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Julie Zhang

A handful of home-grown Chinese companies involved in brain computer interfaces (BCIs) are moving towards initial public offerings (IPOs) on onshore markets, taking advantage of the sector’s status as a new darling of private capital.
The trend fits into a broad pattern of hi-tech firms flocking to list on the Shanghai Stock Exchange’s Nasdaq-style Star Market.
Among the BCI hopefuls, Shanghai-based Arfysica Innovation is the latest to register for IPO coaching for a Star Market listing, according to a filing with the China Securities Regulatory Commission (CSRC). The company, which develops products for central nervous system injuries and disorders of cognition, hired Huatai United Securities as its sponsor.
BCIs aim to allow brain signals to control external devices, such as computers or robotic limbs. Elon Musk’s Neuralink is a prominent company developing the technology.
Founded in 2015 with registered capital of 100 million yuan (US$15 million), Arfysica is controlled by founder Wang Wei, who holds a combined 51 per cent stake and serves as the company’s legal representative, according to the CSRC website. Wang earned a bachelor’s degree from Tianjin University before completing a PhD in biomedical engineering at the University of Southampton in the UK in 2006, and later worked at Siemens Healthcare, according to her LinkedIn profile.
The company raised an undisclosed amount of capital in its latest financing round in February. Its earlier round in January raised 160 million yuan from investors including the state-owned National SME Development Fund, according to company database Crunchbase.
Another IPO candidate, Shanghai-based Neuracle Medical Technology, signed an IPO coaching agreement with Citic Securities on February 4, according to a filing with the CSRC. The company won China’s first-ever regulatory approval for an implantable BCI system designed to help patients with spinal cord injuries regain hand movement.
It has raised 72 million yuan across five rounds of investment, counting HSG, Tsinghua Holdings Capital and Baidu Ventures among its investors, according to Crunchbase. Its legal representative, Xu Honglai, graduated from Tsinghua University in biomedical engineering, according to the university’s website.
At least two other Chinese BCI companies are pursuing onshore IPOs, according to local media reports.
Further along in tapping capital markets is BrainCo, one of Hangzhou’s so-called six little dragons – a group of tech firms that have gained global recognition in AI, robotics and other frontier fields. BrainCo has confidentially filed for a Hong Kong IPO, Bloomberg reported on January 12.
The company is working with China International Capital Corp and UBS Group on the share sale, though the deal size has not yet been disclosed.


BrainCo has partnered with a hospital affiliated with Beijing’s Capital Medical University to develop BCI products for screening depression, according to the company.
This year’s crop of listing candidates was “hardcore in innovation”, with higher strategic value, stronger capital backing and higher “intensity” in research-and-development spending than those that went public just four years ago, Morgan Stanley said in an August 28 report.
The market is “still at a very early stage of a multi-year IPO upcycle”, said Huang Chiyao, an equity analyst with the Wall Street bank, in the report.
Some 72.6 per cent of this year’s IPO firms could be categorised as having domestic leadership in innovation, Morgan Stanley found, even as many still trailed the global frontier.
A total of 106 companies listed on the Star Market between June last year and mid-July of 2026, raising about 281 billion yuan.


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Arfysica and Neuracle aim for Star Market listings amid what a Morgan Stanley analyst calls the ‘early stage of a multi-year IPO upcycle’


Arfysica and Neuracle aim for Star Market listings amid what a Morgan Stanley analyst calls the ‘early stage of a multi-year IPO upcycle’.


Eager capital prompts IPO plans for more Chinese makers of brain-computer interfaces

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Arfysica and Neuracle aim for Star Market listings amid what a Morgan Stanley analyst calls the ‘early stage of a multi-year IPO upcycle’

Arfysica and Neuracle aim for Star Market listings amid what a Morgan Stanley analyst calls the ‘early stage of a multi-year IPO upcycle’