On January 8, BrainAurora Medical Technology Limited (“BrainAurora”, 06681.HK), known as “China's First Digital Therapeutics Stock”, was listed on the Main Board of the Hong Kong Stock Exchange, marking the first listing of 2025. In this initial public offering, BrainAurora offered a total of 181,112,000 shares globally, priced at HK$3.22 per share.

BrainAurora is a seasoned player in China's cognitive impairment digital therapeutics (the “DTx”) market. According to Frost & Sullivan, BrainAurora is the first company in China that has developed a medical-grade DTx product for cognitive impairment, combining brain science with advanced artificial intelligence technologies.

Davis Polk & Wardwell acted as Hong Kong and U.S. legal counsel to the Issuer, Commerce & Finance Law Offices acted as PRC legal counsel to the Issuer. Cooley HK advised the underwriters on Hong Kong and U.S. law while Zhong Lun Law Firm advised the underwriters on PRC law.