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Bloomberg
When Li Xiting secured his company’s first contract at a medical-equipment convention in the 1990s, he was trembling with such excitem Today, Shenzhen Mindray Bio-Medical Electronics is China’s largest medical-equipment manufacturer, a $25 billion behemoth that has made Li, the chairman, Singapore’s third-richest person with a $7.2 billion fortune, and given fellow co-founder Xu Hang a $6.7 billion nest egg. Thanks to the firm’s decision to relist in China, its market value has swelled almost eightfold, creating yet another billionaire: company President Cheng Minghe. The three have a combined net worth of $15.3 billion, according to the Bloomberg Billionaires Index.
Shares of the company had traded in New York until 2016, when a consortium led by Li, Xu and Cheng took it private at a market value of $3.3 billion, regulatory filings show.
In October, the firm relisted on the Shenzhen stock exchange’s ChiNext board through an initial public offering that valued Mindray at $8.6 billion.
Mindray, which makes patient-monitoring and life-support systems as well as ultrasound machines, posted revenue of $2.1 billion in 2018, a 23 percent increase from a year earlier.