Mindray(SZ:300760) 36氪·2025-10-22 10:02Core Viewpoint - Mindray Medical is preparing for its third IPO, this time in Hong Kong, after previously going public in the US and A-share markets. The company has faced challenges, including a significant drop in stock price due to a false report and a decline in revenue and profit in recent periods [4][5][22]. Company Overview - Mindray Medical is the largest medical device company in China, with products covering nearly 110,000 medical institutions and over 99% of top-tier hospitals. The projected revenue for 2024 is 36.726 billion yuan [5]. - The company has undergone two previous IPOs: the first on the New York Stock Exchange in 2006 and the second on the Shenzhen Stock Exchange in 2018, where it raised 5.93 billion yuan, setting a record for the ChiNext board [11][12]. IPO History - Mindray Medical went public on the NYSE in 2006, but was privatized in 2016 for $3.3 billion after its market value fell to around 17 billion yuan. The company successfully returned to the A-share market in 2018 [10][11]. - Following its return to A-shares, Mindray's market value soared to 200 billion yuan within a year, and it reached a peak market value of 600 billion yuan during the pandemic [12][22]. Recent Developments - On October 15, 2025, Mindray announced its plan to list H-shares on the Hong Kong Stock Exchange, with a similar issuance ratio to its A-share IPO [7][16]. - The company has seen a decline in revenue by 18.45% and a net profit drop of 32.94% in the latest half-year report, indicating challenges in the current market environment [22]. Leadership Changes - Co-founder Cheng Minghe has stepped down as vice chairman, although he retains a board seat. His shareholding has decreased from 5.29% to 3.83% through multiple sell-offs [16][19]. - The current leadership includes Li Xiting, who remains actively involved in the company, and other long-term executives who are positioned to take over in the future [21][22]. Market Position and Strategy - Mindray Medical's stock price has increased by 6.8% from April to October 2025, which is significantly lower than the nearly 25% rise in the Shanghai Composite Index during the same period [23]. - The company is focusing on mergers and acquisitions as a strategy for business expansion, having made significant purchases in recent years, including a 75% stake in DiaSys for €1.15 billion [24]. Financial Health - As of mid-2025, Mindray Medical's market capitalization is approximately 270.9 billion yuan, with goodwill amounting to nearly 11.5 billion yuan, indicating a substantial investment in acquisitions [24]. - The company maintains a cash reserve of around 16.9 billion yuan, suggesting manageable financial risk despite the challenges faced [24].