On November 9, 2021, Zhejiang Rifa Precision Machinery Co., Ltd. held the 17th meeting of the 7th Board of Directors and the 16th meeting of the 7th Board of Supervisors. The meeting approved the National Manufacturing Transformation and Upgrade Fund to invest in Rifa Machine Tools and signed the Strategic Cooperation Agreement. The two parties will carry out strategic cooperation on high-end CNC machine tools and high-end intelligent equipment.

Based on the strategic layout of the CNC machine tool industry and the full recognition of the company's future development prospects for the company's CNC machine tool business, the National Manufacturing Fund plans to increase the capital of Rifa Machine Tool by RMB 300 million to subscribe for a 24.52% stake in Rifa Machine Tool.

The National Manufacturing Transformation and Upgrading Fund was established in November 2019 and was initiated by 20 shareholders including the Ministry of Finance. Strategic investments have been made in components, key instrumentation, aerospace and new energy automobile industry chains to help China's manufacturing transformation and upgrading.

Our company and the National Manufacturing Fund will work together to improve the level of localization of machine tool equipment, aerospace equipment, etc., and will speed up the autonomy and domestic production of core functional components such as main shafts, cradle turntables, five-axis heads, and tool magazines involved in Rifa machine tools. The company will actively cooperate with domestic enterprises, especially high-end CNC machine tool functional parts enterprises, aerospace equipment and parts manufacturers that the National Manufacturing Fund has invested and intends to invest in. The company will give priority to business cooperation with them.

This cooperation will provide an effective guarantee for the company to become the core development strategy, enhance the company’s resource aggregation and core competitiveness in the industrial parent machine industry, enhance the company’s supply chain support capabilities, and enhance the company’s domestic production in machine tool equipment, aerospace equipment, etc. It will further consolidate the company’s core position in the domestic industry, promote the company’s rapid entry into the forefront of the global industry, effectively enhance the company’s core competitiveness and sustained profitability, and promote the breakthrough of key core technologies of the industrial machine and promote the industry Healthy and rapid development.

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