ECM

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

03 Jun 2026 By Ke Yan, CFA
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Abstract: Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors. This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation. We also discuss our preliminary thoughts on valuation.

COFOE MEDICAL (1187 HK) HENGRUI PHARMA (1276 HK) CHUNLI MEDICAL (1858 HK) FOSUN PHARMA (2196 HK) WUXI APPTEC (2359 HK) SH PHARMA (2607 HK) Mindray (300760 CH) SHENZHEN NEW INDUSTRIES BIOMEDICAL ENGINEERING (300832 CH) COFOE MEDICAL TECHNOLOGY (301087 CH) Fosun Pharma (600196 CH) JIANGSU HENGRUI MEDICINE (600276 CH) SHANGHAI PHARMACEUTICALS (601607 CH) WUXI APPTEC (603259 CH) AUTOBIO DIAGNOSTICS (603658 CH) HAOHAI BIOTEC (6826 HK) Nihon Kohden (6849 JP) Sysmex (6869 JP) BEIJING CHUNLIZHENGDA MEDICAL INSTRUMENTS (688236 CH) SHANGHAI UNITED IMAGING HEALTHCARE (688271 CH) SH Haohai Biological (688366 CH) GE HealthCare Technologies Inc. Common Stock (GEHC US)

Highlighted Stocks

COFOE MEDICAL, HENGRUI PHARMA, CHUNLI MEDICAL, FOSUN PHARMA, WUXI APPTEC, SH PHARMA, Mindray, SHENZHEN NEW INDUSTRIES BIOMEDICAL ENGINEERING, COFOE MEDICAL TECHNOLOGY, Fosun Pharma, JIANGSU HENGRUI MEDICINE, SHANGHAI PHARMACEUTICALS, WUXI APPTEC, AUTOBIO DIAGNOSTICS, HAOHAI BIOTEC, Nihon Kohden, Sysmex, BEIJING CHUNLIZHENGDA MEDICAL INSTRUMENTS, SHANGHAI UNITED IMAGING HEALTHCARE, SH Haohai Biological, GE HealthCare Technologies Inc. Common Stock

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