Mindray Medical's growth depends on the accumulation of money | 'Stupid Kung Fu'

——Li Xiting, the chairman of the company, talks about the road to entrepreneurship and the road to development

After the return of the privatization of the New York Stock Exchange, Mindray Medical became a listed company on the GEM in October this year. Recently, the 9th Anniversary of the GEM held at the Shenzhen Stock Exchange, the 'Entrepreneur's Thoughts of the Entrepreneurship' event - 'China Creation · Sailing voyage new At the time, Li Xiting, the chairman of Mindray Medical, talked about Mindray’s growth path and discussed the new economic innovation and entrepreneurship with experts and scholars in the industry.

From white-handed entrepreneurship to growth into a domestic medical equipment leader, and then returning to the A-share GEM after privatization, the market value exceeds 100 billion yuan, and Mindray Medical has experienced a rough time. Li Xiting said that Mindray Medical can overcome many difficulties and come to the present, relying on accumulation 'Stupid Kung Fu'. 'A company really wants to do well, it needs long-term persistence, focus on the main business, can not be disturbed by the left side of the door. We don't care who stocks, how much real estate makes, is to honestly market, Take the core technology seriously. '

In the early days of the venture, Mindray denied the OEM (original equipment manufacturer or origin-originated processing) route commonly used in the industry, and chose the challenging road of independent research and development and innovation. Li Xiting admits that the development of medical devices is largely affected by The impact of the level of basic industrial development in various countries, so it is very difficult to insist on independent research and development and innovation at the beginning of the year.

However, Mindray's independent research and development innovation strategy has been adhered to today. From 2015 to 2017, Mindray Medical's annual R&D expenditure is around 1 billion yuan, far higher than the industry average. This strategy allows Mindray to directly sell under its own brand. The competitive advantage of enterprises with R&D as the core competitiveness has taken a leading position in domestic counterparts.

In addition to driving in R&D, production, manufacturing, etc., Mindray's development also benefits from the outsourcing of M&A. 'Some technologies are self-developed and take a long time, the market is not waiting for people, we are independent research and development and M&A. Li Xiting said. For example, through the breakthrough of imaging technology made by the company's research and development personnel for ten years and the acquisition of an imaging technology company in Silicon Valley, Mindray's ultrasonic technology quickly reached the international first-class level.

When it comes to the development of the industry, Li Xiting believes that medical devices are technology-intensive industries, and innovation is indispensable. For small companies, there may be a lack of ability to develop products and markets, but because of the narrow frame, focusing on innovation is a good road. Small companies are more innovative, more research and development, selling high-quality innovations to large companies, allowing large companies to launch, so that they can form health Industry chain. '

His views have also been recognized by senior investors. 'From the long-term trend, the concentration of China's medical and health industry will gradually increase.' Zhou Yi, general manager of the investment department of Health Industry Fund of Shenzhen Innovation Investment Group Co., Ltd., said that The difficulty of a medical and health enterprise lies in the fact that there are too many problems to be considered. In the early stage, research and development, clinical, registration, recruitment, sales, and marketing all require a lot of financial and material resources. Those who are purely good at research and development should Process follow-up will distract most of the energy. Small companies choose to focus on innovation, and sell products (made by merger), which is a better way, but also a trend.

Cao Xiaping, assistant dean of Lingnan College of Sun Yat-Sen University, said that we are very pleased to see that we have grown into a leading company such as Mindray, Gree and Huawei in southern China. On the basis of a good industrial chain in the Pearl River Delta, we must further develop R&D and innovation. The atmosphere and the educational research system to promote business growth.

Li Xiting said frankly, medical instruments The characteristics of the industry are multi-variety, small batch, wide variety, complex technology, and the improvement of the industrial chain requires the support of national policies, exchange system and other aspects.

Participants suggested, hope to target innovative and entrepreneurial high-tech enterprise The characteristics of profitability and equity, through the reform of the GEM to enhance the inclusiveness, support, carrying capacity of the GEM, highlight the characteristics of the new economy, new industries.

Cao Xiaping believes that the GEM provides a convenient channel for private enterprise financing. This has been verified in past practical experience. However, the volume is still relatively small, and the listing threshold is still relatively high. We can learn from overseas markets and have a particularly long development cycle. Innovative start-ups, reduce or even eliminate profit requirements, accept the same rights system, increase the inclusiveness of the GEM. Zhou Yi added that the aforementioned measures to reduce the threshold, but also need the supporting measures of the regulatory authorities.