China’s top medical equipment maker Mindray could raise US$1 billion from Hong Kong IPO


Shenzhen Mindray Bio-Medical Electronics, China’s largest medical equipment maker, filed an application to list in Hong Kong on Monday, with brokers expecting the company to raise at least US$1 billion.

The Shenzhen-listed company currently has a market capitalisation of 251.63 billion yuan (US$35 billion), making it one of the largest A-share firms to issue shares in Hong Kong.

Mindray was seeking a Hong Kong listing “to advance our global strategic layout, establish an international capital operation platform and enhance our comprehensive competitiveness”, according to its filing to the Hong Kong stock exchange.

The Shenzhen-based company did not disclose the amount it planned to raise, but stockbrokers widely believed it could reach at least US$1 billion.

Chinese Premier Li Qiang visits Mindray’s factory in Shenzhen during a tour of Guangdong province in August 2023. Photo: Xinhua
Chinese Premier Li Qiang visits Mindray’s factory in Shenzhen during a tour of Guangdong province in August 2023. Photo: Xinhua

The funds would be used for global research and development to develop high-end product lines and create an intelli-digital healthcare ecosystem, as well as to enhance its global sales network and supply chain capabilities, the filing said.

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