Dental materials company Graphy plans to acquire a 26.14% stake in dental digital diagnosis and treatment equipment maker Ray for RMB 240 million.

Image source: Graphy official website

DentalGoodNews｜On August 10, 2026, South Korean dental materials company Graphy Inc. (hereinafter "Graphy") signed a share transfer agreement with dental digital diagnostic equipment manufacturer Ray Co., Ltd. (hereinafter "Ray"), under which Graphy will acquire a 26.14% stake in Ray for approximately KRW 49.2 billion (approximately RMB 236 million), becoming its largest shareholder.

The transaction involves a total of 4,087,749 common shares of Ray, with an acquisition price of KRW 12,024 per share (approximately RMB 57.72, based on a rough conversion rate of KRW/CNY=0.0048 as of August 10, 2026). Of these, 1,191,812 shares (7.62%) will be purchased from Ray CEO Lee Sang-cheol, and 2,895,937 shares (18.52%) from Ray Holdings. The settlement will proceed in two phases: the first batch of 2,401,521 shares is scheduled for transfer on September 15; the remaining 1,686,228 shares will be transferred on September 16, after Ray Holdings completes the redemption of its existing exchangeable bonds (EB).

According to public information, Graphy was founded in 2017, focusing on dental 3D printing shape-memory resins and clear aligner therapy solutions. Founder and CEO Shim Woon-seob holds 28.12% of shares, making him the largest shareholder. Ray primarily engages in the R&D and sales of dental digital diagnostic equipment and related software, with overseas branches and a global sales network.

Graphy stated that the transaction aims to leverage Ray's global sales network to accelerate market penetration of its shape-memory aligner products and advance the full digitalization of the "diagnosis-design-treatment" workflow. As previously reported by DGN, Graphy had collaborated with FUGO of the United States to launch a centrifugal concentric-layer 3D printing platform. FUGO stated that its laboratory environment test data showed the technology could reduce cycle time and operational labor costs by 90%.

Graphy financial data shows that the acquisition amount of approximately KRW 49.2 billion (approximately RMB 236 million) is equivalent to 233.5% of Graphy's net assets at the end of 2025 (approximately KRW 21.052 billion, approximately RMB 101 million). Additionally, according to Graphy's disclosure, the company raised a total of KRW 50 billion (approximately RMB 240 million) in M&A funds last month through the issuance of KRW 25 billion (approximately RMB 120 million) in convertible preferred shares (CPS) and KRW 25 billion (approximately RMB 120 million) in convertible bonds (CB).

It is worth noting that unlisted dental implant company Megagen Implant, together with specially related parties, recently increased its stake in Ray from 5.13% in April to 7.69%, becoming another variable outside this transaction. Graphy stated that upon completion of the transaction, it will nominate its designated directors and auditors to Ray's board.

As of press time, both parties have not yet disclosed a timeline for organizational integration or the implementation of specific synergistic business initiatives.