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Covid-19: Chinese Billionaire Every Month Is Richer At $ 1 billion For Selling Ventilators

Each month, the Singaporean billionaire earns his own company an extra billion dollars thanks to increased demand for ventilators.


According to SCMP, Singapore's richest man is mentioned as Li Xiting. The Chinese-born businessman earned an extra $ 1 billion a month as the demand for ventilators increased unprecedentedly due to the effects of the Covid-19 pandemic.
Mr. Li Xiting is the founder and owner of Shenzhen Mindray Medical Electronic Company (Mindray).

The shares of his medical device research and manufacturing company have soared nearly 50% in recent months as the Covid-19 pandemic is spreading globally.

The fortune of Li Xiting, chairman of Shenzhen Mindray Medical Electronic Company, has increased from US $ 4.3 billion to US $ 13.5 billion in the first quarter of 2020 and is still rising.
According to Bloomberg data, on average, Mr. Li Xiting earns an additional US $ 37.7 million a day.

That has turned Li Xiting, born in Anhui province, in eastern China, the richest billionaire in Singapore, where he naturalized since 2018.
Mindray's stock, which surged when the Covid-19 pandemic broke out in Wuhan, Hubei, and China later spread worldwide, has now infected more than 2 million people.

Mindray's shares traded yesterday (April 23) hit a record high of 270.52 yuan on the ChiNext market in Shenzhen, giving it a market value of 329 billion yuan. (equivalent to US $ 46.5 billion).
"Orders of our products have increased sharply in the past few months," the company Mindray said in an email interview with the newspaper SCMP.
"We have received orders for medical devices from more than 100 different countries to combat the disease."
Mindray was previously known for its major products including imaging equipment and medical displays.
However, recently they have just begun to receive production orders and supply about 10,000 ventilators from Italy.

However, for delicate reasons, Mindray refused to disclose the detailed price of each breathing apparatus. Italy now has the second highest number of people infected with Covid-19 in Europe (after Spain) with more than 190,000 cases (the same number of deaths at the top of the old continent with more than 25,549 cases).
Mindray's ventilator manufacturing site in Shenzhen, China
Like many other respirators, Mindray's ventilators are based on mechanical ventilation, which carries oxygen in and out of the lungs of a seriously ill person, especially when the Covid-19 pandemic breaks out. Mainly in the group of the elderly, with underlying diseases, the demand for this type of medical equipment is increasing very high.

Unlike medical masks and other easy-to-wear protective clothing (items that have attracted the investment of hundreds of companies from traditional apparel manufacturers to real estate investors ), the manufacture of medical ventilators requires high technical requirements and other key components that are difficult to supply.

Even BYD, China's largest electric car maker, once quickly installed a large-scale mask production line that could produce as many as 20 million units a day but could not get the credit. technology to produce specialized medical ventilators.
Mindray, has become one of the few companies that has seized this opportunity because of its true technical competence.

Mindray went public for the first time in 2018, which is also one of the few medical device manufacturers that can enter the stock market in mainland China, which has been dubbed the " factory of the world ”.

Factories in China can produce about 2,200 invasive ventilators per week, accounting for about 20% of the world's capacity, according to Xu Kemin, an official with China's Ministry of Industry and Information Technology.

From March 19 to 29, 2020, China exported 1,700 invasive ventilators to other countries, Mr. Xu Kemin added.
James Liu, Managing Director of Shanghai Junhanxi, an agent specializing in the supply of medical devices in China, is now the golden opportunity for ventilator business.

Currently, many countries are scrambling to buy medical ventilators as orders from overseas markets continue to increase sharply, but, according to Mr. James Liu, it is not easy for businesses to immediately increase supply. .

Singapore's richest billionaire Li Xiting, 69, is from Dang Son, a rural district district in Anhui province, famous for export pear farms.
He studied physics in China, majoring in freezing technology, before becoming a visiting scholar at Paris-Sud University in the early 1980s.

While he was starting his academic research career, it was then that Mr. Li Xiting had to work as a hired medical equipment company in the south China tech center.

Later, Li Xiting started to open a branch and eventually established his own Mindray company in 1991 with two other friends, Xu Hang and Cheng Minghe.


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