Zhejiang RIFA Precision Machinery Co., Ltd. announced a private placement of not more than 226,614,261 A shares for gross proceeds of not more than CNY 980,729,3000 on July 31, 2020. The issuance price shall not be lower than 80% of the average price of the company's stock on the 20 trading days before the pricing base date. The transaction will include participation from 35 specific investors who meet the requirements of China Securities Regulatory Commission.

The shares issued will be subject to hold period of six months from the issuance closing date. The transaction has been approved by the 7th session of the company's 7th directorate.