Zhuzhou Huarui Precision Cutting Tools Co., Ltd (688059.SH) invested in establishing a subsidiary in Hong Kong and a branch company in Germany.

Zhuzhou Huarui Precision Cutting Tools Co., Ltd (688059.SH) announced that, based on its own development plan and business needs, the company has established a wholly-owned subsidiary in Hong Kong, Hong Kong Zhuzhou Huarui Precision Cutting Tools Co., Ltd, with a registered capital of 10,000 Hong Kong dollars. The subsidiary will mainly engage in investment business. At the same time, the Hong Kong subsidiary has invested in establishing a wholly-owned subsidiary, Huarui Cutting Tools Germany GmbH, in Germany, with a registered capital of 25,000 euros. The German subsidiary will focus on trading and selling cutting tools, tool systems, machinery and machine spare parts, as well as other technical products; research and development of cutting tools and various tools; research and development of processing technology and technical consulting in the field of cutting technology. This external investment in establishing a Hong Kong subsidiary and a German subsidiary is beneficial for the company's globalization layout, facilitates the expansion of the company's overseas business, helps the company to better engage with the market and customers, timely respond to customer needs, and enhances the company's international competitiveness and service capabilities.