China's Mindray Medical is exploring a Hong Kong Stock Exchange (HKEX) secondary listing that could raise at least USD 1 billion, Bloomberg reported on 23 July citing sources. The Shenzhen-listed medical device leader, with a RMB 274 billion (USD 38 billion) market capitalisation, has held talks with potential advisors. Mindray dominates China's life support, in-vitro diagnostics and medical imaging sectors, transitioning to smart hospital solutions with its AI ecosystem.

The potential listing follows recent HKEX offerings by CATL (USD 5.2 billion) and Hengrui Pharma (USD 1.5 billion). Mindray delisted from the New York Stock Exchange (NYSE) in 2016 and went public in the Shenzhen Stock Exchange (SZSE) in 2018. The company reported 2024 revenue of RMB 36.7 billion (+5.1% year-on-year) with RMB 11.7 billion net profit (+0.7%). No official comment was provided regarding the HKEX plan.

According to PharmCube's NextDevice™ database, Mindray's portfolio currently consists of 140 products. Click here to request a free trial for PharmCube's databases.