The story goes... the Chinese wanted to try and create a top tier Olympic shooting program so went to Annie and bought up all the gear and tooling to make the Annie54. This happened as Annie was moving to new designs and all this stuff was obsolete.
As typical Chinese manf, they made it in huge numbers, kept what was necessary and dumbed down what was fancy.... fixing what needed to be. QC varies, finish varies BUT the underlying rifle can be superb... alot depends on the batch and what level they were building to at that time.
A few years back, I won the Joe Rich Rimfire Rally against some very good shooters using some VERY FANCY gear. With some tuning, the Scorpio ran great, shot great (w/ Lapua CX). We got a number a few years back (332As) and that batch all shot great. Mags also worked and offered far better reliability then all the 700 styles at that time.
Rifle don't cost much to make... it costs a ton to finish and shooters like pretty guns.
FYI, I got some factory small parts for the sporter Annie54 from Nordic M and quite a few fit the 332A... at least my batch.
Jerry