Shanghai Prime Machinery Acquires 70% of Shanghai Tianhong Miniature Bearing’s Shares

Shanghai Prime Machinery (PMC), according to the investment agreement signed by the company, main stakeholders, and Shanghai Tianhong, announced the acquisition of 70% of Tianhong’s shares from its 7 stakeholders for CNY20.37 million. Shanghai Tianhong is specialized in the R&D, production, and sales of
aerospace bearings.

PMC said that Tianhong has technical and market resources in the aerospace and medical sectors. Through the acquisition this time, PMC can share these resources, which can help the company swiftly enter the medical machine market, widen the market range, advance the techniques and after-sale service, and strengthen its profitability.