Key Takeaways:
Borui Kang Technology moved a step closer to becoming China's first publicly traded brain-computer interface company after completing IPO tutoring on June 9, following the March approval of its NEO implant as the world's first registered invasive BCI medical device.
"The NEO approval gave regulators confidence in the company's clinical pathway, which is critical for any med-tech IPO," said Tom Brennan, IPO and M&A analyst at Edgen. "The question now is how investors value a company with one approved product and a pipeline still in early stages."
The Shanghai-based company, backed by Sequoia China, Kaifeng Venture Capital and Songhe Capital, raised 160 million yuan ($21.7 million) across multiple funding rounds, according to Mass Device. Its NEO system — a coin-sized implant placed on the brain's protective membrane rather than penetrating the cortex — received clearance from the National Medical Products Administration in March after 36 clinical trials involving participants with cervical spinal cord injuries. The device enables patients to control a robotic glove through thought alone, with one participant, Dong Hui, regaining the ability to write his name after being paralyzed from the neck down since 2018.
A successful listing would set a valuation benchmark for China's BCI sector, which Beijing has designated a strategic priority in its latest five-year plan. Competitor BrainCo, which focuses on non-invasive BCI devices such as smart bionic hands, has reportedly filed confidentially for a Hong Kong listing, setting up a race between the two approaches. Borui Kang's IPO prospectus is expected to disclose its revenue mix between the NEO system and its existing product lines, including digital electroencephalographs and transcranial electrical stimulators that already hold medical device registrations.
BCI Race Heats Up as Two Paths Emerge
The competition for the "first BCI stock" label pits Borui Kang's invasive approach against BrainCo's non-invasive strategy. Invasive implants offer higher signal fidelity but face greater regulatory hurdles and surgical risks, while non-invasive devices reach the market faster with broader consumer applications but lower medical value. China's state-backed insurance system already covers the NEO implant, potentially accelerating patient adoption.
What's at Stake for Investors
Borui Kang's existing product portfolio — digital EEG machines and transcranial stimulators — provides a revenue base while the BCI market develops. The global BCI market was valued at about $2 billion in 2025 and is projected to grow at a compound annual rate of more than 15 percent through 2032, according to industry estimates. The company's IPO valuation will likely reflect both its first-mover advantage in invasive BCI and the uncertainty around long-term adoption rates.
This article is for informational purposes only and does not constitute investment advice.
