In order to achieve complementary advantages and coordinated development, to meet the company's needs for further market development, perfect product structure, and better upgrade and expansion in production technology and sales network.

         After deliberation at the seventh meeting of the fourth board of directors of Rifa Precision Machinery, the meeting passed the proposal of "The Company Uses Over-raised Funds for Foreign Investment" and agreed to establish Zhejiang Rifa Newland Machine Tool Co., Ltd. as a joint venture with Newland Machine Tool Group Co., Ltd. Responsible company.

         On July 13, 2011, the company and Newlander signed a memorandum of cooperation and disclosed the resolution of the board of directors in the evening of the next day.

         On June 9, 2012, the company and Newland Corporation signed the "Joint Venture Contract", which reached an agreement on the company name, registered capital, capital contribution ratio and other details.

         Zhejiang Rifa Newland Machine Tool Co., Ltd. will devote itself to the development, production and sales of lathes, boring machines and vertical mills of various specifications that are competitive in the domestic and foreign markets. We will also continue to uphold the company's philosophy of "you only need to ask, let us do the rest", and serve our customers faster and better.