Founded in 2011, the Shanghai-based company develops and manufactures advanced equipment for diagnostic imaging as well as radiotherapy. Most notable for its MRI and CT scanners, the company is competing with rivals including General Electric, Philips and Siemens.
In 2017 it raised Rmb3.3 billion ($500 million) in its Series A financing on a valuation of $5 billion. Led by China Life and State Development & Investment Corp., the deal is still the largest private equity financing in China’s medical equipment industry.
Last November the company unveiled its new manufacturing base in Wuhan’s Optics Valley, targeting annual revenues of Rmb10 billion. Its overseas research and development facility is based in Houston.
Xue Min, who sold his first business to Siemens before founding United Imaging, stepped down as CEO in December but stays on as chairman. Zhang Qiang has taken over as the company prepares to go public on the Shanghai STAR Market.
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