Shanghai Unicorn Neuracle Eyes “First Brain-Computer Interface Stock” Status with ¥2.5 Billion IPO

• Non-invasive BCI: Core revenue driver consisting of EEG systems and transcranial electrical stimulation equipment; represents >70% of corporate revenue.
• Invasive BCI: Strategic high-growth segment; NEO-ONE SCI is the first Class III invasive BCI device to enter clinical application globally.
• Clinical Translation (Pipeline): Focused on expanding BCI technology into refractory epilepsy, stroke recovery, and speech decoding.

The brain-computer interface (BCI) space is heating up in China.

Neuracle (Borui Kang 博睿康), a Shanghai-based BCI company, just hit a major inflection point—and it could reshape how we think about neural tech in the public markets.

On June 11, 2026, the Shanghai Stock Exchange (SSE) officially accepted Neuracle Technology (Shanghai) Co., Ltd. (Borui Kang Jishu (Shanghai) Gufen Youxian Gongsi 博睿康技术（上海）股份有限公司) for listing on the STAR Market.

Here’s why this matters: there’s currently no listed company in China whose core business is exclusively focused on brain-computer interfaces.

If Neuracle goes public, it won’t just be another IPO—it could become China’s first pure-play BCI stock.

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The Play: ¥2.5 Billion to Scale Neural Tech

Neuracle is targeting ¥2.5 billion RMB ($350 million USD) in this IPO round.

But where is that money actually going?

The capital allocation breaks down like this:

• BCI research and development projects — the core innovation engine
• BCI industrialization construction — scaling manufacturing and production capabilities
• Working capital supplement — keeping the lights on as the company grows

The funding rounds leading up to the IPO pulled in some serious names.

The pre-IPO top ten shareholder list includes:

• Sequoia Everbright (Hongshan Henchen 红杉恒辰)
• State-owned Guofu Linghang (国孚领航)
• Pudong Venture Capital (Pudong Chuangtou 浦东创投)

Translation: this isn’t a fringe play.

When Sequoia and government-backed entities are betting on your company, you’ve got momentum.

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The Financials: Revenue Growth + Heavy Losses (For Now)

Let’s talk numbers—because they tell an interesting story about where Neuracle sits today.

Revenue Trajectory

From 2023 to 2025, Neuracle’s annual revenues looked like this:

• 2023: ¥75.21 million RMB ($10.53 million USD)
• 2024: ¥65.97 million RMB ($9.24 million USD)
• 2025: ¥108 million RMB ($15.12 million USD)

Notice something?

Revenue dipped in 2024, then bounced back strong in 2025—up 63.6% year-over-year.

That trajectory suggests the company found product-market fit and is now scaling.

The Profitability Picture

Here’s where it gets spicy.

During that same period, net profits looked like this:

• 2023: -¥48.76 million RMB ($6.83 million USD)
• 2024: -¥49.53 million RMB ($6.94 million USD)
• 2025: -¥230 million RMB ($32.2 million USD)

Wait—losses actually got bigger in 2025?

That’s the key detail here.

The prospectus explains that the massive 2025 loss was largely driven by a one-time equity incentive expense of ¥192 million RMB ($26.88 million USD).

This was given to the two actual controllers and founders—Xu Honglai (胥红来) and Huang Xiaoshan (黄肖山).

For conservative accounting purposes, this entire amount was recorded under management expenses.

Translation: when you strip out that one-time charge, the underlying business economics look a lot healthier.

This is a classic pre-IPO move—companies take massive one-time charges to “clean up” the balance sheet before going public.

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Who’s Behind This: The Founding Story

Neuracle wasn’t built by accident.

Xu Honglai, born in 1984, holds a PhD from the Department of Biomedical Engineering at Tsinghua University (Qinghua Daxue 清华大学)—one of China’s premier tech schools.

In 2011, he co-founded Neuracle with classmate Huang Xiaoshan.

The company originally started in Changzhou, Jiangsu Province, but relocated to Shanghai’s Zhangjiang Science City (Zhangjiang Kexue Cheng 张江科学城) in 2025—a strategic move to Shanghai’s innovation hub.

Today, the founding team controls 33.56% of voting rights through direct and indirect holdings.

That’s significant.

They’re not getting diluted out—they’re still driving the ship.

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The Tech: Where Neuracle Actually Makes Money

Non-Invasive Brain-Computer Interfaces

Let’s break down what Neuracle actually builds.

In the non-invasive sector, the company has launched over 20 neural signal acquisition and regulation products.

These are EEG (electroencephalogram) systems and transcranial electrical stimulation equipment.

And here’s the kicker: EEG acquisition systems account for over 70% of total revenue.

The prospectus notes that during the reporting period, Neuracle’s EEG machine shipment volume and value ranked among the top three in the entire Chinese industry—and ranked first among domestic brands.

That’s a strong competitive position in a crowded space.

Invasive Brain-Computer Interfaces: The Real Game Changer

But the non-invasive stuff is just the foundation.

The real story is invasive BCIs.

In March 2026, Neuracle’s NEO-ONE SCI—an implantable BCI system for hand motor function compensation—received a Class III medical device registration certificate from the National Medical Products Administration (Guojia Yaopin Jiandu Guanliju 国家药品监督管理局).

This is historic.

NEO-ONE SCI is the world’s first invasive BCI medical device to enter the clinical application stage.

Let that sink in.

Not just in China—globally.

What Does NEO-ONE SCI Actually Do?

The device is designed for patients with quadriplegia caused by cervical spinal cord injuries.

Here’s how it works:

• The implant collects brain electrical signals from the motor cortex
• It identifies movement intent by decoding those signals
• It uses pneumatic glove equipment to assist the patient in regaining hand gripping functions

For someone who’s lost motor control, this is life-changing technology.

And Neuracle is the first to crack the regulatory code in a major market.

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Where the Money is Going: The Product Pipeline

The ¥2.5 billion RMB ($350 million USD) IPO proceeds will be deployed strategically across the product portfolio.

Here’s what’s in the pipeline:

NEO Platform Clinical Translation

• Refractory epilepsy — treating seizures that don’t respond to standard medication
• Stroke-related motor dysfunction — helping stroke survivors regain mobility
• Lower limb reconstruction — extending functionality beyond upper body paralysis
• Speech decoding — potentially allowing locked-in patients to communicate

Non-Invasive Expansion

Neuracle is also pushing non-invasive products into new verticals:

• Depression — using neurotech for mental health treatment
• Sleep disorders — addressing one of the most common modern health issues

These aren’t niche markets.

Depression and sleep disorders affect hundreds of millions of people globally.

If Neuracle can crack these applications, the TAM (total addressable market) expands dramatically.

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R&D Spend: Commitment to Innovation

You can tell a lot about a company by its R&D budget.

Neuracle’s audited research and development expenses over the past three years:

• 2023: ¥63.88 million RMB ($8.94 million USD)
• 2024: ¥57.96 million RMB ($8.11 million USD)
• 2025: ¥65.11 million RMB ($9.12 million USD)

Total: approximately ¥187 million RMB ($26.18 million USD) over three years.

That’s a consistent, significant commitment to R&D.

For context, that R&D spend represents about 61% of 2025 revenue.

This is a company betting heavily on future breakthroughs, not just milking existing products.

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The Shareholder Story: Who Owns Neuracle

Beyond the founding team, the ownership structure reveals who believed in this company early.

Major Shareholders (Over 5%)

• Rongtuo Innovation (熔拓创新)
• Sequoia Everbright (Hongshan Henchen 红杉恒辰) — the Sequoia connection signals serious VC pedigree
• Beijing Huakong (北京华控)
• Shanghai Kaifeng (上海凯风)

Other Notable Investors

• Guofu Linghang (国孚领航) — state-owned, showing government support
• Pudong Venture Capital (Pudong Chuangtou 浦东创投) — Shanghai’s VC arm
• C&D Life Science (建发生科)
• Pinebay Capital (Songhe Ziben 松禾资本)

This cap table is impressive.

You’ve got tier-1 venture capital (Sequoia), government backing, and strategic investors all aligned.

That kind of backing doesn’t happen by accident.

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Market Context: Why This Matters

China’s biotech and medtech space is on fire right now.

But brain-computer interfaces are still nascent.

The A-share market has several “BCI-concept” stocks, but none are pure-play BCI companies.

Neuracle stands to capture that first-mover advantage.

With regulatory approval for an invasive BCI already locked in, a strong domestic market position in EEG systems, and serious capital backing, this company is positioned to lead China’s BCI revolution.

The IPO is just the beginning.

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References

• Full Disclosure of Assets! Shanghai Unicorn Races for ‘First BCI Stock’ – Shanghai Securities News
• Official Website – Neuracle Technology
• Portfolio Companies – Sequoia China
• Medical Device Registration Announcements – National Medical Products Administration