Zhejiang RIFA’s IPO Application was Approved - Grandall, Hangzhou Office acted as its Issuer’s Counsel

October 22, 2010 - Beijing, China - On October 18, 2010, the application for the IPO of Zhejiang RIFA Digital Precision Machinery Co., Ltd (“RIFA”) has been passed and approved in the 182nd meeting of the Securities Public Offering Examination and Approval Committee of China Securities Regulatory Commission ("CSRC")

RIFA is a leading manufacturer of CNC Lathes and ranked in the top place within the industry. It aims at the middle and high-end market of CNC lathes and machine centers with its market share of CNC hub lathes ranked in the first place in China. At present, over 3,000 CNC lathes manufactured by RIFA are operating in various industries in the country. RIFA’s products have been exported to countries all over the word, such as Turkey, Burma, India, USA, Japan, France, Russia, Pakistan, etc.

RIFA intends to offer 16 million shares to raise funds for the modification of its RF-serial CNC lathes and bearing automatic grinding line.

Grandall Hangzhou Office has been retained as the Issuer’s Counsel. Mr. ZHANG Limin and Ms. YU Tingting are the two key Grandall lawyers servicing Zhejiang RIFA.