The M&A and Restructuring Committee of CSRC unconditionally approved the application of Zhejiang Rifa Precision Machinery Co., Ltd. (“Zhejiang Rifa”, stock code: 002520.SZ) for share offering, asset acquisition, fund raising and related transactions on October 9, 2018. The deal proposed to acquire 100% equities of Rifa Jair Limited (“Jair”), whose major asset was its indirect ownership of 100% interests in Airwork Holdings Limited (“Airwork”). The total transaction amount was RMB1.25 billion, and up to RMB 1 billion could be raised to fund the acquisition.

ZheJiang Rifa Precision Machinery Co., Ltd. is a company principally engaged in the R&D, production and distribution of computer numerical control (CNC) machine tools, aerospace equipment, aerospace parts and relevant production management software.

Airwork, the target company, was founded in 1984. It is a company duly established and validly existing under the prevailing NZ laws, mainly engages in the lease and operation of cargo aircraft, helicopter lease and operation, and helicopter MRO services and is licensed to maintain and repair helicopters and operate planes. Airwork is the authorized service center for Airbus helicopters, Honeywell and Kawasaki Heavy Industries. As one of the few helicopter MRO service providers having the ability to repair various helicopters at the same time, Airwork also renders MRO services to Bell and MacDonnell-Douglas for their helicopters and has stable cooperation with Toll Group, Virgin Atlantic Cargo, Airbus, AgustaWestland and other famous companies.

A professional team led by Yu Tingting (partner of Grandall Hangzhou) has been retained as the counsel to the project and provided the client with comprehensive and high-quality services. Members of the team include Yu Tingting, Xu Jing and Shen Yukai.