“Two Sessions” Spotlight And Multiple IPOs Propel Brain‑Computer Interface Sector Into Spotlight

On March 5, the government work report issued at the Fourth Session of the 14th National People’s Congress explicitly identified brain‑computer interfaces as one of the future industries to be cultivated and supported in 2026. This designation elevates brain‑computer interfaces to a strategic emerging industry status, signaling the prospect of enhanced policy support and resource allocation to accelerate technological advancement and industrial deployment.

In response to the announcement, Hong Kong‑listed concept stocks tied to brain‑computer interfaces rallied broadly, with some names advancing more than 20%, recalling the surge seen on the first A‑share trading day earlier this year after Elon Musk said Neuralink would begin mass production of brain‑computer interface devices in 2026. Although no truly public brain‑computer interface company exists globally yet, two leading domestic firms have recently disclosed IPO plans, increasing the likelihood that China could host the world’s first listed company in this field.

QiangNao Technology was the first to surface in IPO reports. At the end of January, media accounts indicated the company had confidentially submitted an IPO application to the Hong Kong Exchange after completing a record RMB 2 billion financing round, the largest in China’s brain‑computer interface sector and the second‑largest globally outside Neuralink. Founded in 2015, QiangNao Technology has completed six financing rounds, and by 2019 its valuation reached USD 400 million. The company was invited to participate as a representative enterprise during German Chancellor Merz’s visit to Hangzhou on February 26, underscoring its domestic prominence.

As a leading developer of non‑invasive brain‑computer interface solutions, QiangNao Technology has focused on consumer‑oriented applications spanning medical rehabilitation, health management and education, with primary clinical uses in sleep improvement, stress reduction and attention training. The company has also pursued prosthetics development, achieving FDA certification and, in 2025, delivering what it describes as the world’s first mass‑produced intuitive‑control bionic hand. Demonstration materials show the device capturing muscle and neural signals to enable coordinated five‑finger movements, restoring fine motor function for upper‑limb disabled users. QiangNao Technology has set ambitious targets to improve outcomes for millions affected by neurological conditions and to assist one million physically disabled individuals in regaining daily living capabilities through neural‑controlled prosthetics within the next five to ten years. Its products have reached commercial scale and generated material revenue, a notable advantage given many peers remain in clinical stages.

Non‑invasive approaches, however, face inherent limitations in signal fidelity compared with invasive systems. Current clinical consensus in China highlights a narrow set of robust applications for non‑invasive interfaces; notably, combining brain‑computer interfaces with functional electrical stimulation or rehabilitation robotics for moderate‑to‑severe post‑stroke upper‑limb motor dysfunction is recommended for routine use, a scenario where QiangNao Technology’s bionic hand can contribute. The relatively low technical barrier and strong consumer orientation also give non‑invasive solutions broad market potential, particularly when integrated with specific applications such as intelligent prosthetics. Continued technical progress that improves signal acquisition could further expand their clinical and consumer value.

Following QiangNao Technology, BoruiKang, a domestic leader in invasive brain‑computer interfaces, filed for IPO guidance with the Shanghai Securities Regulatory Bureau in early February. Established in 2011 by researchers from Tsinghua University’s Neural Engineering Laboratory, BoruiKang has built substantial R&D capabilities, holding 17 patents and 9 software copyrights, and participating in major national research programs. The company gained international attention in October 2023 when its NEO device was implanted at Xuanwu Hospital, enabling a long‑term quadriplegic patient to grasp and drink from a bottle using thought control; this case was reported as the world’s first wireless minimally invasive brain‑computer interface implantation. By December 2025, 32 patients across 11 hospitals had received NEO implants, and clinical summaries indicate all patients achieved home‑based brain‑controlled grasp assistance and met primary clinical endpoints.

BoruiKang’s product portfolio includes the NeuroHUB multimodal research platform, transcranial stimulators and EEG systems, which have obtained medical device registrations for applications in neuromodulation, rehabilitation support and brain‑function monitoring. The company’s technology and clinical results have attracted investment from prominent firms such as Sequoia China and Baidu Ventures, and a reported D+ financing round in 2025 valued the company at RMB 3.5–4.0 billion. BoruiKang is pursuing a listing on the STAR Market, reflecting its positioning as a “hard‑tech” candidate with proprietary core technologies.

The financing environment for brain‑computer interfaces has accelerated markedly. In 2025 the sector recorded 26 financing events totaling RMB 1.778 billion, a substantial increase from 2024’s seven events and RMB 230 million in funding. Early 2026 activity has remained robust, with more than ten financing rounds completed within the first two months, suggesting the year may set new records for investment. Policy measures have reinforced this momentum: China’s first medical device terminology standard for brain‑computer interface technology took effect on January 1, 2026, and the National Medical Products Administration has initiated development of recommended standards for invasive device reliability verification and for design and application norms related to motor‑function reconstruction. On March 2, multiple ministries issued guidance to accelerate high‑quality development of technology insurance and to encourage insurance products tailored to brain‑computer interfaces and AI, a move interpreted by market participants as reducing investor downside risk for high‑uncertainty, high‑impact technologies.

The inclusion of brain‑computer interfaces in the government work report alongside quantum technology and embodied intelligence represents the highest level of policy endorsement to date and signals intensified national support for research and industrialization. Global capital flows mirror this trend: Science, founded by former Neuralink president Max Hodak, closed a USD 230 million Series C round on March 5; Merge Labs, backed by OpenAI and Sam Altman, raised USD 252 million in a seed round earlier in January; and India’s Temple secured USD 54 million in early‑stage funding at a post‑money valuation of USD 190 million. These transactions indicate investor interest in both near‑term commercial applications and longer‑term platform plays.

QiangNao Technology and BoruiKang’s IPO pursuits exemplify China’s shift from following to competing in brain‑science innovation. Their public listings would not mark an endpoint but could catalyze the construction of a full industry ecosystem, stimulating upstream chip development and downstream application deployment, and accelerating the maturation and commercialization of the domestic brain‑computer interface sector.