Shanghai’s brain‑computer interface (BCI) industry achieves another major milestone.
On September 4, Shuli Innovation (Shanghai) Intelligent Technology Co., Ltd. filed for counseling registration with the Shanghai Securities Regulatory Bureau, officially launching its STAR‑Market listing counseling, with Huatai United Securities serving as the counseling institution.
With this development, three leading brain‑computer interface (BCI) enterprises — NeuroX, BrainCo and Shuli Innovation — have successively marched toward the capital market.
The STAR‑Market IPO application of NeuroX has been accepted. BrainCo has reportedly submitted its Hong Kong‑listed IPO application under confidential filing. The integration between the brain‑computer interface (BCI) industry and the capital market is gaining accelerated momentum.
Shuli Innovation has reached the pre‑IPO counseling milestone. It has built a full‑stack in‑house R&D system covering “core devices — algorithm platforms — end‑user equipment — data services”, and established a commercial ecosystem revolving around four major areas: central nervous system injuries, neurodevelopmental disorders, consciousness and cognitive impairments, as well as psychiatric disorders.
Full‑stack In‑house R&D to Build a Closed‑loop Business Model
Shuli Innovation has achieved full‑stack in‑house R&D and underlying‑technology integration spanning “core devices — algorithm platforms — terminal equipment — data services”. Centering on four key areas, namely central nervous system injuries, neurodevelopmental disorders, consciousness and cognitive impairments, and psychiatric disorders, the company has built a closed‑loop business model covering “hardware — data — services”.
Breakthroughs have been made in core hardware and software domains including brain‑signal sensing components, BCI chips, paradigm‑encoding software, neural decoding software, multi‑task collaborative processing, and multi‑modal system integration. The company’s product portfolio has been deployed and applied in the departments of neurosurgery, neurology, rehabilitation medicine and pediatrics of numerous Grade‑A Tertiary Hospitals nationwide. Shuli Innovation also holds a number of BCI‑related invention patents covering core technologies such as motor imagery training systems, multi‑modal EEG semantic decoding, and balance‑contrast learning‑based EEG processing.
Capital‑Industry Resonance: Shanghai’s BCI Ecosystem Takes Shape at Accelerated Pace
From NeuroX to Shuli Innovation, Shanghai‑based brain‑computer interface (BCI) enterprises have seen successive IPO‑related progress. Behind this momentum lies the city’s sustained cultivation of future‑oriented industries. Shanghai has released an action plan for fostering the BCI future‑industry sector to advance the development of BCI‑focused future‑industry clusters.
Since its establishment, Shuli Innovation has completed multiple rounds of financing. In January 2026, the company closed a B+ round financing of hundreds of millions of RMB, co‑led by the National SME Development Fund, Oriental Fortune Capital and other investors. In February 2026, it secured a C‑round financing also worth hundreds of millions of RMB with participation from Daohe Investment, Orient Hengxin, New Ding Capital and other institutions. In June 2026, the company completed joint‑stock system restructuring and changed its name to “Shuli Innovation (Shanghai) Intelligent Technology Co., Ltd.”. The industrial vitality of Shanghai is concretely reflected in the growth of enterprises one after another.
The launch of pre‑IPO counseling marks a new starting point following long‑term accumulation. Further alignment between capital and the industry is expected to lend fresh impetus to core‑technology R&D, product iteration and application expansion.
Congratulations to Shuli Innovation on officially launching its pre‑IPO counseling for the STAR Market. We look forward to seeing its technical accumulation translated into more solid products and application outcomes. We also expect Shanghai to continue nurturing and supporting more innovative brain‑computer interface (BCI) enterprises, so that the development potential of future‑oriented industries can be rapidly converted into tangible value.
