On the evening of October 14, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. announced it plans to issue overseas listed foreign shares (H-shares) and list on the main board of the Hong Kong Stock Exchange. The company stated that this move aims to meet business development needs, further advance international strategies, build an international capital operation platform, and enhance capital strength.
The announcement indicates that net proceeds from the issuance, after deducting expenses, will be used to promote Mindray's international strategy and global business layout, increase investment in research and innovation, and supplement operating funds. This aligns with the company's three strategic directions of "digital intelligence," "streamlining," and "internationalization," which will help strengthen its influence in the global medical device market and accelerate the goal of achieving a top ten position globally.
The news has sparked heated discussions in the market. As the only Chinese medical device company in the global top 30, Mindray boasts a strong financial position. By the end of the first half of this year, its net assets attributable to shareholders amounted to 39 billion yuan. This year, the company has declared dividends totaling 3.3 billion yuan, with a payout ratio of 65.1%. According to the "Shareholder Return Plan for the Next Three Years (2025–2027)," its dividend payout ratio will not be less than 65%, positioning it as a high-yield stock with stable dividends. Since its IPO in 2018, Mindray has not undertaken any refinancing and has paid dividends for seven consecutive years, with total dividends reaching 35.7 billion yuan (including 2 billion yuan for share buybacks), six times its IPO fundraising of 5.934 billion yuan.
Over thirty years of dedicated efforts have enabled Mindray to develop three main business segments: in vitro diagnostics, life information and support, and medical imaging, covering multiple subdivisions and boasting the most comprehensive product line in the industry, making it a leader in China’s medical device sector.
Leveraging its quality management advantages, Mindray became one of the first companies in the industry to receive certification from the German TÜV Rheinland Group in 1995. Its monitors received FDA certification and entered the U.S. market in 2004, and the company gradually established subsidiaries or offices overseas and formed its own marketing teams. Currently, Mindray has laid out production bases in 14 countries and has 12 major R&D centers globally, establishing 64 overseas subsidiaries in over 40 countries, with local employees making up more than 90% of its 3,000 overseas workforce. This structure provides a comprehensive global coverage for production, sales, and after-sales service, with products sold in more than 190 countries and regions.
Through acquisitions of well-known overseas companies like Datascope and Zonare, Mindray has enhanced its global channels and strengthened its business capabilities, significantly upgrading its global competitiveness. The market share of its monitors and ultrasound products ranks in the top three worldwide, solidifying its global presence. Since its listing, the company’s overseas revenues have grown for seven consecutive years, with the share of overseas business revenue increasing to 50% in the first half of this year, marking a deepening phase in its globalization strategy.
Mindray considers research and innovation its "lifeline." In the first half of 2025, its R&D investment reached 1.777 billion yuan, accounting for 10.61% of its revenue. Since listing on the A-shares in 2018, total R&D investment has reached 20.646 billion yuan, maintaining a leading position in R&D intensity among peers. The performance quality of its core products remains at the forefront globally. In 2015, Mindray began exploring a "device + IT + AI" integration, and by 2025, it officially completed the construction of a digital medical ecosystem, combining “Rui Jian,” “Rui Zhi,” and “Rui Ying” specialized information systems with the AI large model from Yuyuan. This transition marks a leap from supplying single devices to providing comprehensive digital solutions, with relevant solutions scaled globally.
Mindray stated that its digital transformation is breaking through the healthcare "impossible triangle" (the difficulty of balancing quality, efficiency, and cost in medical treatment). Should this secondary listing in Hong Kong succeed, it will provide momentum for strategic synergy and accelerate the achievement of its top ten global target. The Hong Kong market will broaden its financing channels to support R&D, marketing, and overseas expansion; refining the "A+H" structure will facilitate equity incentives to attract global talent. With the influence of the Hong Kong market, Mindray aims to enhance its international brand recognition, solidify R&D investments, and deepen its digital transformation, aiming to penetrate both emerging and developed high-end markets.
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