The first stock of brain-computer interface, who will win?

According to the recent prospectus disclosed by Borui Kang, the company's planned financing amount for this IPO is 2.5 billion yuan. Of this, 1.54 billion yuan is planned to be invested in the brain-machine interface research and development project, 410 million yuan in the brain-machine interface industrialization construction project, and 550 million yuan for supplementary working capital. From completing the listing counseling work to disclosing the IPO prospectus, Borui Kang only took two days, which can be considered very fast. In terms of Hong Kong stocks, according to media reports, the non-invasive brain-machine interface representative company Qiangnao Technology submitted a Hong Kong IPO application in confidence at the beginning of the year. Financial media reporters noticed the presence of many listed companies such as 37 Interactive Entertainment Network Technology Group (002555.SZ) and Lens Technology (300433.SZ) behind the multiple rounds of financing. In addition, the field of brain-machine interface has attracted significant capital attention this year, with large-scale financings occurring frequently. Based on different capital market review styles, preferences for hard-core technology in the secondary market, and other factors, it is still worth looking forward to which of the two companies will be the first to succeed in their "sprint." Borui Kang's lightning sprint to the STAR Market The Shanghai Stock Exchange official website shows that Borui Kang submitted the IPO application materials on June 11, and the listing application was officially accepted, along with the disclosure of the prospectus. Just two days before that, on June 9, there was a change in Borui Kang's IPO status. The "Report on the Completion of IPO Counseling for Borui Kang Technology (Shanghai) Co., Ltd." submitted by the IPO counseling institution CITIC SEC was posted on the CSRC website. According to the prospectus, the number of shares offered by Borui Kang in this issuance is not more than 20 million shares (excluding the number of shares issued using the over-allotment option), and the number of publicly offered shares is not less than 25% of the total outstanding shares after this issuance; the over-allotment option may be used for this issuance, and the portion of the over-allotment does not exceed 15% of the total publicly offered shares. The total outstanding shares after the issuance will not exceed 80 million shares (excluding the number of shares issued using the over-allotment option). As early as December 2015, Borui Kang completed a 12 million yuan angel round of financing, becoming one of the earliest domestic brain-machine interface companies to complete financing. Subsequently, in March 2018, it completed a 30 million yuan pre-A round of financing. Since then, it has completed multiple rounds of financing, including investments from well-known institutions such as Sequoia China, Songhe Capital, Huakong Fund, Pudong Venture Capital, Baidu Ventures, and others. Borui Kang is one of the leading companies in China in the invasive brain-machine interface field. The company was founded in November 2011, with core founders from Tsinghua University's Neural Engineering Laboratory, which is among the top in the world in the field of brain-machine interfaces. Currently, the company has developed two major brain-machine interface platforms, non-invasive and minimally invasive, with applications including epilepsy, complete spinal cord injury, stroke, depression, amyotrophic lateral sclerosis, myasthenia gravis, and other major mental, neurological, skeletal, and muscular diseases. Borui Kang's main business and products include invasive and non-invasive brain-machine interface products. In March of this year, the National Medical Products Administration approved the registration application for the innovative product of the implanted brain-machine interface hand movement compensation system developed by Borui Kang Medical Technology (Shanghai) Co., Ltd., marking the global first launch of an invasive brain-machine interface medical device, which is suitable for quadriplegic patients with cervical spinal cord injury, assisting them in achieving hand grasping function compensation through the use of a pneumatic glove device. This marks the first clinical application of an invasive brain-machine interface medical device internationally. In addition, the company has developed the minimally invasive brain-machine interface NEO platform. Based on this platform, the company is advancing the development of different functional and adaptive invasive brain-machine interface products using multiple invasive technology paths such as epidural implantation, cortical surface attachment, and cortical penetration. In terms of non-invasive brain-machine interface related products, the company has built a non-invasive brain-machine interface application ecosystem around brain science research and clinical diagnosis and treatment. It has developed and launched more than 20 non-invasive neurosignal acquisition and modulation products, applied in more than 500 medical institutions and over 300 research institutions in China. The company's market share in electroencephalogram acquisition products has continued to rise and has maintained a leading position in the country for many years. By 2025, the company's domestic market share of electroencephalography machines exceeded imported brands, ranking first in the industry. With the sales of non-invasive products, Borui Kang is expected to achieve revenues of 75.21 million yuan, 65.97 million yuan, and 108 million yuan in 2023, 2024, and 2025 respectively. These revenues come mainly from electroencephalography acquisition systems, transcranial electrical stimulation devices, ancillary products and technical service fees, and other projects. However, due to continuous high levels of R&D investment, the financial data shows that Borui Kang incurred net losses of 48.7575 million yuan, 49.538 million yuan, and 230.4958 million yuan in 2023, 2024, and 2025 respectively. As of December 31, 2025, the company's accumulated retained losses amount to 467 million yuan. Non-invasive brain-machine interface companies making progress in Hong Kong This year, influenced by various favorable factors, the concept of brain-machine interfaces has been gaining increasing popularity. According to media reports, on January 12th this year, one of the "Hangzhou Six Dragons", the brain-machine interface company Qiangnao Technology, submitted a Hong Kong IPO application in confidence and is working with CICC and UBS to prepare for a new stock issue, with funding potentially reaching hundreds of millions of U.S. dollars. At that time, the company had just completed a financing round of about 2 billion yuan, led by well-known venture capital firms IDG and Huawen International, and had drawn in industry chain strategic investors such as Lens Technology and OmniVision Integrated Circuits Group, Inc. According to the company's official website, Qiangnao Technology was founded in 2015 and is the first Chinese team to be selected by Harvard University's Innovation Lab. It has raised 500 million U.S. dollars for research and development and is one of the two largest companies in the world in terms of financing scale in the field of brain-machine interfaces, along with Neuralink by Elon Musk. It is a leading company in the non-invasive field. Its main products include interactive products representing BrainCo's intelligent bionic hand, Qiling's intelligent bionic leg, the bionic nimble hand Revo1, and the bionic nimble hand Revo2; control products including attention training systems for Xin Brain-Machine Interfaces, social communication training systems for Kai Xingguo Brain-Machine Interfaces, and BrainAI brain science artificial intelligence innovative solutions. The product matrix focuses on fields such as limb rehabilitation. Qiangnao Technology has stated to the media that its goal is to help 1 million physically disabled people in the next five to ten years by using neuro-controlled prosthetics to restore their daily lives and return to society. It also aims to help improve the conditions of 10 million patients suffering from brain diseases such as autism, ADHD, Alzheimer's, and insomnia. In addition, this year has seen several large-scale financings in the brain-machine interface field. In March, the first domestic company focusing on ultrasound brain-machine interfaces, Format Technology, completed a 150 million yuan angel round of financing. This round of financing was led by Guosheng Capital and Daotong Investment, with participation from Qingsong Capital, Gebei Venture Capital, Fourier, Liepin, Yunshi Capital, and other well-known investment institutions and companies, setting a new record for angel financing in the Chinese brain-machine interface field. In the same month, Ladder Medical completed a 500 million yuan strategic financing round, led by Alibaba, with Guotou Chuanghe following. Tencent, Yuanlai Capital, Aobei Capital, Yuanhe Origina, Qiming Venture Partners, Llyc Asia Fund, Source Code Capital, and Shanghai Guotou Leading also continued to follow up, with Cogito Capital acting as the exclusive financial advisor, and the company has accumulated more than 1.1 billion yuan in financing in the past year. According to media reports, Hangzhou Jiali Brain Science has completed a series C financing round of several billion yuan, with a post-investment valuation approaching one billion U.S. dollars, and investment institutions like Yufu Fund and Chende Capital among the investors. The company may plan to go public in 2027. Well-known listed companies, investment institutions participate in financing Several listed companies are behind the multiple rounds of financing for Qiangnao Technology. On the investor interaction platform, Lens Technology has responded that the company is cooperating with Qiangnao Technology in various ways through capital and business methods, and is a strategic investor and industrial partner for the latter. In November 2025, 37 Interactive Entertainment Network Technology Group formally completed a $20 million investment in Qiangnao Technology. In the future, the two sides will explore the commercialization path of brain-machine interfaces based on scene landing and social responsibility, empowering enterprise business upgrades while promoting the application of brain-machine interface technologies in the fields of entertainment, XR, and more. According to the 2025 annual report of Guangdong Dowstone Technology (300409.SZ), the company's subsidiary Hong Kong Jiana has signed a Pre-B round of preferred stock subscription agreement with Qiangnao Technology, investing $30 million in preferred shares using its own funds. In addition, according to Aiqicha, among the investors in Qiangnao Technology, Lingyi Itech (002600.SZ) holds about 5.9% of the shares, with a total investment of about $20 million, and is developing smart hardware. OmniVision Integrated Circuits Group, Inc. (603501.SH), Range Intelligent Computing Technology Group (300442.SZ), and Xiangyu Medical (688626.SH) have participated in its Pre-IPO round of investments. On the other hand, the investors behind Borui Kang are more discreet. On the investor interaction platform, Hunan TV & Broadcast Intermediary (000917.SZ) and Beijing Watertek Information Technology (300324.SZ) have stated that they have invested in Borui Kang through their respective funds, Daqin Cai Zhi and Beijing Huakong. However, their shareholding percentages through penetration are relatively small. The 31st largest shareholder, Guangzhou Baidu, is a subsidiary of Baidu (BIDU). Currently, Borui Kang has completed multiple rounds of financing. In December 2015, Borui Kang completed a 12 million yuan angel round of financing, with Rongtuo Capital as the main investor. Later in March 2018, Borui Kang introduced Kaifeng Venture Capital and Zhongjinghe Group and completed a 30 million yuan pre-A round of financing. After that, the company completed six rounds of financing, with the participation of Sequoia China, Pudong Venture Capital, Baidu Ventures, Daqin Cai Zhi, Huakong Fund, Beijing Centergate Technologies, and other well-known investment institutions. In December last year, CHINA MERCHANTS joined Borui Kang's E-round of financing. In the top ten shareholders of the company, the first and second largest shareholders are Xuhonglai and Huang Xiaoshan, with direct shareholdings of 12.2453% and 10.4379% respectively. The two of them are also co-controlling shareholders and actual controllers of Borui Kang, with Xuhonglai currently serving as Chairman and General Manager of the company, and Huang Xiaoshan as Vice Chairman and Vice General Manager. At the same time, Xuhonglai and Huang Xiaoshan, as the executive partners of Beijing Borui Kang Investment, indirectly control 6.1130% of the company's shares, and Xuhonglai, as the executive partner of Shanghai Borui Kang Enterprising, indirectly controls 4.7619% of the company's shares, with a total control of 33.5581% of the company's shares. As of the signing date of this prospectus, the other major shareholders with more than 5% of the company's shares or voting rights and their related parties include Hongshan Hengchen and their related parties, Rongtuo Innovation and their related parties, Beijing Huakong and their related parties, Shanghai Kaifeng and their related parties, and Jime Investment and their related parties. It is still uncertain who will be the first to "hit the mark" According to financial media, East Money Information's registration-based IPO statistics show that from June 2025 to June 2026, the average time for the 22 registered effective companies on the STAR Market from acceptance to registration effectiveness was 358 days (about 12 months); and it takes even longer to list, with the average time from acceptance to listing being about 630 days (about 21 months). However, the IPO pre-review mechanism introduced by the Shanghai Stock Exchange in July 2025 has significantly shortened the review period for high-quality enterprises in key core technology fields. In contrast, Yu Shu Technology, one of the "Hangzhou Six Dragons", took only 73 days from acceptance to deliberation, setting the record for the fastest review on the STAR Market. Fund analyst Tao Ze told financial media reporters that from the progress of the process, Borui Kang officially started its IPO counseling in early February this year and completed the counseling acceptance in just four months. The application for the STAR Market was accepted on June 11, showing very high efficiency. The fifth set of standards for the STAR Market was fully reinstated last year, combined with the pre-review and speed-up mechanisms, significantly improving the efficiency of the review for high-quality non-profit companies. According to reports, Qiangnao Technology submitted its IPO application through the Hong Kong IPO specialist line in January of this year, but the official hearing date and prospectus have not been disclosed yet. In terms of the timeframe for IPO, Borui Kang has the initiative. On the other hand, the Hong Kong Stock Exchange's May 2026 report shows that in the 12 months leading up to May 29, 2026, the median time required from acceptance of listing application to issuance of hearing notice was 98 business days (with the Exchange's time being 35 business days, and other parties such as sponsor institutions being 64 business days), and the median time from approval of the hearing to listing was 18 business days. Taking into account holidays and weekends, the total median processing time corresponds to about 5 to 6 natural months, relatively faster than the STAR Market. Furthermore, the Hong Kong Stock Exchange officially launched the "Science and Technology Company Specialist Line" green channel in May 2025, and within half a year of the operation of the specialist line, 68 companies have successfully gone public. The specialist line uses a "one-day clearance" mechanism, such as when Hesai Technology passed through the specialist line and was able to complete the entire listing transaction process in just half a month. In response to this, Tao Ze analyzed that the political favoritism towards the brain-machine interface industry this year has been very intense the government work report in 2026 specifically named support for brain-machine interfaces, and the National Medical Insurance Bureau completed the medical insurance coding of Borui Kang's products as soon as they were approved, with Zhejiang also including non-invasive BCI adaptation fees in basic medical insurance. In this policy environment, the A-share market urgently needs a "real first stock in the brain-machine interface" to establish a benchmark for the sector. Although there are many brain-machine interface concept stocks in the A-share market, there is still no company with a main business focus on brain-machine interfaces listed on the STAR Market. Borui Kang is in a good position in this window. "Based on the actual waiting time, Borui Kang is likely to have a significantly shorter waiting time compared to the average, making it not impossible to complete the listing within the year and potentially become the first company to ring the opening bell. However, there is still a variable if the Hong Kong Stock Exchange suddenly speeds up its approval process in the near future, Qiangnao Technology could potentially surpass in the later stages and be the first to ring the bell," Tao Ze said. "Probability is high that Borui Kang will lead the IPO progress and may be the first to achieve the first brain-machine interface stock. The core logic behind this judgment lies in the secondary market's preference for hard-core technology and the differences in review logic between the STAR Market and the Hong Kong Stock Exchange," said Yuan Shuai, co-founder of Xin Zhi Sheng Chan Li Visiting Room on New Intelligence Productivity, in an interview with financial media. Yuan Shuai explained that Borui Kang is deep in the invasive brain-machine interface domain. While this technology path has a long R&D cycle and strict ethical approval, it has very high barriers to entry and represents the most advanced and disruptive scientific strength in the brain-machine interface industry. This, along with the STAR Market's emphasis on "hard technology" and "innovation attributes," makes it highly compatible. Borui Kang has already had products certified as three types of medical devices, establishing a strong foundation in clinical research and hospital channels. This type of transition from academia to clinical certainty is very attractive and valuable for the domestic capital market seeking high-quality scientific innovation standards. In contrast, Qiangnao Technology is focused on non-invasive technology, which is more explosive in commercial consumer electronics, and rehabilitation assistance fields. However, non-invasive devices are often easily compared to advanced wearable devices or rehabilitation equipment in the secondary market, facing challenges in technology premium valuation within the strict medical valuation system. Although the Hong Kong Stock Exchange has an 18A charter to support non-profit biotech companies in the IPO audit, it pays more attention to the enterprise's compliance and long-term business model in the global market. While Qiangnao Technology has been active in the consumer market, it needs to demonstrate to Hong Kong investors in the IPO phase that it is irreplaceable in serious medical scenarios, which often takes longer than just technological breakthroughs. Additionally, the recent political favors have mainly targeted the underlying technologies that address "neck-critical" issues. Borui Kang, as the domestic representative of the invasive path, is more likely to complete the IPO sprint against the background of policy approval and accelerated review on the STAR Market. Yuan Shuai further analyzed that Borui Kang's lead is also reflected in the "purity" of its medical attributes. Once invasive devices pass clinical trials and enter the application process, their future market monopolization and profit space are easier to project. However, as Qiangnao Technology rapidly expands its B2C business, the cost of brand marketing and competition pressure in distribution channels may affect the stability of its financial performance. Taking into account the capital market's review style and industrial chain scarcity, Borui Kang is more likely to be the first to ring the bell with the