Shuangfei Co., Ltd. plans to acquire upstream copper-based alloy powder assets to realize the internal matching of some raw materials.

SMM: may 11, 2020, Zhejiang Shuangfei Oil Free bearing Co., Ltd. (hereinafter referred to as "Company") and Jinhua Cheng Kai Alloy material Co., Ltd. (hereinafter referred to as "Jinhua Cheng Kai") shareholders Zheng Minghong, Zheng Guokai, Zheng Chenwei signed the "letter of intent". The company intends to purchase 80% or all of the existing company or the newly established company (hereinafter referred to as the "subject company") operated by the other party by way of cash payment to Jinhua Chengkai through the implementation of derivative division or the divestiture of some of its assets and liabilities at 88 Jinxing Road North Street, Jinhua Economic and technological Development Zone.

The main impact on the company is 1. The company intends to realize the internal supporting of some raw materials through this acquisition, which is conducive to ensuring the good quality of the company's products, reducing the unit cost of the products, optimizing the business structure, and improving the overall competitiveness of the company. In line with the interests of the company and all shareholders. 2. This transaction document has not yet been formally signed, and the letter of intent signed this time is only a preliminary intention reached between the company and Dongfang, the underlying company. There is still uncertainty about the acquisition, and it is impossible to predict the impact on the company's operating performance in that year.

The target company is a surviving company or a newly established company operated at 88 North Street, Jinhua Economic and technological Development Zone, after the other party has divested some of its assets and liabilities by means of derivative division or newly established company to Jinhua Chengkai. the target company is the surviving company or newly established company operated at 88 Jinxing Road North Street, Jinhua Economic and technological Development Zone. According to the letter of intent signed this time, the target company should be able to continue to operate the business activities of "manufacture and sales of copper-based alloy powder and powder metallurgy accessories, bearing profiles, bearings, bushings, side plates, phosphorus-copper alloys" undertaken by Jinhua Chengkai.

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