The Race for the “First Stock” in Brain-Computer Interfaces: Who’s Ahead, and Who’s Swimming Naked?
Hello everyone, I’m your financial journalist. Today, we’re talking about a topic that sounds very “science fiction,” but it’s actually becoming a reality with real money at stake—brain-computer interfaces (BCIs).
Lately, the hottest topic in the capital world has been the rush to get companies working on brain-computer interfaces listed on the stock market. Some call it the “next trillion-dollar opportunity,” while others worry it’s just another bubble of hype. To help you understand the behind-the-scenes dynamics, I’ll break down this news article about an IPO related to technological innovation and explain it in plain language: What exactly is this business? Why has it suddenly become so popular? Where’s all the money going? And what should the average person think about it?
---
The Lead Player: A Female Doctor’s Decade of Hard Work
The main protagonist of this story is Shuli Innovation (术理创新), whose CEO, Wang Wei, comes from a background of academic excellence and corporate expertise.
- Exceptional Background: She earned her bachelor’s and master’s degrees from Tianjin University and her doctorate from the University of Southampton in the UK. She also worked as a core expert at Siemens Healthcare, demonstrating her knowledge of technology, medicine, and international standards.
- A Critical Decision: When she returned to China to start a business in 2015, she made a pragmatic choice: to focus on non-invasive brain-computer interfaces rather than invasive ones that require opening the skull. In simple terms, invasive methods involve inserting wires into the brain, which are risky and difficult to implement, suitable only for patients with severe paralysis; non-invasive methods, such as wearing a brain electrode cap, are non-invasive and safe, ideal for rehabilitation training and diagnosis. Wang Wei bet on the latter because it’s more profitable and closer to hospitals.
- A Challenging Start: For the first five years (2015–2020), no one was optimistic about this field, and fundraising was extremely difficult. Wang Wei described it as a constant struggle, working with doctors and refining her product. It wasn’t until 2021 that they began to accumulate clinical data.
💡 Journalist’s Comment: The brain-computer interface industry isn’t about getting rich overnight. Shuli Innovation has been working on this for ten years, indicating that it’s a long-term, research-intensive, and clinically focused field. Only the most resilient players in the “hard tech” space can survive.
---
Unveiling the Product: Not Mind Reading, but Remote Control for Exoskeletons
Many people think of brain-computer interfaces as the ability to control machines with their thoughts, like in “Iron Man.” However, the real products from companies like Shuli Innovation are less futuristic and more practical.
- How It Works:
1. The patient wears a brain electrode cap.
2. The patient imagines an action (e.g., “grabbing something”).
3. The system captures the brain signals and interprets the intention.
4. The signals are sent to an exoskeleton glove, which then performs the action.
- Core Value: Wang Wei uses a metaphor: Damaged neural pathways are like blocked rivers, and the device acts as a “temporary bridge” to help the brain re-establish connections, allowing paralyzed or stroke victims to regain some motor function.
- Sales Performance:
- In 2024, they won a contract with the Children’s Hospital of Fudan University, selling two devices for 3.9 million yuan each.
- In April 2026, they won a contract with the First Affiliated Hospital of Xi’an Medical University, selling one device for 2.478 million yuan.
- Note: The high price (around 2 million yuan per device) indicates that these are high-end medical devices, mainly sold to hospitals, not to consumers.
💡 Journalist’s Comment: The commercialization of brain-computer interfaces is primarily focused on medical rehabilitation. It’s not about using your mind to play games but about helping patients regain mobility. This is a business with high prices, high barriers, and a reliance on hospital channels.
---
The Capital Rush: Why the Sudden Interest in Listing?
Why has the brain-computer interface industry suddenly become so popular? There are three reasons:
1. The Policy Boost
- National Level: The 14th Five-Year Plan has identified brain-computer interfaces as a future industry; they were mentioned for the first time in the 2025 government work report, and seven departments, including the Ministry of Industry and Information Technology, have issued supportive documents.
- Local Level: Shanghai has explicitly encouraged brain-computer interface companies to list on the Science and Technology Innovation Board (STAR Market).
- Funding Support: The National Small and Medium Enterprises Development Fund has invested in Shuli Innovation.
- In Simple Terms: Previously, it was a niche area; now, the government is actively promoting it, giving investors the confidence to invest heavily.
2. Technological Breakthroughs
- Brain-computer interfaces are no longer just limited to medicine; they are connected to AI, augmented reality (robots), and smart homes. Investors see them as the next frontier in human-computer interaction. Just as smartphones replaced feature phones, brain-computer interfaces could replace keyboards and mice.
- Investors from Various Fields: Those in AI, robotics, and consumer electronics are all entering the market.
3. The Opening of Listing Opportunities
- The fifth set of standards for the STAR Market allows unprofitable companies with high R&D investment to list. Borui Kang (博睿康) is using this standard to raise 2.5 billion yuan.
- Hong Kong/Major US Stock Markets: Strong Brain Technology has secretly submitted an IPO application; Elon Musk’s Neuralink is valued at nearly $60 billion (about 400 billion yuan).
- In Simple Terms: Previously, companies without profits couldn’t list. Now, policies allow companies that invest heavily in research to go public. Everyone wants to be among the first to capitalize on this trend.
💡 Journalist’s Comment: Capital isn’t charitable; it seeks certainty. Policies provide that, technology offers potential, and listing provides an exit strategy. These factors combined have created the current rush.
---
Industry Landscape: Who’s the “First Stock”? Who’s “Swimming Naked”?
The brain-computer interface industry is bustling, but the players are diverse, with different fates:
| Player Type | Representative Company | Features | Risks/Opportunities |
| :--- | :--- | :--- | :--- |
| Medical Rehabilitation | Shuli Innovation, Borui Kang | Non-invasive, focusing on hospital rehabilitation, generating real revenue | Most stable, but growth is slow and the potential for expansion is limited. |
| Consumer/General Use | Strong Brain Technology | Early-stage commercialization, targeting a broader audience | High risks and potential for high returns; a huge market if successful, or a huge loss if not. |
| Invasive/Frontier | Neuralink (Elon Musk) | Invasive, cutting-edge technology, highest valuation | The most futuristic, still in clinical testing, far from mass market adoption, but with the greatest potential. |
| Newcomers | Ladder Medical, Gestalt, etc. | Just received funding, with unproven technology paths | High uncertainty; could be a dark horse or a failure. |
Key Points:
- Borui Kang: Revenues of 108 million yuan in 2025, but losses of 230 million yuan (mainly due to share-based compensation). This shows that brain-computer interface companies generally struggle to turn profits and need continuous funding.
- Shuli Innovation: Wang Wei holds 51% of the shares, ensuring control. They just completed a Series C round of financing with state funding.
- Neuralink: Valued at $42–60 billion, a “belief stock.” However, it’s still in the clinical phase and far from widespread use.
💡 Journalist’s Comment: The race for the “first stock” is essentially a competition of technological approaches.
- If you believe medical rehabilitation is the first step, Shuli Innovation and Borui Kang are more reliable.
- If you see consumer applications (like mind-controlled phones) as the future, Strong Brain Technology has more potential.
- If you trust Elon Musk’s Neuralink, it’s the ultimate option, but it also carries the highest risks.
---
Lessons for the Average Person
What should the general public take away from this news?
1. Brain-computer interfaces ≠ mind reading: They are mainly medical tools, not for controlling actions or downloading information. Don’t let marketing claims mislead you.
2. The industry is still in a funding phase: Borui Kang’s revenue of 100 million yuan comes with a loss of 230 million yuan, indicating that the industry is still in the research and development stage and needs substantial funding. Investors should be prepared for a long-term commitment.
3. Focus on policy and clinical outcomes: In the next 3–5 years, the winner will be the company whose products get included in medical insurance, used in major hospitals, and have substantial clinical data.
4. Technological Paths Are Unclear: There are various types of brain-computer interfaces (invasive, non-invasive, semi-invasive), each with its advantages and disadvantages. Non-invasive methods (like Shuli Innovation’s) are more mature, while invasive methods (like Neuralink’s) are more cutting-edge. The future may see a combination of both.
5. Long-term Impact: This is a revolution in human-computer interaction. Just as the internet changed how we access information and AI changed content creation, brain-computer interfaces could change how we interact with machines. It’s a significant development, but the path ahead is still full of challenges.
📌 Summary: The race for the “first stock” in brain-computer interfaces is about which technology is the most reliable, whose clinical data is solid, and whose financial stability is strongest.
For investors, this is a high-risk, high-return opportunity in hard technology. For the general public, it’s a indicator of future medical and technological trends. Don’t rush to invest; first, identify the companies that are actually making progress and those that are just selling stories.
The cyber world is indeed getting closer, but the road ahead is still full of obstacles.