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.
The Worldâs Richest Healthcare Billionaires In 2021
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Soaring demand for medical supplies and pharmaceuticals globally landed a bigger number of Chinese healthcare tycoons on Forbesâ newest list of the worldâs richest.
The coronavirus pandemicâawful in so many waysâhas been a boon for many healthcare companies, from vaccine makers to diagnostic test producers. Soaring demand has propelled the sectorâs growth, causing the fortunes of the ten richest healthcare moguls on
Forbesâ 2021 Worldâs Billionaires list to skyrocket by 100% on average over the past year.
Healthcare billionaires from China made a strong showing. Seven of the ten richest healthcare billionaires on the 2021 billionaires list are from China, up from five a year ago. Rounding out the top ten: one Indian, one American and one South Korean.
February 24, 2021 | 5:19 pm Font Size
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Latex gloves on hand-shaped molds move along an automated production line at a Top Glove Corp. factory in Malaysia in 2020. PHOTO BY SAMSUL SAID/BLOOMBERG
IN THE HEALTH-CARE industry, the coronavirus pandemic led to big fortunes, fast. Now some of them are evaporating just as quickly.
Take Seegene, Inc., a maker of COVID-19 test kits, and Alteogen, Inc., a biotech with subcutaneous-injection technology. Their founders became billionaires as the shares surged last year. Fast forward a few months to the vaccine rollout, and they’ve lost their title after both stocks sank more than 41%, according to the Bloomberg Billionaires Index.