Hangzhou "Six Little Dragons" accelerate capitalization! StrongBrain Technology secretly submits Hong Kong IPO application

Hangzhou "Six Little Dragons" accelerate capitalization! StrongBrain Technology secretly submits Hong Kong IPO application

On Monday, according to media reports citing informed sources, Strong Brain Technology, one of Hangzhou’s “Six Little Dragons” and a brain-computer interface unicorn, has confidentially submitted its Hong Kong IPO application. The company is working with CICC and UBS to advance the stock offering, with the fundraising scale expected to reach several hundred million US dollars.

This IPO filing coincides with Strong Brain Technology completing a new round of financing. According to a previous Wallstreetcn article, the company recently completed a financing round of about 2 billion yuan, with top financial capital partnering with industry giants such as Lens Technology.

This amount marks the world’s second-largest fundraising in this sector, behind only Neuralink. Industry insiders point out that this signifies that brain-computer interface technology has transcended the laboratory stage, is receiving strong endorsement from capital markets, and is accelerating towards commercialization.

Recently, the brain-computer interface field has seen a significant increase in attention, mainly catalyzed by the latest developments from industry leader Neuralink. In January, Elon Musk announced that Neuralink would commence mass production in 2026, which directly boosted related concept stocks such as Being Technology and Xiangyu Medical in 2026’s market openings. As one of the very few companies to achieve large-scale product manufacturing, Strong Brain Technology’s listing process is viewed as a key indicator for the commercial viability of this technology.

This IPO application also indicates that the high-profile “Six Little Dragons of Hangzhou” are speeding up their capitalization process. As Strong Brain Technology, Manycore Tech, and others advance towards listing, the market valuation and liquidity prospects of these representative tech startups will become the focus of investor attention.

Fundraising Records and Commercialization

Before submitting its listing application, Strong Brain Technology had already established its leadership in the non-invasive brain-computer interface sector. According to Shanghai Securities News, its recent round of about 2 billion yuan was co-led by IDG Capital and Walden International, the latter founded by Intel Corp. CEO Lip-Bu Tan. The participation of Lens Technology further strengthens the company’s industrial chain synergy expectations.

Strong Brain Technology was founded by Han Bicheng in 2015. Unlike Neuralink’s invasive approach, the company focuses on non-invasive technology, providing solutions by establishing signal pathways between the brain and external devices. The company has received both FDA approval in the US and CE certification in Europe. Its core product, the “Super Sensor,” can detect EEG signals without a craniotomy and is used to assist in rehabilitation for the disabled and treating neurological diseases such as Alzheimer’s and autism. Han Bicheng has stated a plan to help one million physically disabled people regain mobility within the next 5 to 10 years.

According to CCID Consulting Co. data, China’s brain-computer interface industry is expected to maintain an annual growth rate of 20% in the coming years. Strong Brain Technology, as one of the few players to achieve large-scale product manufacturing, leads the industry in R&D investment and is regarded as a domestic force competing with US companies in this sector.

Brain-computer interface technology has become a new frontier in tech competition. Strong Brain Technology’s rival, Neuralink, is a leader in the implantable chip field, and its recent news has been the direct catalyst for market activity. Musk previously announced that Neuralink would begin large-scale production of devices in 2026, stating confidence in helping paralyzed patients regain full-body function.

These two major pieces of information verify the technical feasibility of the industry, significantly raising market expectations for brain-computer interfaces to transition from research to daily life. Though Strong Brain Technology uses a non-invasive approach, it likewise benefits from the increased attention to the industry overall. Insiders say the company aims to use the IPO proceeds to further compete with American rivals like Neuralink and expand its impact in global markets.

"Six Little Dragons of Hangzhou" IPO Race

With Strong Brain Technology taking steps toward listing, the capitalization path for the “Six Little Dragons of Hangzhou” (referring to six renowned next-generation tech companies in Hangzhou, including DeepSeek) is becoming increasingly clear and showing signs of acceleration.

Manycore Tech: Progressing the fastest, having officially submitted an IPO application to the Hong Kong Stock Exchange. The prospectus shows revenue of 399 million yuan in H1 2025, a 9% year-over-year increase and a turnaround to profitability, with adjusted net profit of 17.83 million yuan. The gross margin further increased to 82.1% in H1 2025. CEO Chen Hang recently announced a strategic transition to a "spatial intelligence infrastructure provider," aiming to become the “water seller” in 3D spatial sectors.Unitree: Has completed IPO counseling and disclosed on overseas social networks that it is actively preparing for its listing.DeepBlue: Submitted counseling materials to the Securities Regulatory Bureau on December 23; the adviser is CITIC Construction Investment. It plans to finish counseling in Q2 of 2026, with hopes to take the first step towards A-shares next year.Other companies: DeepSeek and Game Science have not yet released clear signals regarding capitalization.

So far, four of the “Six Little Dragons of Hangzhou” have clarified their IPO intentions or entered substantive operational phases, covering both Hong Kong and A-share markets, showing that hard tech companies in this region are collectively seeking funding from secondary markets.

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