Li Xiting (Chinese: 李西廷; pinyin: Lǐ Xītíng; born 1951) is a China-born Singaporean billionaire business magnate. He is the co-founder, president and co-CEO of Mindray, China's largest medical equipment manufacturer.[1][2]
Li Xiting 李西廷 | |
|---|---|
| Born | 1951 (age 72–73) Dangshan County, Suzhou, Anhui, China |
| Citizenship | Singapore (2018–present) China (1951–2018) |
| Alma mater | University of Science and Technology of China (BA) |
| Occupation | Businessman |
| Years active | 1991–present |
| Title | Co-founder, president and co-CEO of Mindray |
Early life and education edit
Li was born in a rural village of his family name in Dangshan County in Suzhou, Anhui, China in 1951.[3][4]
Li graduated from the University of Science and Technology of China with a bachelor's degree in low temperature physics.[5]
Career edit
Between 1976 and 1987, Li worked as a researcher assisting scholars at institutes in Wuhan, Hubei and France, where he was a visiting scholar at Paris-Sud University in the early 1980s.[5][4]
Li's first attempt at entrepreneurship was at Shenzhen Anke High-tech Company in Shenzhen, Guangdong, a partially state-owned enterprise set up by the Chinese Academy of Sciences (CAS) in the 1980s. The company would arguably become China's very first home-grown developer of medical devices, and launched the nation's first magnetic resonance imaging (MRI) scanner in 1989.[3]
Li founded medical equipment manufacturer Mindray in Shenzhen 1991 with Xu Hang and Cheng Minghe (成明和).[4]
Li secured Mindray's first contract, a 360,000-yuan sale, at a medical equipment convention in the 1990s.[3][5]
Mindray listed on the New York Stock Exchange in 2006, raising US$270 million.[3]
In 2016, Li and the other two co-founders of Mindray took the company private in US$1.9 billion deal.[6][7]
Li moved to Singapore, and became a naturalised citizen in 2018.[3]
During the COVID-19 pandemic, it was estimated that Li's net worth was increasing by US$1 billion every month as Mindray's stock price increased due to high demand for ventilators.[8][9]
In April 2021, Forbes estimated Li's net worth to be US$21.5 billion, making him the richest man in Singapore.[1]
References edit
- ^ a b "Li Xiting". Forbes. Retrieved 2021-08-06.
- ^ "Bloomberg Billionaires Index". www.bloomberg.com. Retrieved 2021-08-06.
- ^ a b c d e "Li Xiting is on 10-hour days to grow Mindray into a Top 3 devices maker". South China Morning Post. 2021-06-05. Retrieved 2021-08-06.
- ^ a b c "Singapore tycoon is US$1 billion richer every month as ventilators sell out". South China Morning Post. 2020-04-24. Retrieved 2021-08-06.
- ^ a b c Feng, Venus (2019-05-05). "A new billionaire and eightfold spike in value: magic of listing in China". Business Standard India. Retrieved 2021-08-06.
- ^ Beilfuss, Lisa (2015-06-04). "Mindray Medical Executives Propose Taking Company Private". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-08-06.
- ^ "China's Mindray Completes U.S. Delisting After $1.9 Billion Deal". www.bloomberg.com. Retrieved 2021-08-06.
- ^ "Billionaire plots Mindray's rally in golden decade for China health care". South China Morning Post. 2021-06-07. Retrieved 2021-08-06.
- ^ "How COVID-19 is making a Singapore businessman richer by $1 billion monthly". The Week. Retrieved 2021-08-06.