Ray Signs MOU to Establish JV with China's Largest Dental Company... "Targeting the Chinese Market"

[Asia Economy Reporter Hyunseok Yoo] Ray announced on the 4th that it has signed a Memorandum of Understanding (MOU) with China’s CareCapital to establish a joint venture (JV).

CareCapital is China’s largest dental investment company with a business portfolio including dental hospitals, distribution companies, and manufacturers. As medical institutions, it owns several well-known dental chains across various regions, including Guangdong Jinan University Affiliated Dental Hospital, Shanxi Medical University Industry-Academic Cooperation Hospital Hengrund Dental, Shanghai network dental More Dental, and Shenzhen network dental Top Dental.

The market share of CareCapital’s Huaguang Group and other distribution companies in the Chinese dental market exceeds 50%. Additionally, CareCapital, which owns Angel Align, holds the number one market share in transparent orthodontic devices in China and ranks second globally, aggressively advancing its transparent orthodontic device business. Furthermore, CareCapital is making aggressive investments to collaborate with technologically advanced global dental technology companies to lead the dental industry within China.

This MOU is a strategic move for Ray Co., Ltd. and CareCapital to jointly establish production and distribution corporations in China to lead the Chinese market. Industry insiders expect the JV born from the meeting of Ray Co., Ltd., which possesses world-class technology, and China’s largest dental company to achieve significant growth in the Chinese market.

The growth rate of the Chinese dental industry is approaching approximately 30%, recording one of the highest growth rates globally. According to the China Qianzhan Industry Research Institute, the Chinese market is experiencing accelerated aging, increased health awareness, and rising government medical expenditure. In particular, demand for dental medical services in new technology fields such as digital therapeutic solutions is increasing, expanding the market for related products and services. Ray Co., Ltd., which possesses world-class digital therapeutic solutions, can now more aggressively target the Chinese market by establishing a JV with CareCapital, China’s largest dental company. Through the JV with China’s largest dental company in the world’s largest and fastest-growing market, Ray Co., Ltd. has laid the foundation to achieve several stages of growth.

Lee Sangcheol, CEO of Ray, said, “The reason we decided to do business in the dental industry is to become the global number one,” adding, “To become the world’s top company, we must be number one in China.”

The company explained that the MOU signed to establish the JV with CareCapital is an essential step for Ray Co., Ltd. to become the global number one.

CEO Lee stated, “The synergy gained from Ray Co., Ltd., which holds technologically superior products in digital dentistry, working together with CareCapital, the largest dental company in China, will be beyond imagination,” and added, “Since both companies have already reached a broad consensus, the contract will be finalized soon, allowing for a new beginning.”