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Meet Li Xiting, the founder and current CEO of Mindray – one of the most profitable medical equipment manufacturing companies in the world. Known for his groundbreaking business acumen and humble disposition, Li Xiting has been typically elusive and out of the spotlight, despite being one of the wealthiest individuals in Singapore. But there’s more to this entrepreneur than his billion-dollar empire. Here are 10 things you probably didn’t know about Li Xiting.

1. Humble Beginnings

Li Xiting didn’t always sail on a prosperous sea. He kick-started his journey with a humble beginning in the rural village of Hangzhou, China. Surrounded by poverty, he was motivated to find a way out and establish a better life for himself and his family. Encouraged by this determination, he strived tirelessly to pursue his passion in bioscience and technology.

Interestingly, Xiting is a first-generation entrepreneur. However, in spite of not having any financial background or guidance from his family, his tireless dedication led him to build one of the biggest empires in the medical sector.

2. Insightful Education

This successful business tycoon is a proud alumnus of the University of Science and Technology of China (USTC) – one of the most prestigious institutions in the country. It was during his years at USTC where he developed a deep fascination towards technology which, ultimately, led him to devise his business plans.

He graduated with a degree in electronics, proving that the decision to delve into bioscience and electronics wasn’t accidental. He has always been interested in technology’s potential to affect changes in healthcare, and the idea of Mindray was born out of this passion.

3. Inception of Mindray

Li Xiting started Mindray Bio-Medical Electronics Co. in 1991, alongside Xu Hang and Cheng Minghe. At that time, the idea of homegrown medical equipment was preposterous in China, considering the country largely relied on imported medical devices.

Against all odds, and with an initial capital of only less than $5000, Li Xiting managed to make Mindray a globally recognized name within two decades, unveiling innovative products that save and enhance the lives of millions.

4. Climbing Global Rank

Due to his business prowess, Li Xiting’s net worth has skyrocketed over the years. At the end of 2020, with an estimated net worth of $25 billion, he was declared the richest man in Singapore. This occurrence is significant considering the fact that he moved to Singapore in 1995 and officially became a citizen in 2018.

His place among the wealthiest people globally has also been recognized by Forbes. He occupies a prestigious place in their Billionaires 2021 list, appearing at the 169th rank.

5. Shy Billionaire

Despite his affluence, Li Xiting shies away from the limelight. He prefers to maintain a low profile, rarely making public appearances or media interactions. This humility is equally noticeable in his lifestyle. Even after becoming a billionaire, he continues to live a modest life without ostentatious displays of wealth.

This trait has unnerved many who are accustomed to the glamorous lifestyle of billionaire entrepreneurs. Xiting, however, sticks to his principle of staying grounded.

6. Dedicated Work Ethics

Li Xiting is known for his admirably relentless work ethic. He is often the first to arrive and the last to leave at the Mindray headquarters. His dedication to his work is summed up in his philosophy: when one is dedicated to their craft, success naturally follows.

His exceptional commitment to improving the healthcare industry is seen in the remarkable contributions Mindray has made under his leadership.

7. Focus on Innovation

Li Xiting places a premium on innovation. He believes that continually evolving and improving upon existing ideas and concepts is the cornerstone of long-term success in business.

This ethos is at the heart of Mindray’s growth strategy, and it continues to guide the company’s research and development efforts. By placing innovation at the centre, Mindray has expanded its range and introduced many advanced medical devices to the market.

8. Philanthropy

Li Xiting is not just a billionaire entrepreneur; he is also a renowned philanthropist. He has signed ‘The Giving Pledge’, a commitment by the world’s wealthiest individuals to donate the majority of their wealth for philanthropic causes.

Under his leadership, Mindray has also engaged in considerable charitable work, from providing disaster relief support to contributing to medical aid programs.

9. China’s Medical Revolution

Li Xiting has been instrumental in the medical revolution of China. Through Mindray, Xiting has been able to help close the technology gap between China and the rest of the world in the medical device industry.

Today, thanks to his efforts, Mindray is not just considered a significant player in China, but also ranks among the world’s top medical equipment suppliers.

10. Passion for Medical Devices

One of the reasons for Li Xiting’s success is his genuine passion for medical devices. He believes that advanced medical equipment is key to saving and improving lives across the globe.

Through this sentiment, he continues to direct the operations of Mindray towards developing medical devices that are not only technologically advanced but also accessible and affordable to patients worldwide.

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Useful Links

1. Li Xiting’s profile on Forbes

2. About Mindray