GENORAY Secures Consecutive Contracts in China (2024.10.25)

GENORAY (CEO Byung-wook Park), a global leader in medical X-ray imaging diagnostic equipment, has strengthened its strategic partnerships by signing agreements with Shanghai Electric and Colorful Medical Technology Group (hereinafter "Colorful Group") in China on the 22nd and 23rd.

Following the dental CT sales agreement signed with HMD in July, GENORAY has secured long-term contracts worth approximately 30 billion KRW with Colorful Group and Shanghai Electric just three months later.

Shanghai Electric, with whom GENORAY signed the contract, is a major state-owned Chinese manufacturer of electrical and energy equipment that recorded approximately 15.7 trillion KRW in revenue last year. It is a global leader in various industrial sectors, including power generation facilities, power equipment, and machine tools. Having collaborated with GENORAY in the past, Shanghai Electric has now resumed its partnership with the company. Through this agreement, both companies will continue their technical cooperation on dental CT equipment.

Additionally, GENORAY has signed a sales agreement with Colorful Group for its HESTIA series of breast diagnostic equipment, further strengthening their cooperation in the Chinese medical device market. Headquartered in the Zhejiang National Economic and Technological Development Zone, Colorful Group operates R&D centers in Shanghai, Chengdu, and Shenyang. It is a specialized medical device company actively engaged in the research, development, production, and sales of various medical devices, including DR, CT, MR, dental CT, and C-Arms.

HESTIA is a breast diagnostic system that utilizes a high-resolution digital image detector to produce high-quality images at a low radiation dose. Unlike conventional 2D equipment, it allows for the observation of tomographic breast images, improving the accuracy of breast cancer diagnosis by over 30%. It also features Digital Breast Tomosynthesis (DBT), the first of its kind to be approved by the Ministry of Food and Drug Safety in Korea, enabling more precise diagnostics.

A GENORAY representative stated, "The agreements signed over these two days in China once again demonstrate GENORAY's technological prowess and product competitiveness, and we expect to play a significant role in the Chinese medical market. We will continue to provide innovative diagnostic imaging solutions through ongoing collaboration with our local partners."

Founded in 2001, GENORAY is a company specializing in medical digital X-ray imaging diagnostic equipment. It operates five overseas subsidiaries and exports products to over 80 countries through 150 global partners. As an export-oriented company with 76% of its revenue generated abroad, GENORAY established an independent subsidiary in Shanghai, China, in 2023. Through various collaborations, it is solidifying its local presence and expanding its influence in the Chinese market.