[Rifa News] On April 19, Xinchang County Magistrate Huang Jinliang and Deputy County Magistrate Luo Guoan and 8 people came to Japan for investigation and research. Chairman Wu Jie and other company leaders reported to the company. Information about investment promotion and technological transformation projects. The county head and deputy heads fully affirmed and appreciated Rifa’s work and provided guiding opinions for Rifa’s future work.

Chairman Wu Jie reported to the leaders who came to inspect the situation of Rifa Company's production and operation and technological transformation projects in the first quarter of 2002. In the first quarter of 2002, various economic indicators have increased significantly compared with the same period of last year. Sales revenue, sales return, and value-added profits are all over 40%-50%. It is expected that the situation throughout the year will be good. Innovation is a company that is full of vitality. Assure. Technological innovation and technological transformation have always been the focus of Rifa Group's work. Each year the group's research and development expenses are between 5% and 7% of sales revenue. Mature products have been continuously expanded, and a large number of new products and new projects are being developed and declared. Rifa’s industrial direction will continue to expand. At present, Rifa is mainly concentrated in the textile machinery, precision machine tool and bearing machinery industries, and will develop into the electronic machinery industry in the future. So far, Rifa has reported 5 technological transformation projects, all of which have been listed as key provincial and municipal projects, and some have been listed as key support projects by the State Science and Technology Commission and the Ministry of Science and Technology. There are also a large number of incubating projects that will be reported when they are mature.

2002 will be a year of rapid development for Rifa. The listing of Seiki and the construction of Nanyan Digital Technology Park will accelerate Rifa Group's pace of becoming an agile international company. Seiki’s listing work is progressing smoothly. The first phase of work is basically over. A listing agreement has been signed with the relevant counseling agency, the intermediary agency has basically been negotiated, and the entire listing team has been initially formed. As long as there are no accidents, Seiki will be successfully listed on the Hong Kong Growth Enterprise Market in October. The construction of Nanyan Digital Technology Park has completed the graphic design plan, and it is ready to be submitted to the industrial zone for review in May. The first phase of the 170,000-square-meter plant was officially started in June and was completed and put into use at the end of the year. The first phase is estimated to require an investment of 200 million yuan, and most of the funds required are self-raised. Rifa will make full use of its own funds, increase loans, and actively seek cooperation. Regarding the construction of the Nanyan Digital Technology Park, Mr. Wu mentioned the current difficulties: the infrastructure of the Nanyan Industrial Park is not perfect, roads, demolition and other work have not yet been in place, and it is recommended that the government should intensify its work. There are many leaders in the industrial park. Communicate with the company and coordinate the relationship between all parties.

After hearing Rifa’s introduction, the county magistrate Huang Jinliang talked about his feelings:

1. The young generation of entrepreneurs in Xinchang are thriving, knowledgeable and capable, and can improve the quality of Xinchang enterprises. He is very happy as the county magistrate of Xinchang County;

2. Rifa’s development trend is optimistic and has huge potential. Rifa is able to use technological innovation as an entry point and technological transformation projects as the driving force to revitalize the enterprise through technological transformation;

3. Rifa is an enterprise with a solid work, and the construction of the science and technology park has come up with a plan, which can prompt the construction of Nanyan Industrial Zone to speed up the pace;

4. Rifa has strong competitiveness and can seize core competitiveness;

5. Rifa's entire company's products include both recent and highly dynamic products, as well as mid- to long-term benefits and development potential products. The entire company is vigorous and full of vitality. The county magistrate also put forward guiding opinions on Rifa's work. He pointed out that Rifa’s technical elements are more practical, but other factors such as capital, market, talent, and labor must also be considered. After China's accession to the WTO, the situation is optimistic. In the near future, the demand for the textile machinery industry has increased significantly. Rifa must seize this opportunity, do a good job of product analysis, and expand market sales in market segments. In the process of enterprise development, to do a good job of capital operation, cooperation and joint ventures can be considered. But we must pay attention to the quality of the shares, don't pay too much attention to the number of shares, minimize the risks of the enterprise, seize the opportunities, and improve competitiveness more quickly. The county magistrate said that the next step of the government's work will be to train and organize a good work team, improve the operating mechanism, and do everything possible to serve the enterprise. The government does the government’s affairs well, quickly serves the enterprise on the original basis, and allows the enterprise to quickly form production capacity. Give enterprises sufficient support in finance, economy and trade, and work hard together to improve our business and create a situation where you can catch up with us.

Finally, the county magistrate hoped that the people of Xinchang would be able to settle down and develop in Xinchang. Enterprises must have a sense of social responsibility and be worthy of the organization and the people. He hoped that Rifa could lead the team as a way to contribute to Xinchang's economy.