BrainCo Files for Hong Kong IPO Amid Surge in BCI-Related Stocks

Smart Medical Device Network NewsRecently, the concept stocks of brain-computer interface have been very popular, and the share prices of many related medical device companies have surged, such as Zhejiang Shanxiahu Pearl Group Co., Ltd., BrainCo, and other companies like Sailing Medical and Xiangyu Medical.

12Reportedly, according to Bloomberg, BrainCo has confidentially submitted for a Hong Kong listing.IPOApplication, informed sources revealed that BrainCo is cooperating with CICC and UBS for this stock issuance. As the information is confidential, the informed sources requested anonymity.

They indicated that this issuance might raise several hundred million US dollars. BrainCo is expected to becomeThe first company to go public among the "Hangzhou Six Dragons." As the first unicorn in the brain-computer interface field in China, BrainCo is committed to breakthroughs in the underlying technology of brain-computer interfaces. By establishing a signal transmission pathway between the brain and external devices to enable information exchange, it provides solutions for disability rehabilitation, autism, and other brain-related diseases. Several products have already been launched.

In addition,According to the official WeChat account of the Haihe Laboratory of Brain-Computer Interaction and Human-Machine Symbiosis, recently, a journal supervised by the Ministry of Industry and Information Technology and hosted by the China Center for Information Industry Development,New-type Industrialization》Publication of an article by Ming Dong, Director of the Haihe Laboratory of Brain-Computer Interaction and Human-Machine Symbiosis, and Vice President of Tianjin University, titled "Streamlining the Technology Chain and Completing the Talent Chain to Promote the Transformation and Application of Brain-Computer Interface Scientific Achievements."

Ming Dong mentioned that the team from the Haihe Laboratory of Brain-Computer Interface and Human-Machine Symbiosis at Tianjin University focuses on the field of non-invasive brain-computer interfaces, continuously driving technological innovation and industrial implementation. Currently, a full-chain layout has been formed, integrating high-performance components, chips, algorithms, platforms, system integration, key infrastructure, and applications.

AndIn the clinical application field, the product developed by Tianjin University“Shen Gong”Brain-Computer InterfaceInnovative HealthcareThe full range of equipment products have been successively launched, gradually covering clinical application scenarios such as stroke rehabilitation, spinal cord injury motor assistance, depression diagnosis and treatment, and auditory disorder diagnosis and treatment.

In fact, as a revolutionary technology connecting the human brain with external devices, brain-computer interface (BCI) is breaking the boundaries of traditional medicine and becoming a core breakthrough in addressing the challenges of diagnosing and treating neurological disorders. The medical field is the central scenario for the commercial implementation of brain-computer interfaces (BCIs), and their unique value in functional reconstruction, rehabilitation treatment, and precise diagnosis is driving the global medical BCI market into a critical turning point for scaled development.

It is reported that the continuous expansion of the global patient base with neurological disorders has provided a rigid demand for brain-computer interface technology. According to statistics from the World Health Organization, the number of patients with spinal cord injuries worldwide exceeds250010,000 people, new stroke patients annually1500Among the population, the total number of patients with neurodegenerative diseases such as ALS and Parkinson's disease has exceeded1Hundreds of millions of people. In China, there are only1300Millions of people, with the medical burden caused by neurological diseases exceeding5000100 million yuan.

Traditional drugs, surgeries, and rehabilitation training have limited effects on functional improvement for critically ill patients, while brain-computer interfaces achieve this by constructing"Brain"-The direct information pathway of the "device" has achieved breakthrough solutions such as motor function replacement and neuromodulation therapy, becoming a strategically essential track in the medical technology field.

2025The year is regarded as "the first year of China's brain-computer interface development." With the implementation of policies such as the "Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry" jointly issued by seven departments, brain-computer interfaces have officially been included in China's future industrial layout. The technological transformation and market application in the medical field are now entering a period of policy-driven benefits.

At present, the medical brain-computer interface has been formed"A differentiated application pattern of 'non-invasive wide implementation, semi-invasive breakthrough validation, and invasive precision tackling' is gradually moving from the laboratory to clinical practice."

Brain-computer interfaces form three technical routes—non-invasive, semi-invasive, and invasive—based on differences in signal acquisition and decoding technologies. These routes respectively meet the needs of different medical scenarios, establishing a full-chain application system covering rehabilitation, treatment, and diagnosis.

Among them, non-invasive technologies collect scalp EEG signals through wearable devices such as EEG caps. With the advantages of high safety, controllable cost, and easy operation, they have become the most commercially mature route in medical brain-computer interfaces, with core applications in large-scale rehabilitation scenarios. In the field of stroke rehabilitation, non-invasive brain-computer interfaces achieve the remodeling of patients' motor functions through devices such as brain-controlled exoskeletons and rehabilitation robots. Clinical data shows that rehabilitation training combined with brain-computer interfaces improves the speed of motor function recovery compared to traditional training.30%-50%。

In addition, non-invasive technologies are also being piloted in scenarios such as epilepsy early warning and sleep monitoring. For example, BrainCo (BrainCo) The device can monitor abnormal EEG waves in epilepsy patients in real time and provide early warning.5-10Minutes to issue a warning; multiple portable devices have entered the home rehabilitation scene, forming a "hospital-Community-"Family" full-scenario rehabilitation service network, becoming the core force in promoting the popularization of brain-computer interface medical care.

In contrast, invasive technologies implant electrode arrays into the cerebral cortex through surgery, directly capturing neuronal signals with decoding accuracy far surpassing non-invasive technologies. These are primarily applied in high-value medical scenarios such as functional reconstruction after spinal cord injury, aphasia restoration, and vision restoration.

Clinical Trial of the Center for Excellence in Brain Science and Intelligence Technology, Chinese Academy of Sciences Successfully Helps High-Level Paraplegic Patients Achieve"Mind Control" Intelligent Wheelchair, Commanding Robot Dogs to Fetch Items and Other 3D Interactive Operations; The High-Throughput Invasive System from BrainCo can Decode the Language Intent of ALS Patients, Achieving...60Rapid input of over 3,000 commonly used Chinese characters, rebuilding the communication ability of aphasic patients.

Meanwhile, in the field of sensory substitution, invasive technologies demonstrate disruptive potential. A team from the Chinese Academy of Sciences Institute of Automation achieved the world's first quantifiable complex graphic+Color Vision Reconstruction: Artificial Visual Perception in Blind Patients via Image Encoding and Electrical Brain Stimulation2026At the beginning of the year, the promotion of low-channel devices into type inspection brought hope for blind patients to regain their sight. Although invasive technology still faces challenges in biocompatibility and long-term stability, it has become a key technical direction for solving severe neurological diseases.

And semi-invasive technology implants electrodes into the skull, outside the dura mater, through minimally invasive surgery, balancing the high precision of invasive methods with the high safety of non-invasive methods, achieving..."Precision"-Safety-The optimal balance of "cost." China is in a global leading position in this field, with the benchmark product being "Beijing Brain No.1" from Beijing Xinzhide.6For example, human implants cover a variety of indications such as spinal cord injury, stroke, and ALS: hemiplegic patients at Tiantan Hospital achieved "mind-controlled robotic arm" one week after surgery;高位截瘫患者at Peking University First Hospital experienced...6After months of training, autonomous walking was achieved with the assistance of axillary crutches.

Currently,"Beijing Brain No.1" has been launchedGCPMulticenter Registration Clinical Trial, Plan2026Year Completed50-100Example Test, Promising2-3Obtained Class III medical device certification within the year, marking a significant milestone in the industrialization of semi-invasive technology, and will play a core role in the treatment of moderate to severe neurological dysfunction.

In short, benefiting from technological breakthroughs, policy support, and demand release, the global medical brain-computer interface market is showing a rapid growth trend, formingThe competitive landscape of "China and the US leading, multi-polar catching up" has enabled the Chinese market to rise rapidly by leveraging clinical resources and policy advantages.

According to industry data,2024Global Brain-Computer Interface Market Size Approximately120100 million RMB, of which the medical field accounts for more than60%; As the world's second-largest market, China2024Annual market size reaches32100 million yuan, a year-on-year increase of18.8%, it is estimated that2027Will reach by the year55.8100 million yuan, with an average annual compound growth rate exceeding20%，2040Annual comprehensive scale is expected to break through1200100 million yuan.

From the perspective of细分 scenarios,2024In 2023, the Chinese market had the highest proportion of stroke rehabilitation (35%，11.2100 million RMB), followed by functional reconstruction for spinal cord injury (25%，8100 million yuan); Future5In the coming years, the scenarios for functional reconstruction of spinal cord injury and Parkinson's disease treatment will exceed...30%TheCAGRRapid growth, becoming the core growth point of the market.

From the perspective of the global market competition pattern, the United States has a clear first-mover advantage in the invasive technology field.NeuralinkAchieve mass production and complete multiple human implants; China, relying on policy promotion and clinical resource advantages, has achieved differentiated breakthroughs in semi-invasive technology, leading the world in the commercialization process of non-invasive technology.

In China, companies have formed three major camps: the first being non-invasive application leaders (BrainCo, Boyi Kang Technology), focusing on the large-scale rehabilitation market; the second being invasive technology pioneers (NaoHu Technology, Step Medical), targeting high-value functional reconstruction scenarios; and the third being core component suppliers (CoreSmart, BrainChip Technology), providing key components such as chips and electrodes to support the independent control of the industrial chain.

Overall, brain-computer interfaces are reconstructing a new paradigm in healthcare, becoming the next medical revolution following the Internet and artificial intelligence. Driven by both the rigid demand for neurological disorders globally and favorable policies, medical brain-computer interfaces have entered the initial stage of industrialization. China, with its..."Non-invasive widely implemented, invasive/A differentiated pattern of "semi-invasive key breakthroughs" has emerged, entering the top tier globally. Despite facing multiple challenges such as technical stability, core components, talent, and ethics, the future looks promising with technological iteration, ecosystem improvement, and regulatory innovation.5-10Will achieve full-chain medical application coverage by the year.

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