A new billionaire and eightfold spike in value: magic of listing in China

Mindray, which makes patient-monitoring and life-support systems as well as ultrasound machines, posted revenue of 13.6 billion yuan ($2.1 billion) in 2018

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,