Strategic cooperation in Rizhao, China

We have reached another milestone in the Far East strategy of Magnus Aircraft Zrt., as we have signed a long-term cooperation agreement with Rizhao Wohe Aviation Service Co., Ltd., which has resulted in an order for 50 aircraft.

Rizhao Wohe Aviation Service Co., Ltd. was established in 2003 in Rizhao High-tech Zone and is mainly engaged in aircraft sales, parts supply and other aerospace business. The long-term strategic cooperation agreement, which included the order for 50 Fusion aircraft worth 65 million yuan, was signed ceremonically by Zhang Quan, Chairman and CEO of Rizhao Wohe Aviation Service Co., Ltd. and László Boros, CEO of Magnus Aircraft Zrt. The delivery of the Fusion aircraft will take place within three years. Subsequently, another commercial agreement was signed between Rizhao Wohe Aviation Service Co., Ltd. and Magnus Aircraft Zrt.'s Chinese subsidiary, which includes a sales target of 45 aircraft per year in the region. The agreement was signed by Wan Guodong, Managing Director of the company, and Li Qi, CEO of Magnus China.

The meeting, held on May 22, 2023 at the Rizhao Science and Technology Innovation Center, was also attended by Wang Haizhou, member of the High-tech Zone Working Committee and Deputy Director of the Steering Committee. The Rizhao Science and Technology Innovation Center and the High-tech Exhibition Center were presented at the event as well. The Rizhao High-tech Zone is committed to creating a good business environment and supporting businesses in the zone for the development of the region.

At the meeting, the parties laid down the strategic elements of cooperation and assured their commitment to promote cooperation between the two countries' industries and to advance the region's aviation industry.