BrainCo, a Chinese startup developing brain-computer interface technology, has filed confidentially for a Hong Kong initial public offering, marking a potential public markets debut for one of China’s most closely watched next-generation technology firms, according to Bloomberg.

BrainCo is working with China International Capital Corp and UBS on the listing. The company could raise several hundred million dollars, although deliberations are ongoing and key terms, including the size of the offering, have yet to be finalised.

Founded in 2015 by Han Bicheng, BrainCo develops bionic limbs and non-invasive technologies designed to interface directly with the human brain. Unlike US rival Neuralink, BrainCo does not implant chips into patients. Its work places it at the centre of a fast-growing sector that has become a focal point of technological rivalry between China and the United States.

Shanghai Securities News reported last week that BrainCo completed a $287m financing round co-led by Hong Kong-based private equity firm IDG Capital and Walden International, the investment firm founded by Intel chief executive Lip-Bu Tan.

BrainCo is the first of the so-called “Hangzhou Six” startups to pursue a public listing. The group includes several high-profile technology companies from eastern China, including DeepSeek.

The company completed a RMB 2bn, or roughly $287m, financing round last year, co-led by private equity firm IDG Capital and Walden International. The IPO would provide an exit route for early investors and further capital to scale development in a sector attracting increasing state and private backing.

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