‘Hangzhou Six’ tech startup BrainCo is said to file for Hong Kong IPO
The startup is working with CICC and UBS on the share sale
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[HONG KONG] BrainCo has filed confidentially for a Hong Kong initial public offering, according to people familiar with the matter, putting it on track to be the first of China’s so-called Hangzhou Six to trade publicly.
BrainCo is working with China International Capital Corp (CICC) and UBS Group on the share sale, the people said, asking not to be identified because the information is private. It could raise several hundred million US dollars, they said.
Deliberations are ongoing and details such as the size of the offering are under discussion, the people said.
Representatives for BrainCo and UBS declined to comment. CICC did not respond to a request for comment.
The Hangzhou Six is a group of celebrated next-generation firms from the eastern Chinese city, including DeepSeek. Hangzhou is also home to Alibaba Group Holding. BrainCo is one of a number of Chinese startups hoping to take on US companies like Neuralink, which have led the industry with state-of-the-art procedures implanting chips into patients’ brains.
Brain-computer interface technology has emerged as a new front in the rivalry between Beijing and Washington, with China throwing its weight behind efforts to develop homegrown champions.
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BrainCo, founded in 2015 by Han Bicheng, develops bionic limbs and non-invasive technologies for human brains. Unlike Neuralink, it does not use implants.
Shanghai Securities News reported last week that BrainCo completed a two billion yuan (S$368.9 million) financing round co-led by Hong Kong-based private equity firm IDG Capital and Walden International, founded by Intel chief executive officer Tan Lip-Bu.
Other Chinese companies making advances in brain technology include Shanghai StairMed Technology, which performs surgery similar to Neuralink’s, and Shanghai NeuroXess Technology.
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China’s brain-computer interface industry is expected to grow at an annual rate of 20 per cent over the coming years, according to CCID Consulting. BLOOMBERG
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