China puts brain–computer interfaces in the national crosshairs as IPO race heats up

Policy boost puts BCI at the centre of China’s tech priorities

China’s recent government work report — part of the Two Sessions (全国两会), the annual high‑level political meetings — explicitly named brain–computer interfaces (BCI) as a “future industry” to be cultivated. That rare, top‑level mention signals likely increases in funding, standards and regulatory attention. Markets noticed: Hong Kong concept stocks tied to BCI jumped sharply, echoing earlier rallies tied to Elon Musk’s Neuralink announcements. Could Beijing’s imprimatur tilt the global BCI race toward Chinese firms? It has been reported that investors think so.

Qiangnao Technology (强脑科技): a consumer‑facing leader aiming at Hong Kong

It has been reported that Qiangnao Technology (强脑科技) — one of the so‑called “Six Dragons” in Hangzhou’s neurotech cluster — confidentially submitted an IPO application to the Hong Kong Exchange after closing a record CNY 2 billion financing round. A non‑invasive BCI specialist, Qiangnao is notable for rapid commercialization: head‑worn devices for sleep, stress and attention management, large‑scale revenues, and an FDA‑certified production prosthetic that the company says enables intuitive, five‑finger control. Non‑invasive systems trade surgical risk for weaker brain signals, but their lower regulatory and adoption hurdles make them attractive consumer and rehab plays — and that commercial traction is a key part of Qiangnao’s IPO story.

BoruiKang (博睿康): the semi‑invasive “hard tech” contender for the Sci‑Tech board

It has been reported that BoruiKang (博睿康), a long‑standing player spun out of Tsinghua’s neural‑engineering work, has begun IPO counselling for China’s Sci‑Tech Innovation Board (科创板). Unlike Qiangnao, BoruiKang develops semi‑invasive implantable systems; its NEO device was described as achieving a 2023 clinical milestone when a long‑paralysed patient reportedly regained the ability to grasp a bottle via brain control. The company says dozens of patients have since received implants and that early clinical endpoints were met; it also entered China’s medical‑device special review channel in 2024. BoruiKang represents the “hard‑tech” BCI route — higher technical barriers, higher clinical risk, but potentially larger clinical payoff.

Investment surge, rules and geopolitics

The funding picture is tightening into a boom: 2025 saw roughly 26 BCI financing deals totaling about CNY 1.778 billion (around USD 250 million), a several‑fold increase from 2024, and early 2026 deals looked set to extend the momentum. Regulators are moving too: the first national terminology standard for BCI medical devices took effect on January 1, 2026, and Chinese ministries have encouraged development of BCI‑specific tech‑insurance products to de‑risk capital. Western readers should note the geopolitical dimension — global neurotech competes with firms such as Neuralink amid differing regulatory regimes and export‑control sensitivities — so the prospect of a Chinese firm becoming the world’s first publicly listed “true” BCI company is now plausible, and investors, clinicians and policymakers will be watching closely.