According to South Korean industry news, Kingsun will hold Korea business launching ceremony on the 18th in Seoul. Kingsun founded in 1994, with China's largest lighting R & D center and production base of 300,000 square meters, mainly produces LED lights, tunnel lights and security lights. Kingsun has more than 800,000 businesses in the global LED lighting field, and recently it accelerated the pace to enter the global market.
It is reported that Kingsun has signed a $ 10 million LED lighting installation contract with E-Land Group. In addition, in order to expand the circulation and sale in South Korea, Kingsun also has established partnership with IT parts distribution Backbone Company.
Kingsun official said, "After entering the Korean market, initially we plan to consider enterprises as key customers, and then it will gradually expand outreach to the general household consumers."
Kingsun is expected to take great impact on small and medium Korean enterprises (SMEs). In November of 2011, the Korean government designated the LED lighting industry as the development of SMEs, so large enterprises interested in this field will have to shift attention to overseas markets.
But South Korea's LED market has got into a situation of excess supply in the last 1-2 years. Although the demand in LED lighting market is very strong, the production capacity is gradually expanding, which far exceeds demand, and even involved in a vicious cycle of price competition.
"The industry has been in the trough period, the entry of Kingsun with competitive price advantage will make the situation to be worse", South Korean industry official said, "South Korean small and medium enterprises just only can rely on the quality and technical advantages to compete."