Qinshang Optoelectronics advances into the Korean LED lighting market and wins $10 million contract

According to Korean industry news, Qinshang Optoelectronics will hold a Korean business launching ceremony in Seoul on the 18th. It is reported that Qinshang Optoelectronics has signed a $10 million LED lighting installation contract with Yilian Group. In addition, in order to expand its distribution and sales in Korea, Qinshang Optoelectronics has also formed a partnership with a certain IT component circulation backbone enterprise.

Qinshang Optoelectronics said, "After entering the Korean market, we plan to use the company as the main customer, and then gradually expand the market to the general household consumers." Qinshang Optoelectronics is expected to have a small impact on Korean SMEs.

In November 2011, the Korean government designated LED lighting as a small and medium-sized enterprise development industry. Therefore, large companies interested in this field have turned their attention to overseas markets. However, the Korean LED market has fallen into oversupply in the last 1-2 years. Although the market demand for LED lighting is very strong, the production volume of enterprises has gradually expanded, far exceeding demand, and even caught in the vicious circle of price competition.

Relevant people in the Korean industry said that "the industry is already in a downturn, and the entry of Qinshang Optoelectronics with competitive price will make the situation worse." "South Korean SMEs can only rely on quality and technical strength to compete."

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