Chinese Pharmaceutical Executives from Mindray, ZhiFei Biological, and Others Featured in the 2022 Hurun Global Rich List; Mindray Files for Hong Kong IPO

On March 17, Hurun Research Institute released the "2022 Hurun Global Rich List," featuring several billionaires from China.China PharmaEnterprises, includingMindray、Chongqing Zhifei Biological Products Co.,Ltd.、Aier Eye, YANGTZE RIVER PHARMACEUTICAL GROUP JIANGSU JOINT STOCK CO., LTD, Hengrui Pharma, etc.

Among the top 300, Li Xiting and Xu Hang, founders of Mindray, are tied for 93rd place (a drop of 18 places), Jiang Rensheng, chairman of Chongqing Zhifei Biological Products Co., Ltd., ranks 113th (a drop of 52 places), Chen Bang, founder of Aier Eye Hospital Group Co., Ltd., ranks 132nd (a drop of 71 places), and Xu Haoyu, chairman of YANGTZE RIVER PHARMACEUTICAL GROUP JIANGSU JOINT STOCK CO., LTD, ranks 149th (an increase of 244 places).Hengrui PharmaChairman Sun Piaoyang ranked 213th (a drop of 121 places), and Zhong Huixuan, founder of Hansoh Pharma, ranked 238th (a drop of 163 places).JoincareZhu Baoguo, Chairman of Joincare, ranked 269th (a drop of 9 places),WuXi AppTecFounders Li Ge and Zhao Ning ranked 279th (a drop of 67 places). Apart from Xu Haoyu, chairman of Yangtze River Pharmaceutical, whose ranking rose by 244 places, the rankings of all others declined.

Li Xiting and Xu Hang are two of the seven founders of Mindray. Established in 1991, Mindray is China's largest and globally leading supplier of medical devices and solutions, with its main products covering three major fields: life information and support, in vitro diagnostics, and medical imaging. According to Mindray's 2021 half-year report, the company achieved revenue of 12.778 billion yuan from January to June 2021, representing a year-on-year increase of 20.96%. Net profit attributable to shareholders of the listed company was 4.344 billion yuan, up 25.79% year-on-year. In addition to steady performance, the half-year report also revealed that Mindray has been making continuous breakthroughs in overseas markets, particularly among international high-end customer groups.

Jiang Rensheng is the controlling shareholder of Chongqing Zhifei Biological Products Co., Ltd. According to the company's 2021 earnings report, after preliminary calculations, the company achieved revenue of 30.637 billion yuan last year, representing a year-on-year increase of 101.68%; operating profit was 11.986 billion yuan, marking a year-on-year increase of 207.73%. In recent years, the company has continuously increased its R&D investment, which grew from 0.76 billion yuan in 2016 to 4.81 billion yuan in 2020. In the first half of 2021, R&D investment further increased to 7.90 billion yuan.

Chongqing Zhifei Biological Products Co.,Ltd., as a globally important vaccine research and supplier, has established multiple R&D platforms, including bacterial polysaccharide and polysaccharide-protein conjugate vaccine technology platforms, inactivated viral vaccine technology platforms, gene recombination technology platforms, and component technology platforms. It has also laid out platforms for mRNA and the development of new combination and multi-valent vaccines. Currently, there are 26 projects in the clinical trial stage and preclinical research, covering human vaccines and biological products for the prevention of infectious diseases such as tuberculosis, pneumonia, meningitis, influenza, and rabies.

Xu Haoyu, the son of Xu Jingren, the founder of Yangtze River Pharmaceutical Group, whose ranking has risen, officially announced his succession in July 29 last year. In 2021, the National Medical Products Administration (NMPA) approved more than 900 domestically produced generic drug licenses in China (including generics categories 3/4/6, excluding active pharmaceutical ingredients), among which Yangtze River Pharmaceutical Group had 27 generic drugs newly approved for marketing, ranking first in total number.