Xinkai Precision Completed a Strategic Investment of RMB154 Million

September 14 news, Xinkai Precision completed 154 million yuan strategic investment, the investor is Rema Industry. Post-investment valuation of 342 million yuan, accounting for 45%. Xinkai Precision is mainly engaged in precision fastener research and development, production and sales. In fiscal 2019 and the first half of 2020, Xinkai Precision achieved operating income of RMB211 million and RMB91.8329 million, respectively, and net profit of RMB28.8953 million and RMB979.08 million, respectively. Rema Industries said that after the completion of the transaction, the company will further strengthen the overall operation control of Xinkai Precision, improve the efficiency of its business decision-making, accelerate its development, strengthen its business synergies with the company, consolidate its position in the industry and enhance its continued profitability.