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Sell ​​breathing apparatus when the world panicked because Covid-19, Singapore’s richest man pocketed $ 3.5 billion after a few months

Due to rising demand for ventilators, shares of Shenzhen-based ventilator Mindray Bio-Medical Electronic rose 40%, helping the three founders of the company witness a sharp increase in their assets.

Specifically, the total net worth of Chairman Li Xiting – a Singaporean and also the richest billionaire here has increased by US $ 3.5 billion in the first few months of 2020 to US $ 12.5 billion as of the date. last Thursday according to Bloomberg statistics. This also turned him into one of the few people in the world who witnessed an increase in wealth amid a complicated pandemic. The richest man on the planet, Jeff Bezos, saw a $ 3.4 billion increase, while Bill Gates saw a $ 15.3 billion drop.

Currently, there is a serious shortage of ventilator in the world when the Covid-19 epidemic is spreading rapidly. This device gives serious patients the chance to survive. According to Mindray’s Secretary General Le Wenmei, global demand for ventilators is now 10 times more than what is available at hospitals. Therefore, other companies such as General Motors or Ford are also accelerating the production of ventilators.

New York market, Andrew Cuomo, says that in six days, the city will lack breathing machines.

The number of cases of Covid-19 has now exceeded 1.2 million while 52,000 have died. The countries most affected are in Europe, Spain, and the US.

The United States currently has more than 200,000 ventilators but an estimated 960,000 patients need ventilator support nationwide. In Italy – where death rates are highest, doctors are even forced to choose which patients are allowed to live.

By the end of March, the US Food and Drug Administration (FDA) approved the use of Mindray’s ventilator line to overcome the current serious shortage. Mindray’s ventilators were not approved in the US market. This has helped greatly improve the prospects of Mindray.

Experts also said that this is an opportunity for Chinese ventilators to easily penetrate the fastidious US market. With an output of more than 3,000 ventilators per month, Mindray is not the only manufacturer in China approved by the FDA to import into the US market. Other names include Beijing Aeonmed and Jiangsu Yuyue Medical Equipment & Supple. The company has seen its stock price increase by 91% in 2020, increasing its market capitalization to 5.5 billion USD.

According to Bloomberg analyst Nikkei Lu, Mindray – a company with a market capitalization of 4 billion USD still has the potential to expand market share although they cannot compare in scale with the medical device giants. other like Medtronic.

Mindray announced business results this week showing a sharp increase in orders from Europe with Italy’s own orders of up to 10,000 units including ventilators and body temperature monitors.

With a presence in 30 countries and 17 branches in China, Mindray manufactures anesthesia and infusion systems, health monitors, sterilizers and ventilators.

Based on the annual report, the company has a direct sales team in the US with major clients like Cleveland Clinic, Mayo Chinic …

Although the demand for ventilators is very large, Lu is not optimistic about the future. She said: “Sales of ventilators will decrease as soon as the disease is over.”

Sell breathing apparatus when the world panicked because Covid 19 Singapore s richest man pocketed 3 5 billion after a few months | ICT News

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