[Asia Economy Reporter Jang Hyowon] Coloray, a KOSDAQ-listed company, announced on the 7th that it has signed a joint venture agreement with Hangzhou Yayang Technology Co., Ltd., a Chinese color cosmetics manufacturer.
Yayang Technology is a science and technology company engaged in the production of color cosmetics and the trade of chemical raw materials, with annual sales of approximately 300 million yuan, according to the company.
Coloray, as a key supplier to Yayang Technology, provides a rich product lineup, professional technical support, and multi-dimensional, in-depth, high-efficiency services. Coloray's advanced research and development capabilities have been a strong driving force behind Yayang Technology's performance growth, the company explained.
According to the company, Yayang Technology significantly increased its sales during the COVID-19 pandemic and has grown into a leader in the East China region. Chairman Zhang Zhongxin of Yayang Technology introduced a series of new products to the market, including Chameleon, Inorganic Metal Magenta, Wujin, and Platinum, which received multiple purchase intentions. In particular, products such as 6M60A, 6F60T, and 6J60A received many overseas orders.
A Coloray official stated, "In this agreement, the two companies agreed to further strengthen cooperation regarding the 2023 color cosmetics industry trends, new product research and development directions, and market development strategies," adding, "They also signed a joint venture contract in 2023 and confirmed a purchase intention amount of 30 million yuan."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
