Xu is a co-founder of Shenzhen Mindray Bio-Medical Electronics, a Chinese medical equipment maker. The Shenzen-based company had revenue of 36.7 billion yuan ($5.1 billion) in 2024. Its products are exported to more than 190 countries around the world and it has more than 18,000 employees worldwide.
The majority of Xu's fortune is derived from his stake in Shenzhen Mindray Bio-Medical Electronics, a Chinese medical equipment maker. Its products are exported to more than 190 countries and it has more than 18,000 employees worldwide, according to its website.
Xu owns a 17% stake through holding companies Magnifice (HK), Ruilong Investment and Ruifu Investment, according to the company's 2025 third-quarter report. About 10% of the shares are pledged and removed from the net worth calculation.
Li Wenmei, a spokesperson for the company, didn't respond to a request for comment on the net worth calculation.
Born in 1962, Xu graduated from Tsinghua University with a bachelors degree in computer science and a masters degree in electrical engineering. He joined a medical equipment firm in Shenzhen in 1987 and worked there for about four years.
In 1991, he co-founded Mindray and the company began trading publicly in New York in 2006. A consortium led by Xu and co-founder Li took the company private a decade later.
Mindray relisted on the ChiNext board in Shenzhen in October 2018. It was the largest IPO to have occurred on the board at the time.