After graduation, Xu became famous for inventing China's first domestic color B-ultrasound machine, for which he even won the National Progress Award.
In 1991, he became one of the founders of Mindray, together with Li Xiting and Cheng Minghe (成明和), which soon became the nation's largest high-tech medical equipment manufacturer.
In 2001, Xu also established Pengrui Investment Group Co., Ltd which focuses on high-tech environmental protection, real estate and ecotourism project development.
[2][3] In 2012, he resigned from the co-CEO position of Minday but continued serving as the chairman of the company.
[1] In 2023 and 2024 major home sales in Beverly Hills, Hong Kong, Newport Beach, and New York City were linked to him.