Jinyoung Signs 20 Billion KRW Supply Contract with Shanghai Xinxin International Trade in China

Jinyoung (CEO Shim Young-su), which is preparing for a KOSDAQ listing, announced on the 16th that it has signed a contract to supply furniture surface finishing sheets worth a total of 20 billion KRW with Shanghai XinXin International Trade in China.

A Jinyoung official said, "We participated in the International Furniture Fair (CIFF 2023) held in Guangzhou, China, last March to understand the trends in the Chinese construction and furniture markets and focused on marketing, which led to signing a large contract with Shanghai XinXin International Trade, our largest partner in China." He added, "We plan to recover the scale of exports to China, which had somewhat slowed down last year due to external circumstances, and achieve external growth after the KOSDAQ listing by diversifying our global clients."

In the past three years, about 45% of Jinyoung's sales revenue has come from global exports. Among them, Shanghai XinXin International Trade in China, along with Hanssem in Korea, forms the two major sales channels. The company expects this contract to be a turning point in restoring the growth trend of sales to China to the usual level, which had slowed due to the COVID-19 lockdown last year.

Meanwhile, Jinyoung is conducting in-depth discussions with Haier in China to increase sales in the home appliances sector. Haier, considered the largest home appliance company in China, has given high marks to Jinyoung's technology utilizing ASA resin with excellent weather resistance and is reviewing its application to various electronic products. Jinyoung's sales proportion in the home appliances sector was 7.1% in the domestic market last year, an increase of 2.5 percentage points compared to the previous year. If the partnership with Haier expands, the growth in this sector is expected to become even more prominent.

Shim Young-su, CEO of Jinyoung, said, "We will faithfully carry out research and development and marketing to expand the application industries of functional plastic sheets and grow into a company that strengthens both its scale and substance after the KOSDAQ listing." He added, "We will seek to diversify our sales channels by expanding contact points with key domestic and international clients as well as new countries in Europe and Asia."