One of the biggest companies listed on southern China’s tech-heavy stock exchange is a fast-growing Chinese medical device maker that is grabbing market share from the likes of General Electric Co. and Siemens AG.

Shenzhen Mindray Bio-Medical Electronics, which was added to the MSCI index at the end of May, has soared 49% this year to become a top performing stock listed on the ChiNext board. With a total market value of $28 billion, Mindray is vying with Wens Foodstuffs Group to be the largest ChiNext counter.

Backed by government policy to support indigenous medical appliance manufacturers and with growing health care spending amid a rapidly-aging population, Mindray’s earnings outlook seems bright. The firm is expected to grow its revenue by about 20% and net income by about 21% annually between this year and 2021, according to Bloomberg consensus forecasts.