Zhejiang RIFA Precision Machinery Co., Ltd. (SZSE:002520) agreed to acquire remaining 24.5176% stake in Zhejiang Rifa Precision Machine Tool Co., Ltd from National Manufacturing Transformation Upgrade Fund Co., Ltd. for approximately CNY 340 million on April 27, 2023. Under the terms, Zhejiang RIFA Precision will issue 68,410,618 shares. For the period December 31, 2022, Zhejiang Rifa Precision Machine had CNY 1181.6658 million of total assets, CNY 690.3357 million of net assets, CNY 485.8561 million of revenues, CNY 10,300.35 million of Operating Profit and CNY 90.0751 million of Net profit. Transaction is approved by Zhejiang Rifa Precision's shareholder and Zhejiang RIFA Precision's board. Transaction is subject to approval of Zhejiang RIFA Precision's shareholders, Shenzhen Stock Exchange and CSRC?s Approval.

CITIC Securities Co., Ltd. acted as financial advisor, Grandall Law Firm acted as legal advisor and KPMG Huazhen CPAs (Special General Partnership) acted as an accountant to Zhejiang RIFA Precision Machinery

Zhejiang RIFA Precision Machinery Co., Ltd. (SZSE:002520) cancelled the acquisition of remaining 24.5176% stake in Zhejiang Rifa Precision Machine Tool Co., Ltd from National Manufacturing Transformation Upgrade Fund Co., Ltd. on August 22, 2023. The termination of the transaction is approved by the board of directors and board of supervisors of Zhejiang RIFA Precision Machinery on August 22, 2023.