Oke Precision Cutting Tools (688308.SH) announced on June 20th that, in order to improve the company's overseas strategic layout, promote communication and cooperation with overseas markets, further expand overseas business and enhance the company's overall competitiveness, the company plans to use its own funds of €25,000 to invest in and establish a wholly-owned subsidiary, Oke Precision Cutting Tools Europe GmbH (tentative name, subject to final registration) in Germany.

The establishment of a wholly-owned subsidiary in Germany is an important layout of the company's overseas development strategy, which is conducive to promoting communication and cooperation between the company and overseas markets, enhancing the company's overall strength and strengthening its core competitiveness. The funds for this external investment are from the company's own capital and will not have any adverse impact on the company's financial condition and operating results, nor will there be any situation that harms the interests of the company and all shareholders.