A bull statue is seen outside the Shenzhen Stock Exchange. (Photo by VCG/VCG via Getty Images)
China, home to the world’s largest number of billionaires after the United States, added a new billionaire couple from the growing medical device field this week.
Chairman Zhang Min and his wife, vice chairman Nie Juan, held shares in Cofoe Medical Technology worth the equivalent of $1.15 billion at the close of trade on debut at the Shenzhen Stock Exchange yesterday. The fortune was worth more than $1 billion even though Cofoe shares slid by 4.4% from their IPO price to close at 88.97 yuan. They recovered to trade above 93 yuan today.
Cofoe’s products include blood pressure monitors, blood glucose meters, nebulizers and hearing aids, according to the company’s website. Zhang, Cofoe’s founder, started out in the medical device business as a sales agent in 2000; he launched the Cofoe brand in 2009.
The global medical device market will reach $745 billion by 2030, growing by 5.0% annually over 2020-2030 owing to an aging population worldwide, technological innovation and better penetration of healthcare insurance, according to a research report published by Research and Markets in August. Rising incomes are also likely to help growth in China, according to a recent report by Deloitte China.
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—with Forbes China and Julie Lu
@rflannerychina
