Boruikang IPO: China's BCI Pioneer Goes Public

Beijing-based medical technology firm Boruikang has initiated its journey toward public markets, filing for an Initial Public Offering on the Shanghai Stock Exchange's STAR Market. This move marks a significant milestone, positioning the company as potentially the first publicly traded entity in China focused on brain-computer interface (BCI) technology. The filing was officially accepted on June 11, 2026, signaling a new chapter for the innovator that has been at the forefront of BCI development since its inception in 2011.

Founded by a group of Tsinghua University biomedical engineering alumni, including Chairman Xu Honglai and General Manager Huang Xiaoshan, Boruikang has cultivated expertise in both non-invasive and invasive BCI systems. The company's groundbreaking invasive BCI device, the NEO-ONE SCI, achieved a notable regulatory distinction in March 2026, earning approval as the world's first invasive BCI Class III medical device for clinical application. This achievement underscores Boruikang's commitment to translating advanced research into tangible medical solutions.

The proposed IPO aims to raise approximately RMB 2.5 billion. A substantial portion of these funds, specifically RMB 1.54 billion, is earmarked for accelerating research and development initiatives and expanding the commercialization efforts for its BCI technologies. This strategic allocation highlights the company's focus on further innovation and market penetration within the rapidly evolving neurotechnology sector.

Boruikang's current revenue streams are predominantly generated from its EEG acquisition systems and transcranial electrical stimulation devices, with EEG systems contributing over 70% of its income. By 2025, the company had already secured a leading position in the domestic market for its EEG machines, outperforming imported alternatives. This established market presence provides a solid foundation as the company ventures into the public sphere.

The clinical impact of Boruikang's invasive BCI technology is becoming increasingly evident. Trials conducted across 11 medical institutions involving 32 patients demonstrated significant functional recovery. Within six months of implantation, 68.8% of participants experienced notable improvements in hand grip function, offering a beacon of hope for individuals grappling with paralysis and severe motor impairments. This level of efficacy positions the NEO-ONE SCI as a transformative assistive technology.

Despite its technological advancements, Boruikang has navigated a path of investment-driven losses, reporting net deficits of RMB 48.8 million in 2023, RMB 49.5 million in 2024, and a more pronounced RMB 230.5 million in 2025. The increased losses in 2025 are directly attributable to intensified R&D spending and the commercialization push following the crucial NEO-ONE SCI approval. The company is now seeking public capital to fuel its ambitious growth trajectory.

The broader market context for BCI in China is one of strategic national importance, aligning with the country's advancements in artificial intelligence and healthcare. Boruikang's IPO is expected to catalyze further investment and development in this high-potential sector, potentially unlocking new therapeutic avenues and enhancing quality of life for countless patients.