BrainCo races to become the "first brain-computer interface stock" as its 5-billion-yuan valuation bet comes to light
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On June 11, the STAR Market IPO application of Boreikang Technology (Shanghai) Co., Ltd. (“Boreikang”) was accepted.
As a brain-computer interface company, Boreikang's products cover both invasive and non-invasive technical routes.
The core reason for the attention this IPO has attracted is that Boreikang owns the world's first invasive brain-computer interface medical device approved for listing.
In March 2026, Boreikang's implanted brain-computer interface hand motor function compensation system was approved for listing by the National Medical Products Administration. This product is suitable for patients suffering from quadriplegia caused by cervical spinal cord injury, mainly through collecting the patient's EEG signals to identify motor intentions, and then using pneumatic glove equipment to assist the patient in achieving hand grasp function compensation.
From the technical route perspective, this product adopts an epidural implantation scheme, placing electrodes outside the dura mater, approaching the cortical signal source without damaging the integrity of the dura, attempting to balance signal quality, long-term stability, and surgical safety.
This puts Boreikang in a relatively rare position in the industrialization process of invasive brain-computer interfaces.
If successfully listed, Boreikang is expected to become the first brain-computer interface company on the STAR Market.
However, Boreikang's implanted brain-computer interface hand motor function compensation system is still in the early stages of commercialization, with its revenue mainly coming from non-invasive products.
From 2023 to 2025, Boreikang's EEG acquisition system revenue was 61.6016 million yuan, 52.3856 million yuan, and 77.6557 million yuan respectively, accounting for 70–80%.
With limited revenue, Boreikang has not yet achieved profitability, with a loss of 230 million yuan in 2025.
It is worth noting that this IPO from Boreikang has also revealed a set of more realistic fundraising terms — investment institutions' requirements have extended from “whether the company can be listed” to “at what valuation it is listed, and how much money is raised.”
According to the bet agreement, investors require Boreikang to complete an IPO in an approved qualified capital market, with a company valuation of no less than 5 billion yuan and fundraising of no less than 500 million yuan.
This arrangement shows that investment institutions' requirements for hard tech companies no longer focus solely on “telling a technology story” or “meeting the listing milestone,” but have further bound the quality of listing, valuation level, and scale of fundraising.
Although this bet agreement has been cleared before the listing, if Boreikang fails to complete the listing before December 31, 2028, the bet agreement targeting founding shareholders will regain effect.
For this IPO, Boreikang plans to raise 2.5 billion yuan, to be invested in brain-computer interface R&D and industrialization, marketing network construction, and other projects.
The commercialization results of invasive brain-computer interface products could be the key to whether Boreikang's IPO succeeds.
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