Beautiful Virgin Islands

Saturday, Sep 06, 2025

Singapore’s wealthiest man is US$1 billion richer every month as Mindray’s ventilators fly off production line on Covid-19 demand

The wealth of Li Xiting, Shenzhen Mindray’s co-founder, has risen by 47 per cent this year to around US$13.5 billion, according to Bloomberg data. The company has received an order for about 10,000 ventilators from Italy alone

Singapore’s wealthiest man is getting richer to the tune of more than US$1 billion a month this year, as the stock price of his medical devices company soared by almost 50 per cent amid the coronavirus pandemic.

The fortunes of Li Xiting, the co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, have risen by US$4.3 billion this year to US$13.5 billion, according to Bloomberg data, or an average of US$37.7 million every 24 hours. That makes Li, born in eastern China’s Anhui province, the wealthiest man in Singapore, where he has been a citizen since at least 2018.

Mindray’s shares have jumped since the coronavirus pandemic, which was first reported in central China’s Hubei province, spread worldwide, sickening more than 2 million people. The stock on Thursday traded near a record-high of 270.52 yuan on the ChiNext market in Shenzhen, giving it a market value of 329 billion yuan (US$46.5 billion).

“Orders for our products increased sharply in March,” Mindray said in an email to a query by South China Morning Post. “We received orders from 100-odd countries for our medical devices to fight against the epidemic.”

The company, whose products include imaging devices and patient monitors, said it received an order for about 10,000 ventilators from Italy alone, declining to divulge the price of each device. Italy has Europe’s second-highest caseload, with 187,327 confirmed cases at last count, and a death toll of 25,085.

Ventilators provide mechanical ventilation by moving breathable air into and out of the lungs, to deliver breaths to a patient who is physically unable to breathe.

Unlike surgical masks and other forms of protective clothing that have attracted the investments of hundreds of companies from apparel makers to real estate developers, the production of medical ventilators is highly specialised due to its technical nature and a shortage of critical components.

BYD, the mainland’s largest electric car maker has installed the world's largest production line for face masks which can churn out up to 20 million pieces per day.



Mindray, which became a publicly traded company in 2018, is one of only a handful of such assemblers in mainland China, dubbed the world’s factory. Chinese factories can produce about 2,200 invasive ventilators every week, about 20 per cent of the world’s capacity, according to Xu Kemin, an official with the Ministry of Industry and Information Technology. Between March 19 and 29, China exported 1,700 invasive ventilators to other countries, he added.

“There is a high bar for the ventilator business,” said James Liu, chief executive of Shanghai Junhanxi, a dealer for medical devices. “Everyone is scrambling for medical ventilators now as orders from overseas markets surge, but it is not easy for the existing players to increase the supply.”

Li, 69, hails from Dangshan, a county in rural Anhui best known for its orchards that produce pears ad peaches for export. Li studied physics in China, specialising in the field of cryogenics, before becoming a visiting scholar at the University of Paris-Sud during the early 1980s.

From an early career in research, Li went to work for a medical equipment company in southern China’s technology hub before branching off on his own to establish Mindray in 1991 with Xu Hang and Cheng Minghe.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Brand-New $1 Million Yacht Sinks Just Fifteen Minutes After Maiden Launch in Turkey
Here’s What the FBI Seized in John Bolton Raid — and the Legal Risks He Faces
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
×