SPIC Dongfang New Energy continues asset restructuring

SPIC Dongfang New Energy Corp. (SZSE:000958) announced it is moving forward with its planned major asset restructuring. The restructuring involves an asset swap where SPIC Dongfang New Energy will transfer its SPIC Capital Holdings equity in exchange for SPIC Nuclear Energy's shares held by State Nuclear Power Technology Corporation (SNPTC) and China Life Insurance. The company will issue shares to SNPTC and China Life to cover the asset value difference and also plans to raise additional capital via a private placement to no more than 35 investors. The company has completed the selection of securities service institutions, hiring China Securities and Bank of China International as independent financial advisors and Li Xin as auditors. As of the date of the announcement, related audit and evaluation work had been initially completed and the company would hold another board meeting to discuss it. The company has reminded investors that the deal is still subject to shareholder and regulatory approvals.