Another leading A-share company is accelerating towards a Hong Kong listing. On the evening of October 14th, Mindray Medical (300760.SZ) announced that after thorough research and evaluation, the company plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange.

This also means that nearly ten years after leaving the New York Stock Exchange, Mindray Medical intends to build a new international capital operation platform. According to the announcement, Mindray Medical will complete this Hong Kong stock issuance and listing at an appropriate time and within the valid period of the shareholder meeting resolution (i.e., within 24 months from the date of approval by the company’s shareholder meeting or any other extended period).

Regarding the purpose and necessity of this overseas listing, Mindray Medical’s IR team responded that this move is an important step in firmly implementing the company’s internationalization strategy. The core objectives include “strengthening international influence to match the global development strategy,” “global employee incentives and talent attraction,” “building a global capital platform,” and “further optimizing shareholder structure and liquidity.”

From the perspective of the company’s IR team, applying for a Hong Kong listing can help the company more efficiently connect with overseas market resources, providing strong capital support for competing with international giants in the global market. At the same time, “through the Hong Kong listing, further introduce global long-term institutional investors to enhance the liquidity of overseas shareholders’ holdings.”

In the 2025 Forbes Singapore Rich List, he ranked 5th with a fortune of $13 billion.

As of the latest closing, Mindray Medical’s market value is nearly 280 billion yuan.

Third Quarter May See Performance Turning Point

The market is not surprised by Mindray Medical’s move to list in Hong Kong.

This year, the Hong Kong stock market has continued to recover. Leading A-share companies with large market capitalizations such as CATL, Hengrui Pharmaceuticals, and Haitian Flavouring have successively listed in Hong Kong, leveraging the “A+H” dual financing platform to accelerate their internationalization process.

As early as the middle of this year, industry insiders reported that Mindray Medical was in talks with investment banks considering a secondary listing in Hong Kong, expected to raise at least $1 billion (approximately HK$7.85 billion).

Mindray Medical’s IR team believes that the current period is an “opportunity to increase global market share,” because “major global changes unseen in a century are accelerating, and the world is entering a new period of turbulence and transformation. The medical industry, influenced by multiple factors such as intensifying population aging, shortage of high-quality medical resources, accelerated industry concentration, and the development of artificial intelligence technology, is undergoing profound changes.”

In their view, geopolitical conflicts are emerging one after another, market windows are limited, and the urgency to seize this historical opportunity is prominent. The funds raised from this Hong Kong listing application can further help the company expand its overseas business and build international influence.

On the other hand, the current period is one of stable capital market conditions. The Mindray Medical team points out that the current Hong Kong capital market environment has strong inclusiveness and high valuation premiums for high-quality leading assets, making it a favorable time for international capital operations. At the same time, the company expects a performance turning point in the third quarter of 2025.

Previously, affected by changes in the global political and economic situation, and industry policies such as centralized procurement, DRG, and medical industry rectification, the domestic medical device industry experienced adjustments, and Mindray Medical saw its first performance decline since listing. In the first half of this year, Mindray Medical’s revenue and net profit decreased by 18.45% and 32.96% year-on-year, respectively. Among these, domestic market performance declined by over 30%.

During this period, Mindray Medical’s stock price also continued to fall. During the strong bull market phase of A-shares in 2025, Mindray Medical’s stock price accumulated a decline of over 8%.

Mindray Medical’s IR team expects that in the third quarter of this year, the company’s overall

New York Stock Exchange

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Hong Kong Stock Exchange

The Hong Kong Stock Exchange (HKEX) is one of the world’s largest and most prominent financial marketplaces. Its origins trace back to the establishment of the Association of Stockbrokers in Hong Kong in 1891, which later merged with other exchanges to form the unified HKEX in 1980. Today, it is a vital global hub for capital formation, particularly for Chinese companies seeking international investment.

Forbes Singapore Rich List

The Forbes Singapore Rich List is an annual ranking published by Forbes magazine that tracks the wealth of Singapore’s richest individuals. It highlights the financial success of entrepreneurs, investors, and business families, often detailing how their fortunes were made in sectors like technology, real estate, and finance. The list serves as a barometer of the country’s dynamic economy and the changing landscape of its wealth.