- Shanghai-based company completes IPO tutoring process months after securing approval for an implantable BCI device
- Listing could give investors one of the first pure-play bets on China’s emerging brain-computer interface sector
Brain-computer interface (BCI) developer Neuracle (博睿康) has completed the regulatory tutoring process required before filing for an initial public offering, bringing the company a step closer to a listing on Shanghai’s STAR Market.
The latest filing update also positions the Shanghai-based startup to become one of China’s first publicly traded BCI companies.
China’s securities regulator disclosed that Neuracle’s IPO tutoring status had changed to “completed,” with CITIC Securities serving as the sponsor.
4-month tutoring period
The company filed for tutoring with the Shanghai bureau of the China Securities Regulatory Commission on February 4 and completed the process in roughly four months.
“The tutoring work has indeed been completed, and other work is proceeding as normal,” a company representative told domestic media, without being named.
The NMPA approval
The milestone comes three months after Neuracle achieved a breakthrough in the medical application of BCIs.
In March, China’s National Medical Products Administration approved the company’s implantable BCI system designed to restore hand movement in patients with quadriplegia caused by cervical spinal cord injuries.
The product became the world’s first approved invasive BCI medical device.
It works with a pneumatic glove system to help patients regain grasping functions. Less than 12 days after receiving regulatory approval, Shanghai added the device to its reimbursement list for medical consumables.
Non-invasive and minimally invasive
Founded in 2011, Neuracle emerged from Tsinghua University’s Neuroengineering Laboratory.
The company has built a technology platform focused on neural signal acquisition, decoding and feedback, developing both non-invasive and minimally invasive product lines.
Its non-invasive electroencephalogram systems have gained adoption in neuroscience research and clinical treatment of conditions including epilepsy and depression.
The company’s minimally invasive implant, roughly the size of a coin, can remain embedded in the skull for extended periods and targets conditions such as spinal cord injuries and epilepsy.
Funding journey
Investors including HongShan, Pine VC, Fortune Capital, Baidu.ventures, Zhongguancun Development Group and China Merchants China Fund have backed the company through multiple funding rounds.
Following its latest financing round in 2025, Neuracle’s post-money valuation reached between 3.5 billion yuan and 4 billion yuan ($487 million-$557 million).
Founder and Chairman Xu Honglai controls a combined 23.33% stake, making him the company’s controlling shareholder.
Race heating up
Competition has intensified among Chinese firms to become the country’s first listed BCI player.
Media reports have said BrainCo (强脑科技), one of Hangzhou’s so-called “Six Little Dragons” technology startups, has confidentially filed for a Hong Kong listing.
If Neuracle reaches the STAR Market first, the company could establish the first public-market valuation benchmark for China’s domestic BCI industry.
