Chinese brain-computer device makers eye onshore offerings

By the Editorial Team · Wednesday, September 9, 2026

Several Chinese brain-computer interface companies, including Arfysica Innovation and Neuracle Medical Technology, are preparing to go public on domestic stock exchanges like the Shanghai Star Market. This surge in IPO activity reflects growing investor confidence and signals an early-stage expansion in China's high-tech neurotechnology sector, with analysts expecting a multi-year upcycle in public offerings.

Several Chinese companies specializing in brain-computer interface (BCI) technology are preparing to pursue initial public offerings (IPOs) on domestic stock exchanges, signaling growing investor interest in this emerging sector. These firms aim to capitalize on the Shanghai Stock Exchange’s Star Market, a platform often compared to the U.S. Nasdaq for its focus on high-tech enterprises.

Shanghai-based Arfysica Innovation recently registered for IPO advisory services in seeking a Star Market listing, according to a filing with the China Securities Regulatory Commission (CSRC). The company develops products targeting central nervous system injuries and cognitive disorders. Arfysica appointed Huatui United Securities as its sponsor. Founded in 2015 with initial capital of 100 million yuan (approximately HK$116.8 million), Arfysica is controlled by founder Wang Wei, who holds a 51 percent stake and serves as the company’s legal representative. Wang holds a doctorate in biomedical engineering from the University of Southampton and has professional experience at Siemens Healthcare. The company completed a funding round in February, following a previous financing round in January that raised 160 million yuan from investors including the state-owned National SME Development Fund.

Another contender, Shanghai-based Neuracle Medical Technology, signed an IPO coaching agreement with Citic Securities on February 4, as disclosed in a CSRC filing. Neuracle gained China’s first regulatory approval for an implantable BCI system designed to restore hand movement in spinal cord injury patients. The company has raised 72 million yuan across five funding rounds, with investors such as HSG, Tsinghua Holdings Capital, and Baidu Ventures. Its legal representative, Xu Honglai, graduated in biomedical engineering from Tsinghua University.

Beyond these two, at least two additional Chinese BCI companies are reportedly pursuing domestic IPOs. Meanwhile, Hangzhou-based BrainCo, part of a group dubbed the "six little dragons"—local tech firms recognized internationally for advances in artificial intelligence and robotics—is further along in its capital market plans. BrainCo has confidentially filed for a Hong Kong IPO and is working with China International Capital Corp and UBS Group, though the transaction size remains undisclosed. The firm collaborates with a hospital affiliated with Beijing’s Capital Medical University to develop BCI technology for depression screening.

Market analysts highlight that this year’s batch of IPO candidates in cutting-edge technologies demonstrates a higher degree of innovation, stronger financial backing, and elevated research and development intensity compared with listings from four years ago. According to a report released on August 28 by Morgan Stanley, roughly 73 percent of this year’s IPO firms show domestic leadership in innovation, despite many still lagging behind the global cutting edge. Huang Chiyao, an equity analyst at Morgan Stanley, characterized the environment as “still at a very early stage of a multi-year IPO upcycle,” indicating anticipated growth in the sector’s public fundraising activities.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.