BrainCo completes IPO counseling, "first brain-computer interface stock" race heats up
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The listing process of the brain-computer interface company Boreikang has reached a critical step.
On June 9, the official website of the CSRC showed that the IPO guidance status of Boreikang Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Boreikang") has been changed to "guidance work completed".
This means that Boreikang is one step closer to officially submitting its listing application.
The main reason Boreikang's capitalization process is under great attention is that one of its core products, the “Implantable Brain-Computer Interface Hand Movement Function Compensation System,” was approved by the Medical Products Administration for listing in March this year. This is the world’s first invasive brain-computer interface medical device to be granted a registration certificate.
This product is mainly targeted at patients with quadriplegia caused by cervical spinal cord injury, whose hands cannot perform grasping functions. Through the implantable brain-computer interface system, it helps patients achieve assisted replacement of hand movement functions.
This has made Boreikang a flagship company in the industrialization process of brain-computer interfaces.
If the subsequent listing progresses smoothly, Boreikang is expected to become a strong contender for the title of “the first brain-computer interface stock” in the A-share and even the Chinese capital market.
However, Boreikang is not solely betting on the path of invasive brain-computer interfaces. According to the Medical Products Administration, Boreikang already has several products, such as digital electroencephalographs and transcranial electrical stimulators, which have obtained medical device registration certificates. These approved products also form a more realistic commercial foundation for Boreikang at present.
Compared to invasive brain-computer interfaces that are still in the early stages of industrialization, products like digital electroencephalographs and transcranial electrical stimulators are closer to the mature medical device market and can provide Boreikang with relatively stable sources of revenue.
Capital has also long been betting on Boreikang, with well-known institutions such as Sequoia China, Kaifeng Venture Capital, and Songhe Capital being shareholders of Boreikang.
With Boreikang having completed its IPO guidance, the capital race among brain-computer interface companies is heating up.
There were previous market rumors that leading industry company Strong Brain Technology had submitted a listing application to the Hong Kong Stock Exchange in confidential form. However, unlike Boreikang’s emphasis on invasive brain-computer interface medical devices, Strong Brain Technology leans more towards non-invasive brain-computer interface solutions, with products covering rehabilitation aid scenarios such as intelligent bionic hands.
From an industry perspective, brain-computer interfaces are still at the early stage of transitioning from scientific validation to clinical and commercial implementation. The invasive route has higher technical barriers and stronger medical attributes, but also faces higher thresholds in clinical validation, surgical safety, payment systems, and large-scale promotion; the non-invasive route offers broader commercial scenarios and faster product roll-out, but its technical depth and medical value still need further proof.
The battle for “the first brain-computer interface stock” has officially begun, and who will take the crown first is receiving much attention.
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