Xu Hang (born 1967) is a Chinese billionaire business magnate and philanthropist. He is the co-founder and co-CEO of the Shenzhen-based multinational medical instrumentation manufacturer Mindray Medical International.
Xu Hang holds a BA degree from Tsinghua University. Later he did his MA in biomedical engineering at the Department of Electrical Engineering of Tsinghua. After graduation, Xu became famous for inventing China’s first domestic color B-ultrasound machine, for which he even won the National Progress Award. In 1991, he became one of the founders of Mindray, together with with Li Xiting and Cheng Minghe (成明和), which soon became the nation’s largest high-tech medical equipment manufacturer. In 2001, Xu also established Pengrui Investment Group Co., Ltd which focuses on high-tech environmental protection, real estate and ecotourism project development. In 2012, he resigned from the co-CEO position of Minday but continued serving as the chairman of the company.
Xu made Forbes magazine’s 2022 The World’s Billionaires list with an estimated wealth of US$16.1 billion and occupied the 113th position in the world
The majority of Xu’s fortune is derived from his stake in Shenzhen Mindray Bio-Medical Electronics, a Chinese medical equipment maker. Its products are exported to more than 190 countries and it has more than 16,000 employees worldwide, according to its website.
Xu owns a 26% stake through holding companies Magnifice (HK), Ruilong Investment and Ruifu Investment, according to an Aug. 4, 2023 company filing and the 2023 first-quarter report. About 8% of the shares are pledged and removed from the net worth calculation.
Li Wenmei, a spokesperson for the company, didn’t respond to a request for comment on the net worth calculation.
Biography
Education: China Europe International Business School, Tsinghua University, Tsinghua University
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.
Milestones
- 1991 Xu starts Mindray with business partners.
- 2006 Mindray begins trading publicly in New York.
- 2016 A consortium takes Mindray private.
- 2018 Mindray relists in Shenzhen through an initial public offering.
