Taeyeon Medical announced that “[We] have agreed to establish a factory in China for efficient Chinese market entry and medical certificate, preparing to sign an agreement with the vice mayor and chairman of Harbin Economic and Technological Development Zone and Ling Ju Li Group in charge of sales and marketing.”
Once establishment of the joint venture is completed, city of Harbin will provide a factory with size of at least 4,000 pyeong (13,000 m2) in Harbin Economic and Technological Development Zone being managed and operated by the city government. A Group will take charge of large scale funding on sales and marketing in China.
Ling Ju Li Group is a general medical group operating medical drugs, functional health food products, medical supplies, and finance. The group is considered as a strong, equipped with hospitals in China and diverse infrastructures for marketing and sales.
Taeyeon Medical plans to provide orthopedic implant technologies and products to China and launch production and sales activities through the new joint venture. A large scale order is expected on the new joint venture.
CEO Choi, Gil Woon said that “[We] will begin operation of local business in China, starting with signing of agreement with Harbin city and Ling Ju Li Group for establishment of Chinese factory in October.”
On one hand, Taeyeon Medical developed and released an exercise machine based on sound waves for its health care business in addition to orthopedic implant. A 160w digital amplifier that induces resonance of human body using efficient sound wave was developed at the Advanced Biodynamic Research Institute operated by the company after two years of research. The company is currently under development of sound wave stimulator for rehabilitation to induce quick recovery from osteoporosis treatment and orthopedic implant operation.