Li Xiting on Economic Moats

Li founded Mindray in Shenzhen in 1991 together with Xu Hang and Cheng Minghe, both former Anke colleagues; the company secured its first contract, a 360,000-yuan sale, at a medical equipment convention in the 1990s, and by 2008 had become China's largest medical device manufacturer.

Mindray listed on the New York Stock Exchange in September 2006, raising US$270 million; in 2016, Li and his two co-founders took the company private in a US$1.9 billion deal, and the company subsequently re-listed on China's A-share market.

Mindray successfully transitioned from a NYSE-listed company (delisted March 2016 per the buyout) to relisting on China's domestic A-share market (Shenzhen Stock Exchange, ticker 300760), and grew into a company reporting US$5.1 billion in 2024 revenue.