Arfysica and Neuracle aim for Star Market listings amid what a Morgan Stanley analyst calls the ‘early stage of a multi-year IPO upcycle’
2-MIN READ2-MIN ListenJulie ZhangPublished: 3:13pm, 8 Sep 2026A handful of home-grown Chinese companies involved in brain computer interfaces (BCIs) are moving towards initial public offerings (IPOs) on onshore markets, taking advantage of the sector’s status as a new darling of private capital.The trend fits into a broad pattern of hi-tech firms flocking to list on the Shanghai Stock Exchange’s Nasdaq-style Star Market.Among the BCI hopefuls, Shanghai-based Arfysica Innovation is the latest to register for IPO coaching for a Star Market listing, according to a filing with the China Securities Regulatory Commission (CSRC). The company, which develops products for central nervous system injuries and disorders of cognition, hired Huatai United Securities as its sponsor.BCIs aim to allow brain signals to control external devices, such as computers or robotic limbs. Elon Musk’s Neuralink is a prominent company developing the technology.
Founded in 2015 with registered capital of 100 million yuan (US$15 million), Arfysica is controlled by founder Wang Wei, who holds a combined 51 per cent stake and serves as the company’s legal representative, according to the CSRC website. Wang earned a bachelor’s degree from Tianjin University before completing a PhD in biomedical engineering at the University of Southampton in the UK in 2006, and later worked at Siemens Healthcare, according to her LinkedIn profile.
The company raised an undisclosed amount of capital in its latest financing round in February. Its earlier round in January raised 160 million yuan from investors including the state-owned National SME Development Fund, according to company database Crunchbase.
