Xu is a co-founder of Shenzhen Mindray Bio-Medical Electronics, a Chinese medical equipment maker. The Shenzen-based company had revenue of 25.3 billion yuan ($3.9 billion) in 2021. Its products are exported to more than 190 countries around the world and it has more than 14,000 employees around the world.
Xu Hang's net worth of $13.8B can buy ...
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Xu is the co-founder of Shenzhen Mindray Bio-Medical Electronics, a Chinese medical equipment maker. The Shenzen-based company reported revenue of 16.6 billion yuan ($2.3 billion) in 2019. Its products are exported to more than 190 countries around the world and it has more than 14,000 employees around the world, according to its website.
Xu owns a 27% stake through holding companies, according to an April 19, 2022 filing. About 8% of the shares are pledged and removed from the net worth calculation. An update to the pledged share count led to a $1 billion decrease on Dec. 31, 2021.
A liability is applied, based on an analysis of a 2016 privatization loan as well as dividends, stock performance and tax.
Li Wenmei, spokeswoman of the company, declined to comment on the net worth calculation.
Born in 1962, Xu graduated from Tsinghua University with a bachelors degree in computer science and a masters degree in electrical engineering. He joined a medical equipment firm in Shenzhen in 1987 and worked there for about four years.
In 1991, he co-founded Mindray and the company began trading publicly in New York in 2006. A consortium led by Xu and co-founder Li took the company private a decade later.
Mindray relisted on the ChiNext board in Shenzhen in October 2018. It was the largest IPO to have occurred on the board at the time.