board, and the average time taken from acceptance to listing was about 630 days (about 21 months).
However, since July 2025, the Shanghai Stock Exchange has launched an IPO pre - review mechanism, which has significantly shortened the review cycle of high - quality enterprises in key core technology fields. Yushu Technology, one of the "Six Little Dragons in Hangzhou", only took 73 days from acceptance to passing the review, setting the fastest record for the STAR Market review.
Tao Ze, a fund analyst, told a reporter from Cailian Press that in terms of the process progress, BrainCo Technology officially launched the IPO counseling in early February this year, completed the counseling acceptance in only 4 months, and its application for the STAR Market was accepted on June 11, with extremely high efficiency. The fifth set of standards for the STAR Market was fully restarted last year. Coupled with the pre - review and other speed - up mechanisms, the review efficiency of high - quality unprofitable enterprises has been significantly improved. According to reports, Strong Brain Technology submitted its application through the Hong Kong stock market's technology company special channel in a confidential manner in January this year, but the official hearing date and prospectus have not been disclosed yet. In terms of the IPO time window, BrainCo Technology has the initiative.
In the Hong Kong stock market, according to the data in the report of the Hong Kong Stock Exchange in May 2026, within the 12 months ending May 29, 2026, the median time required from the acceptance of the listing application to the issuance of the hearing document letter was 98 business days (among which the median time required by the Hong Kong Stock Exchange was 35 business days, and the median time required by parties other than the Hong Kong Stock Exchange, such as the sponsor, was 64 business days), and the median time from passing the hearing to listing was 18 business days. Considering holidays and weekends, the median total time required corresponds to about 5 to 6 natural months, which is relatively faster than that of the STAR Market.
In addition, on May 6, 2025, the Hong Kong Stock Exchange officially launched the "Technology Company Special Channel" green - channel. Six months after the implementation of the special channel, 68 companies were successfully listed. The special channel uses the "one - day clearance" lightning mechanism. For example, Hesai Technology passed the hearing on the same day as it disclosed its listing application through the special channel and completed the entire process for listing and trading in only half a month.
In this regard, Tao Ze analyzed that this year, the policy support for the brain - computer interface industry has been very intensive. The government work report in 2026 specifically mentioned support for brain - computer interface. The National Healthcare Security Administration completed the implementation of the medical insurance coding immediately after BrainCo Technology's product was approved, and Zhejiang has included the adaptation fee for non - invasive BCI in the basic medical insurance. In this policy environment, the A - share market urgently needs a "real first brain - computer interface stock" to establish a benchmark for the sector. As of now, although there are many brain - computer interface concept stocks in the A - share market, no company with its main business focusing on brain - computer interface has been listed on the STAR Market. BrainCo Technology just happens to be in this window.
"The actual waiting time of BrainCo Technology is expected to be significantly shorter than the average. It is not impossible for it to complete the listing within this year, and it has a relatively high probability of becoming the first stock. However, there are also variables. The review rhythm of the Hong Kong Stock Exchange's technology company special channel is originally faster than that of the ordinary channel. If the Hong Kong stock market suddenly speeds up the approval rhythm in the near future, Strong Brain Technology may