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Singapore billionaire grows Shenzhen Mindray by US$3.8 billion a month and pledges more as ‘golden decade’ beckons Iris Ouyang iris.ouyang@scmp.com A statue of a bull is displayed outside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen. Photo: Reuters
In less than three years since its home debut, Shenzhen Mindray Bio-Medical Electronics has handed stock investors greater returns than all the largest companies traded on the Shanghai and Shenzhen exchanges bar two.
The stock s 992 per cent total return from mid-October 2018, in US dollar terms, easily surpassed the CSI 300 Index by more than 10 times. Only a dozen companies with at least US$20 billion of market capitalisation, such as Tesla and Singapore-based Sea Ltd, have performed better on the global stage over the period.
Coronavirus: Mindray’s Li Xiting eyes Top 3 spot among medical device makers as Covid-19 made him Singapore’s richest man illustration by Lau Ka-kuen
When the World Health Organization (WHO) declared the coronavirus outbreak a global pandemic in March 2020, hospital directors in the United States and Europe knew exactly where they should look to replenish their supply of medical ventilators: Shenzhen Mindray Bio-Medical Electronics.
Mindray s septuagenarian founder Li Xiting remembered receiving one phone call after another from ambassadors and diplomatic missions in China, all wanting him to supply medical devices, the very thing that represents his company s raison d Etre, as the home-grown alternative to General Electric, Koninklijke Philips, Siemens and other imported brands.
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