Hard-tech firms spearhead new IPO listing wave

China's most closely watched artificial intelligence and robotics start-ups, collectively known as the "six little dragons" of Hangzhou, are gearing up for stock market listings, signaling a renewed IPO push for hard-tech firms.

Brain-computer interface company BrainCo has filed for an initial public offering in Hong Kong, according to Bloomberg, making it the latest among the group to pursue public funding as competition intensifies for capital, talent and global visibility.

Since the fourth quarter of 2025, several companies within the group have disclosed listing-related progress. Cloud robotics firm Deep Robotics has completed IPO tutoring filings with Zhejiang's securities regulator, while Unitree Robotics, a global supplier of quadruped robots, has entered the final stage of IPO counselling.

The "six little dragons" of Hangzhou refer to six high-tech firms based in Hangzhou, Zhejiang province. They include DeepSeek, an AI large-model developer; Unitree Technology, a leading maker of quadruped and humanoid robots; video game studio Game Science; brain-computer interface specialist BrainCo; interior design software provider Qunhe Technology; and cloud robotics firm Deep Robotics.

Founded in 2015, BrainCo is one of China's most active players in brain-computer interface technology, a frontier sector that policymakers have singled out as strategically important for healthcare, rehabilitation and human–machine interaction.

The company confirmed to China Daily that it recently completed a private funding round of about 2 billion yuan ($280 million), led by venture capital firms IDG Capital and Walden International, and supported by strategic investors including Lens Technology and Will Semiconductor. The deal ranks as the world's second-largest BCI financing after Elon Musk's Neuralink.

BrainCo said the funds would be used to speed up core technology development, engineering breakthroughs and large-scale production of BCI products, including neural-controlled prosthetics and rehabilitation devices.

chengyu@chinadaily.com.cn