Li is founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a supplier of medical devices. Mindray, founded in 1991, is headquartered in Shenzhen. Mindray's chairman Xu Hang is also a billionaire. Li holds an undergraduate degree from University of Science and Technology of China.
During the Covid-19 pandemic, Mindray donated $4.6 million worth of medical devices to hospitals in hard-hit areas like Wuhan and northern Italy.