Sejong Medical Obtains Medical Device Approval in China... "Export Full-Scale Launch"

[Asia Economy Reporter Hyunseok Yoo] Sejong Medical announced on the 7th that it has recently achieved results by aggressively expanding overseas exports. Along with a change in management rights, it is diversifying its product and business portfolio.

As one of the achievements in overseas exports, in May, Sejong Medical signed a distribution contract with a major Chinese medical device distribution company to newly enter the Chinese market. Through this contract, it secured a large distribution network in China, the world's second-largest single market, creating an opportunity to expand its business. The company plans to promote the Sejong Medical brand in China while maximizing overseas sales.

Additionally, in the third quarter of this year, Sejong Medical obtained medical device approval from China's National Medical Products Administration (NMPA) for its own products, Lapsingle Vision (single-port laparoscope) and Laport (disposable trocar). Other product lines are also undergoing medical device approval reviews by China's NMPA.

A Sejong Medical official stated, “Through this contract, we expect to fully enter the Chinese market based on our excellent technology and quality competitiveness,” adding, “Since it is a large market, we have put a lot of effort into selecting good partners.”

He continued, “We plan to continuously introduce new products, which are scheduled to be launched in the future, into the Chinese market through the distribution channels we have pioneered this time, and this will soon lead to an increase in overseas sales.”

Due to the recent change in management rights, CEO Lee Jae-cheol was newly appointed at the extraordinary general meeting held on the 3rd. As a result, the co-CEO structure changed from Cho Seong-hwan and Jung Hyun-guk to Cho Seong-hwan and Lee Jae-cheol. Additionally, the agenda items including the stock split of issued shares and partial amendment of the articles of incorporation, appointment of directors, and appointment of auditors were all approved. It is expected that the expansion of existing businesses and especially the entry into new businesses through the addition of business purposes will create synergy with existing businesses.

Meanwhile, the second paid-in capital increase followed the Ministry of Justice's decision to cancel the capital increase. Additional shares will be secured in the future.