A female doctor of biology is about to ring the bell.
"The brain-computer interface IPO wave has arrived."
The latest event is a female doctor leading the company to go public — according to the official website of China Securities Regulatory Commission, Shuli Innovation (Shanghai) Intelligent Technology Co., Ltd. (abbreviated as "Shuli Innovation") has completed the guidance filing registration with Shanghai Securities Regulatory Bureau, officially kicking off its IPO process on the Sci-Tech Innovation Board.
Behind the company is a rare female CEO, Wang Wei. She finished her undergraduate study at Tianjin University, later obtained her doctorate in biomedical engineering from the University of Southampton in the UK, and then grew step by step to become a global core expert at the industry giant Siemens Healthineers. Until the end of 2015, she returned to China to start a business, founded Shuli Innovation in Shanghai, and stepped into the non-invasive brain-computer interface track.
Ten years have passed in a flash, Wang Wei has experienced the whole process of China's brain-computer interface industry from barrenness to explosive growth. Since the start of this year, BrainRoam and BrainCo have taken the lead in sprinting for IPOs. While overseas, Elon Musk is expected to lead Neuralink to impact the next trillion-dollar IPO.
Who will be the first publicly listed stock in the brain-computer interface sector? The result is about to be revealed.
She Devotes Herself to Brain-Computer Interface
The IPO Process Is Launched
Wang Wei's academic career started at Tianjin University. During that period, she studied under Professor Wang Mingshi, one of the founders of the biomedical engineering discipline at Tianjin University and a pioneer in the brain-computer interface field. After entering the laboratory in her junior year, Wang Wei threw herself into research on brain science and brain-computer interface.
Wang Wei
After graduating with her doctorate in the UK, Wang Wei joined Siemens Healthineers. In just a few years, she was promoted to Siemens' global core expert, in charge of R&D and clinical work for large medical equipment and system platforms, and also served as an expert committee member of IEC International Medical Device Standardization Committee. This job was stable and decent, but she still resolutely chose to start her own business. In August 2015, the predecessor of Shuli Innovation, Shanghai Shuli Intelligent Technology Co., Ltd. was established.
At the beginning of her entrepreneurship, Wang Wei made a choice — to bet on non-invasive brain-computer interface. Compared with the technical route that requires implanted electrodes, non-invasive devices do not need craniotomy, with relatively lower safety risks and usage thresholds, which are more suitable for priority entry into medical scenarios such as rehabilitation and diagnosis.
Around 2016, brain-computer interface was far from becoming a hot track. Wang Wei once recalled that almost every time she raised financing, investors would express doubts about this technology. After the products entered the clinical stage, the team had to communicate with doctors over and over again, strive for case enrollment and promote hospital cooperation. She described that period of time as "leveling up by fighting monsters every day", and sometimes when she fell into a pit, she could only climb out by herself. It was not until 2021 that Shuli Innovation began to systematically accumulate clinical cases.
Walking into the laboratory of Shuli Innovation, the scenario after the implementation of this complex technology does not have much sci-fi sense: the subject wears an EEG cap full of electrodes, with their hand fixed in the exoskeleton device; the system collects the EEG signals generated when the user imagines grasping, analyzes the movement intention, and then drives the exoskeleton to complete the action. Wang Wei compares the damaged nerve pathway to a blocked river channel, and the device tries to build a temporary pathway to help patients establish new motor control connections through repeated training.
We can get a glimpse of its commercial implementation progress through public procurement projects. In 2024, Shuli Zhixing (Nanjing) under the Shuli Innovation system won the bid for the brain-computer interface intelligent exoskeleton training system of Children's Hospital of Fudan University with 3.9 million yuan, and the unit price of both devices was 1.95 million yuan. In April 2026, the company won the bid for the brain-computer interface intelligent exoskeleton system project of the First Affiliated Hospital of Xi'an Medical University with 2.478 million yuan.
At the same time, investors began to come in. Shuli Innovation's public financing records started in 2022, when it completed a 50 million yuan Series A financing, with Shengwan Investment, Dacheng Fund, Zhidao Consulting and Dacheng Huizhong participating; after that, Shuntaiheng, Little Oak Venture Capital, Oriental Fortune Capital and others appeared one after another.
At the beginning of 2026, the company completed two consecutive rounds of financing totaling hundreds of millions of yuan in less than two months — the B+ round was jointly invested by the National SME Development Fund, Oriental Fortune Capital and old shareholders, and then Daohe Long-term Investment, Oriental Hengxin, Xinding Capital and others participated in the Series C round.
The entry of the National SME Development Fund echoes the policy boom of the brain-computer interface industry. In 2025, the Implementation Opinions on the Brain-Computer Interface Industry issued by seven departments including the Ministry of Industry and Information Technology clearly proposed to give play to the role of the National SME Development Fund to support qualified brain-computer interface enterprises.
In June 2026, the National Natural Science Foundation of China issued the guidelines for the joint fund project for innovative development of private enterprises named after "Shuli Innovation", supporting basic and applied research around directions such as motor function impairment and childhood ADHD.
At this time, Shuli Innovation completed the joint-stock system transformation. Three months later, the company entered the listing guidance period. The guidance filing documents show that Wang Wei directly holds 45.79% of the company's shares, with a total shareholding of 51% directly and indirectly, making her the actual controller of the company.
The Next Trillion IPO
The brain-computer interface industry is welcoming a wave of listings.
In June this year, BrainRoam officially launched its impact on the Sci-Tech Innovation Board. The story behind it began in 2011, and the two founders Xu Honglai and Huang Xiaoshan both have biomedical engineering related backgrounds from Tsinghua University.
Through the prospectus, the public saw the background of a brain-computer interface enterprise for the first time. From 2023 to 2025, BrainRoam's operating revenue was 75.21 million yuan, 65.97 million yuan and 108 million yuan respectively, and the attributable net profit was a loss of 48.75 million yuan, 49.5338 million yuan and 230 million yuan respectively. The expansion of losses in 2025 was mainly affected by share-based payment expenses. During the reporting period, the company's main business revenue all came from non-invasive products.
Previously, BrainRoam has completed Series A to E equity financing. The prospectus shows that before this issuance, the company has 45 institutional shareholders, HSG Hengchen, Guofu Pilot, Rongtuo Innovation, Pudong Venture Capital, Songhe Capital and others are among the top ten shareholders, Dachen-related institutions, Huakong-related institutions, Kaifeng-related institutions, CCB Life Science and Baidu-related funds also appear in the shareholder register.
This time BrainRoam applies for listing according to the fifth set of standards of the Sci-Tech Innovation Board, planning to raise 2.5 billion yuan, of which 1.54 billion yuan will be used for brain-computer interface R&D. The planned fundraising amount is more than 20 times its operating revenue in 2025, which fully reflects the strong demand of brain-computer interface enterprises for long-term capital.
A landmark event is the release of the Several Measures of Shanghai Municipality on Giving Full Play to the Function of Direct Financing and Further Strengthening Sci-tech Financial Services on July 23, which clearly points out that it will promote enterprises in emerging industries and future industries such as controllable nuclear fusion, embodied intelligence, large models, quantum computing and brain-computer interface to list on the Sci-Tech Innovation Board.
On the other side, BrainCo was also exposed to have submitted its Hong Kong stock IPO application in confidential form.
BrainCo was founded in 2015. During his study for a doctorate in neuroscience at Harvard University, founder Han Bicheng led the team to launch the brain-computer interface startup project in Boston, USA, and was selected into the Harvard University Innovation Lab. In 2018, BrainCo settled in Hangzhou, which is the only enterprise focusing on the medical health field among the "Six Little Dragons of Hangzhou", and also one of the earliest companies in China to explore the commercialization of brain-computer interface.
Looking across the Pacific Ocean, the most notable player is undoubtedly Neuralink.
After SpaceX landed on NASDAQ this June, the market soon directed the imagination of "Musk's next trillion-dollar company" to Neuralink. Data from private market research institution Caplight shows that the valuation corresponding to its secondary share transaction once reached 42 billion US dollars, and some buyers' quotations even approached 60 billion US dollars (about 400 billion yuan).
The competition for "the first stock of brain-computer interface" has been put on the table. Historical experience shows that in the current capital market environment, going public means landing — IPO largely determines whether a company can stay in the game.
Welcome to the Cyber World
Investors Are Turning to Brain-Computer Interface
Looking around, China's brain-computer interface track is exploding.
Counting down, the policy side took the lead in sounding the horn — the 15th Five-Year Plan takes brain-computer interface as a future industry for forward-looking layout. In March this year, brain-computer interface was written into the government work report for the first time, listed as one of the future industries to be cultivated with priority, placed in the same important position as quantum technology and embodied intelligence.
At the same time, the National Healthcare Security Administration set up medical service price items for brain-computer interface; the world's first approved invasive brain-computer interface Class III medical device came out; the development of technologies such as low-power chips, models and spatial computing terminals... All kinds of signs make the public see more possible implementation scenarios of brain-computer interface.
Investors are often the most sensitive group. However, leading projects such as BrainCo have reached the listing stage, and there are obviously very few opportunities for investment through the primary market. So we can see that the demand for brain-computer interface old share transactions is strong this year.
Of course, the outcome is still undecided. While leading enterprises are sprinting for IPOs, more players are still emerging — not long ago, JantiMed completed 500 million yuan of strategic financing; Gestalt Technology set the record of the most popular angel round in the brain-computer interface sector; Warmchip completed 300 million yuan of strategic financing; Wabo Technology announced the completion of a new round of financing; Jialiang Brain Science successively completed Series C and Series D financing... The grand scene is vividly remembered.
The future hundred-billion-yuan companies may have just been born. After communicating with investors in the investment circle, everyone unanimously mentioned that brain-computer interface has become a key track for institutional internal layout. Facing many technical routes that have not yet converged, many institutions choose to make multi-point layouts to increase the probability of betting on the winner.
The industry is heating up, and entrepreneurs have the most obvious personal experience. A brain-computer interface founder once told the investment circle, "Investors from tracks such as embodied intelligence, artificial intelligence, consumer electronics and commercial aerospace have begun to re-understand the cross value of brain-computer interface."
There is no doubt that the imagination here is huge — not only the brain-computer interface itself, in the future this technology will also become a new generation of human-computer interaction entrance connecting multiple industries such as AI, smart home, embodied intelligence and medical care. Even interstellar colonization and consciousness connection that only appeared in movie scenes are likely to become real with the maturity of brain-computer interface.
However, the road is still long. Even Neuralink, which has a financing scale of more than 8 billion yuan, is still in the clinical verification stage at present. The beautiful imagination of manipulating the body with mind still requires huge investment of time, talents and money. To a certain extent, everyone competing for "the first stock of brain-computer interface" is trying to get more time and chips for the next round of competition.
Almost everyone believes that the cyber world is getting closer and closer.
This article is from WeChat official account "Pedaily" (ID: pedaily2012), written by Chen Jia and Wu Qiong, authorized by 36Kr to release.