Zhejiang RIFA Precision Machinery Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 84,000,000 on April 27, 2023. The company will issue not more than 30% of total share capital. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The transaction will include participation from not more than 35 investors. All securities issued in the transaction have a hold period of 6 months from the issuance closing date. The transaction has been approved at 8th meeting of the company's 8th directorate.

The company's Shareholders' approval, the Shenzhen Stock Exchange approval, and the CSRC's approval are still pending.