Asia Tech Wire (July 1) -- An executive of listed Chinese medical technology company Rainmed Medical Ltd (2297.HK) has died in a kidnapping case in the Philippines.

According to an obituary seen by Asia Tech Wire, Kefu Xia, international marketing director of Rainmed Medical, died in the Philippines on June 24, 2024, at the age of 39, following a tragic kidnapping.

Other sources said that someone deceived Xia into investing in the Philippines , where he was kidnapped just after he arrived and his family failed to get him back even after paying a ransom of 3 million dollars.

There was another victim in the kidnapping case, Jimmy Sun Jing, a 45-year-old Chinese American from another Chinese medical device company.

Xia and Sun were said to have traveled to the Philippines, on a business trip to the Southeast Asian country arranged by a woman claiming to be a distributor in the Philippines.

The Chinese embassy in the Philippines also said it received a report about the kidnapping of a Chinese national, and then made every effort to rescue him.

However, the embassy said, "Unfortunately, the Chinese national was eventually killed."

Xia was born in Yuanjiang City, Hunan Province, graduated from Hunan City University, and worked for Beijing-based medical device manufacturer Lepu Equipment and Rainmed Medical, the obituary said.

A memorial service for Xia is scheduled to begin at 10 a.m. on Monday, July 1, 2024, in the Hegui Huabiao Hall of the Dongjiao Funeral Parlor in Beijing.

Founded in 2014, Rainmed Medical focuses on the design, development and commercialization of coronary angiography-based fractional flow reserve (caFFR) systems and coronary angiography-derived index of microvascular resistance (caIMR) systems, striving to become the world's leading vascular interventional surgery (VIS) robotics company.

In July 2022, the medtech company went public on the Main Board of the Hong Kong Stock Exchange with net proceeds of HK$78.9 million.