Early Life and Education
Li Xiting was born in 1951 in Dangshan County, Anhui Province, China. Growing up in a rural environment, he later pursued higher education at the University of Science and Technology of China (USTC), where he earned a bachelor's degree in low-temperature physics in 1976.
Career Beginnings
After graduation, Li worked as a researcher in various academic institutes before transitioning to the medical device industry. He gained experience at Shenzhen Anke High-tech Company, which launched China's first magnetic resonance imaging (MRI) scanner in 1989.
Rise to Success with Mindray
In 1991, Li co-founded Mindray in Shenzhen with Xu Hang and Cheng Minghe. The company initially focused on patient monitoring and diagnostic products. Under his leadership, Mindray expanded its product portfolio and grew to become China's largest medical equipment manufacturer. Mindray was listed on the New York Stock Exchange in 2006 and later delisted in 2016, relisting on the Shenzhen Stock Exchange in 2018.
Key Business Strategies
Li's key business strategies include a focus on innovation, with approximately 10% of revenue dedicated to R&D, resulting in numerous patents. He also led the company's strategic acquisitions, such as Datascope's patient monitoring business in the U.S., and expanded Mindray's global presence to over 190 countries. He moved to Singapore and became a citizen in 2018.
Philanthropy
Li is known for his philanthropic efforts, including donations to his alma mater, the University of Science and Technology of China (USTC), and support for COVID-19 relief efforts.