Hangzhou "Six Little Dragons" Accelerate Capitalization! Qiangnao Technology Secretly Submits Hong Kong Stock IPO Application

On Monday, according to media reports citing informed sources, QiangNai Technology, a brain-computer interface unicorn and one of the "Six Little Dragons" of Hangzhou, has submitted a confidential IPO application in Hong Kong. The company is working with CICC and UBS Group AG to advance the stock issuance, with fundraising potentially reaching hundreds of millions of dollars.

This IPO application comes as QiangNai Technology completes a new round of financing. A previous article from Wall Street Insights indicated that the company recently completed approximately 2 billion yuan in financing, backed by top financial capital and industry giants such as Lens Technology.

This amount sets a record for the second-largest financing in the global market for this sector, aside from Neuralink. Market participants pointed out that this marks a significant milestone for brain-computer interface technology, which has moved beyond the laboratory stage and is gaining strong endorsement from the capital market, accelerating its path to commercialization.

Recently, the brain-computer interface field has seen a significant increase in interest, primarily catalyzed by the latest developments from industry leader Neuralink. Musk announced in January that Neuralink would start large-scale production in 2026, which directly drove the continuous rise of related concept stocks such as BeiYikang and XiangYu Medical after the market opened in 2026. As one of the few companies to achieve large-scale mass production of products, QiangNai Technology's listing process is viewed as a key barometer for the commercial viability of this technology.

This filing also signifies an acceleration in the capitalization process of the highly anticipated "Hangzhou Six Little Dragons." With QiangNai Technology and QunHe Technology advancing their listing preparations, the market valuation and liquidity prospects of this group of representative tech startups will become a focal point for investors.

Financing Records and Commercialization

Before submitting its listing application, QiangNai Technology had established its leading position in the non-invasive brain-computer interface field. According to Shanghai Securities News, its recent financing of approximately 2 billion yuan was co-led by IDG Capital and Walden International, the latter founded by Intel Corp. CEO Lip-Bu Tan. The participation of Lens Technology further strengthens expectations for industry chain collaboration.

Founded by Han Bicheng in 2015, QiangNai Technology focuses on non-invasive technology, unlike Neuralink's invasive approach, by establishing signal pathways between the brain and external devices to provide solutions. The company has currently obtained FDA and CE certifications, and its core product, the "Super Sensor," can detect brain electrical information without the need for craniotomy, assisting in the rehabilitation of disabled individuals and treating brain diseases such as Alzheimer's and autism. Han Bicheng has stated that the company plans to help 1 million physically disabled individuals regain mobility within the next 5 to 10 years.

According to data from CCID Consulting Co., the brain-computer interface industry in China is expected to maintain an annual growth rate of 20% in the coming years. As one of the few players to achieve large-scale mass production of products, QiangNai Technology's R&D investment ranks among the top in the industry and is seen as a domestic force competing with American companies in this field

Benchmarking Neuralink

Brain-computer interface technology has become a new frontier in technological competition. Strong Brain Technology's competitor Neuralink is leading in the field of implanted chips, and its latest developments have become a direct catalyst for recent market trends. Musk previously announced that Neuralink will start large-scale production of devices in 2026 and expressed confidence in helping paralyzed individuals regain full body function.

These two significant pieces of information validate the technological feasibility of the industry, greatly enhancing market expectations for the transition of brain-computer interfaces from research to everyday life. Although Strong Brain Technology adopts a non-invasive technology route, it also benefits from the overall increase in industry attention. According to insiders, Strong Brain Technology's IPO aims to raise funds to further compete with American rivals like Neuralink and expand its influence in the global market.

"Hangzhou Six Little Dragons" Listing Race

As Strong Brain Technology takes steps toward listing, the capitalization path of the "Hangzhou Six Little Dragons" (referring to six well-known new-generation technology companies in Hangzhou, including DeepSeek) is becoming increasingly clear, showing signs of acceleration.

• Manycore Tech: Progressing the fastest, has officially submitted an IPO application to the Hong Kong Stock Exchange. The prospectus shows that the company's revenue in the first half of 2025 is expected to be 399 million yuan, a year-on-year increase of 9%, and it has achieved profitability with an adjusted net profit of 17.83 million yuan. The gross margin is expected to further increase to 82.1% in the first half of 2025. The company's CEO Chen Hang recently announced a strategic shift to become a "provider of spatial intelligent infrastructure," intending to be the "water seller" in three-dimensional space.
• Unitree: Has completed listing guidance and revealed on overseas social platforms that it is actively advancing IPO preparations.
• DeepBlue: Just submitted guidance materials to the Securities Regulatory Commission on December 23, with CITIC Construction Investment as the guiding institution, planning to complete guidance in the second quarter of 2026, and is expected to take the first step toward A-share application next year.
• Other companies: Currently, DeepSeek and Game Science have not disclosed clear capitalization signals.

So far, four companies among the "Hangzhou Six Little Dragons" have clarified their IPO direction or have entered substantive operational stages, covering both the Hong Kong and A-share markets, indicating that hard tech companies in this region are collectively seeking funding support from the secondary market.

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