In 2021, EOFlow, a South Korean provider of wearable drug delivery solutions, announced to establish a joint venture company “SINOFLOW Co., Ltd.” with Changsha Sinocare, China’s largest diabetes device company, marking this Korean company’s first step into China’s large and growing diabetes market.
Behind the cooperation was Perry Jung, alumnus of CKGSB MBA Program and CEO of Vision Creator, a Korean Venture Capital firm that invests in Korean tech companies and facilitates them to succeed in cross-border business in countries like China.
From not knowing Chinese to building bridges between China and South Korea, a key step that Jung took for himself and for his career was to enroll himself at CKGSB in 2008.
Before applying, Jung was working for a Korean investment bank. “I actually didn’t have any plans to go to China for an MBA at that time.” Jung said. But then he was involved in the IPO of 3NOD Electronic, the first Chinese company ever listed in South Korea. The company’s stock price hit the ceiling after the first trading day 11 days in a row, and went up several times during the next few weeks.
“It was a really shocking moment in my life,” Jung said, adding that 3NOD President Liu Zhixiong, a fellow CKGSB alumnus, had advised him to enroll at CKGSB to better understand the enormous market. Jung’s “Chinese dream” was kindled. He was eager to dive into the Chinese market and understand it more. “That was why I applied to CKGSB and also got a scholarship.”
At CKGSB, Jung learnt a lot about Chinese culture and Chinese entrepreneurs through numerous case studies on Chinese local companies. “I especially like Professor Teng Bingsheng’s MBA strategy (course). That experience and education actually helped me a lot to support companies to set up a business mindset.”
Equipped with knowledge of the Chinese market, Jung started his own company, Vision Creator, in 2016, specializing in offering business consulting services to Korean companies venturing into China by providing consultancy and bridging Korean startups with the right business partners and investors in China.
“You can’t do things without support from local partners,” he said, which he learned at CKGSB. “Our firm has expertise for Chinese market. Our advantage is to help Korean companies expand the Chinese market with good consulting, good network and good advice. That’s why EOFlow finally accepted our investment.”
EOFlow is Vision Creator’s first successful joint venture with a Chinese partner, according to Jung, who is now trying to launch the second and third successful cases for Vision Creator’s portfolio companies in China.
