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Mindray Medical, a Phenomenal CoStone Portfolio Company, Listed Today in Shenzhen

2018.10.17 CoStone Capital Views:


On October 16, Mindray Medical officially landed on the Shenzhen Stock Exchange with a stock code of 300760.SZ. Mr. Wang Shouwen presented the listing ceremony for the strong return of a phenomenal medical equipment supplier.

On October 16, Mindray Medical officially landed on the Shenzhen Stock Exchange with a stock code of 300760.SZ. Mr. Wang Shouwen presented the listing ceremony for the strong return of a phenomenal medical equipment supplier.


On September 27th, Mindray raised 5.93bn RMB with 121.6mn shares. It is priced at 48.8 RMB, the top of its range, which brought its valuation way to 85.43bn RMB. If the price continues to skyrocket, Mindray hopes to become the 3rd GEM Board company with over 100bn RMB in valuation.


As the largest medical devices and solutions provider, Mindray has three pillar products-- patient monitoring and life support, in-vitro diagnostics, to medical imaging. From 2015 to 2017, the revenue of Mindray is 8bn, 9bn, and 11.2bn RMB bringing shareholders of its parent company 900mn, 1.6bn, and 2.6bn RMB.


Money raised in this IPO will be used for a program. The new program, together with its integrated global resources of R&D, technologies, management, and sales, Mindray will deepen its global business layout, enhance its three pillar products, and explore the field of minimally invasive surgery, said Mr. Li Xiting in the roadshow.


He also promised in media interviews that Mindray will expand its sales scale and make it to the top 10 global medical devices suppliers.

The year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.

Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.

Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.

Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.

These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.

For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, making Huawei anindustry leader.

So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.

At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across


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