Mindray alumni-founded Mecody raises $77M in Hong Kong IPO
What's the deal? MecodyDealroom has a profile for this one. Try Dealroom →, a Chinese platform-based medical device company founded by former MindrayDealroom has a profile for this one. Try Dealroom → executives, completed its Hong Kong initial public offering on September 7, 2026. The company raised US$72.5M and holds a valuation of US$677.9M.
The debut: Shares fell 33% from the offer, trading at US$1.41 as of press time.
Why now? Mecody turned profitable in 2025, and its listing comes despite an industry downturn and volume-based procurement policies pressuring Chinese medical device makers. The company chose to go public shortly after its turnaround.
What's the endgame? Over more than a decade, Mecody built three business segments — life support, minimally invasive intervention, and in vitro diagnosis — through a mix of in-house R&D and acquisitions.
The founding team: The company traces back to Shenzhen Yusheng Medical, established in 2011 to make basic infusion and injection equipment. In 2013, former Mindray sales and strategy executive Zhong Yaoqi joined via equity transfer, followed in 2014 by his ex-boss Liu Jie, then Mindray's chief operating officer, who became general manager.
Investors backed that pedigree over several rounds. GL VenturesDealroom has a profile for this one. Try Dealroom → entered a 102-million-yuan Series B in 2017; Lilly AsiaDealroom has a profile for this one. Try Dealroom → and SZVC joined a 2019 Series C at a 1.178-billion-yuan valuation. A 2021 round drew 17 institutions paying US$65.5M, lifting the post-money valuation to US$882.6M.
By the numbers: Mecody posted a net profit of US$6.97M in 2025, reversing losses in 2023 and 2024. Adjusted net profit, excluding share-based payments and listing costs, reached US$17.7M, while gross margin continued to improve from 49.6%.
The signal: Mecody's listing shows investors still see room for platform-based medical device firms that combine acquisitions with organic growth, even as procurement reforms squeeze the sector. Its Mindray lineage and cross-segment reach are the scarcity its backers bet on.
Read more: eu.36kr.com
Image credit: Generated with Gemini
