Li Xiting (Singapore Billionaire)

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Li Xiting
File:Li Xiting.jpg
Born1951
EducationBachelor of Science (Physics)
Alma materUniversity of Science and Technology of China (USTC)
Home townDangshan, Anhui province, China
Singapore's richest man in 2021: Li Xiting
Singapore's richest man in 2022: Li Xiting. Photo from Bloomberg.

Li Xiting (born 1951)[1] is a naturalised Singapore citizen and the co-founder of the medical device manufacturer and distributor, Shenzhen Mindray Bio-Medical Electronics.[2][3] He is also the Chairman of the company.[4] According to Forbes, Li Xiting is the richest individual in Singapore in 2021.[5] Based on news reports, he has been a Singapore citizen since at least 2018.[6] Li Xiting has a reported net worth of $24 billion (as of 8 April 2022).[7]

Background

Early life

Li Xiting was born in Dangshan, a county in the Anhui province of Eastern China in 1951.[2] At 18 years old, he reportedly joined the Chinese army before taking his college entrance examinations in 1973.[8]

Education

Li Xiting studied cryogenic physics at the University of Science and Technology of China (USTC).[6][9] He graduated from USTC in 1976 with a Bachelor of Science.[10] In the 1980s, Li Xiting was a visiting scholar at the University of Paris-Sud in France.[6]

Early career

After graduating from university, Li Xiting worked as a researcher at various academic institutes.[1] He had reportedly worked at the Wuhan Institute of Physics and Mathematics before being transferred in 1987 to Anke Technology Company in Shenzhen where he worked for four years.[6][9][11][12]

Career highlights

Li Xiting at the Mindray Medical headquarters in Shenzhen, China. Photo from source.

Shenzhen Mindray Bio-Medical Electronics (1991 - current)

Since founding Shenzhen Mindray Bio-Medical Electronics in 1991, Li Xiting has been lauded as one of China's top entrepreneurial figures for his contributions to worldwide healthcare.[13] In the capacity of the company’s Director, President and co-CEO, he was at the forefront of Mindray’s business expansion.[14] In 2012, Li Xiting was appointed as the Chief Executive Officer (CEO) of Mindray following Xu Hang’s resignation. Co-founder Xu Hang said the following about his successor:

“I am very pleased that Mr Li will continue to lead the company. I strongly believe that under his leadership, Mindray will execute its strategies successfully and be able to further accelerate its growth and expansion."[15]

In November 2019, Li Xiting was appointed as the Chairman of the company and also its international arm.[16] That year, he was China’s 27th richest individual with a net worth of $8.55 billion.[17] As of 2020, Mindray has 17 subsidiaries in China and operates in 30 countries.[18] The company produces healthcare devices such as health monitoring systems, ventilators, defibrillators, anaesthesia machines and infusion systems.[19]

Impact of COVID-19

According to the Bloomberg Billionaires Index, Li Xiting added US$3.5 billion to his net worth amidst the COVID-19 pandemic.[19] The company’s stock price had also increased by about 50 per cent due to the increased demand for ventilators. South China Morning Post reported that Mindray had a sharp increase in orders from about 100 countries in March 2020.[6] Mindray shipped around 5,000 patient monitors and 400 ventilators - among other devices - to Italy in March 2020.[20] Responding to the increasing demand for his company’s products during this period, Li Xiting said:

“In a time when the mission to save lives is more important than ever, we are doing all we can to bring healthcare within reach. To date, we have donated US$4.6 million of devices to hospitals all over the world.”[2][4]

According to a report by The Straits Times that was published in April 2020, Mindray produced 3,000 ventilators a month.[19]

Philanthropy

In 2010, Li Xiting donated 500,000 RMB in his own name to aid the earthquake relief efforts in Yushu, Qinghai.[21] His donation was a part of the 4.7 million RMB contribution by the entire Mindray company. Later that year, Li Xiting donated 4.8 million RMB to his alma mater, the University of Science and Technology of China (USTC) at an official donation ceremony.[22] Speaking about his donation, he said:

"As an alumnus of USTC, I feel obliged to give (a) donation to my alma mater for her cultivation on me when I am capable to do so."[10]

In 2017, Li Xiting reportedly donated US$3 million to Suqian city in Jiangsu province to alleviate poverty in the area and US$1.5 million to Daishan County in Zhejiang province to support its Tourism Development Fund.[23] When the COVID-19 virus was rapidly spreading in Wuhan, China, Li Xiting travelled to the city to support the construction of its emergency field hospitals.[8][24]

Forbes’ Billionaires list

According to Forbes, Li Xiting is the richest individual in Singapore in 2021.[5] In 2022, he was still the richest Singaporean on the annual Forbes’ 2022 World Billionaire List, but dropped in position from No. 82 to No.94.[7] He is also ahead of other notable Singaporean billionaires such as Forrest Li, Hai Di Lao founder Zhang Yong, and the real-estate based Kwee brothers.[7]

References/ Citations

  1. ↑ 1.0 1.1 "Ventilator Sales Boost Fortunes of Singapore's Richest Man". Finews.asia. April 3, 2020. Accessed on 20 October 2020.
  2. ↑ 2.0 2.1 2.2 Pek, Chloe. "How Billionaire Li Xiting Debuted at No. 2 on Forbes Singapore’s 50 Richest List 2020". Singapore Tatler. August 21, 2020. Accessed on 20 October 2020.
  3. ↑ Tai, Charmaine. "Bloomberg and Forbes billionaire’s list: 17 Singaporeans have made the cut". Robb Report Singapore. September 24, 2019. Accessed on 20 October 2020.
  4. ↑ 4.0 4.1 "Mindray Chairman's Statement on Efforts to Combat COVID-19". Mindray. April 6, 2020. Accessed on 20 October 2020.
  5. ↑ 5.0 5.1 "Singapore’s 50 Richest". Forbes Billionaires. August 10, 2021. Accessed on 17 August 2021.
  6. ↑ 6.0 6.1 6.2 6.3 6.4 Ren, Daniel and Eric Ng. "Singapore’s wealthiest man is US$1 billion richer every month as Mindray’s ventilators fly off production line on Covid-19 demand". South China Morning Post. April 24, 2020. Accessed on 20 October 2020.
  7. ↑ 7.0 7.1 7.2 Yahoo!News Staff. “Li Xiting, founder of ventilator maker Mindray, is richest Singaporean on Forbes list.” Yahoo!News. April 8, 2022. Accessed on 22 April 2022.
  8. ↑ 8.0 8.1 Ma Yuanyuan. "[Cover Person] Li Xiting: Independent Innovation Creates "World Class" Mindray". Huishangol. September 4, 2020. Accessed on 20 October 2020.
  9. ↑ 9.0 9.1 "The 40th Anniversary of the Establishment of Shenzhen Special Economic Zone丨Xiting Li of Mindray Medical: I am confident to continue to step on the "drums" and make Mindray a business card in China's medical device field". NBD. October 14, 2020. Accessed on 20 October 2020.
  10. ↑ 10.0 10.1 "Alumnus Donates 4,800,000 RMB to USTC". Chinese Academy of Sciences. January 7, 2011. Accessed on 20 October 2020.
  11. ↑ "Li Xiting, Chairman of Mindray Medical: To add luster to Chinese brands". Ifeng News. May 18, 2020. Accessed on 20 October 2020.
  12. ↑ "Controls China’s largest respirator company, but has immigrated to a foreign country and became the richest man in a foreign country". DayDayNews. October 7, 2020. Accessed on 20 October 2020.
  13. ↑ "Mindray Medical Li Xiting: The Shenzhen Business Leaders Influencing China in 2019". NBD. January 15, 2020. Accessed on 20 October 2020.
  14. ↑ Chien, Kirby. "UPDATE 2-China's Mindray buys Datascope unit for $202 mln". Reuters. March 11, 2008. Accessed on 20 October 2020.
  15. ↑ By BioSpectrum Bureau. "Li Xiting appointed CEO of Mindray". BioSpectrum. November 28, 2012. Accessed on 20 October 2020.
  16. ↑ "Shenzhen Mindray Bio-Medical Electronics Co Ltd (300760.SZ)". Reuters. Accessed on 20 October 2020.
  17. ↑ Forbes Staff. "Wealth Of 400 Tycoons on 2019 Forbes China Rich List Rises By More Than A Fifth Despite Slowdown And Trade Friction". Forbes. November 6, 2019. Accessed on 20 October 2020.
  18. ↑ "Global Contacts". mindray. Accessed on 20 October 2020.
  19. ↑ 19.0 19.1 19.2 "Singapore's richest man Li Xiting on Bloomberg billionaires list gains $5 billion with ventilators". The Straits Times. April 3, 2020. Accessed on 20 October 2020.
  20. ↑ "Sii Forte Italia! From Mindray, with All Our Efforts to Support". Mindray. April 3, 2020. Accessed on 20 October 2020.
  21. ↑ "Mindray Donates RMB 4.7 million for Yushu's Quake-Ravaged Hospitals". Mindray. April 20, 2010. Accessed on 20 October 2020.
  22. ↑ "4,800,000 RMB Donated to USTC from Alumnus LI Xiting President of Mindray". Every China. May 20, 2011. Accessed on 20 October 2020.
  23. ↑ "Former PRC billionaire Li Xiting, now Singapore citizen, listed on Bloomberg’s top 500 Billionaires Index". The Online Citizen. December 27, 2019. Accessed on 20 September 2020.
  24. ↑ Ankel, Sophia. "A construction expert broke down how China built an emergency hospital to treat Wuhan coronavirus patients in just 10 days". Business Insider. February 5, 2020. Accessed on 20 October 2020.
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