An Eightfold Increase in Value: The Magic of a China Listing
- Value of ultrasound maker skyrockets after exiting the U.S.
- Mindray president joins two co-founders in billionaires club
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When Li Xiting secured his company’s first contract at a medical-equipment convention in the 1990s, he was trembling with such excitement that he had to sign three times.
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.