SPIC Dongfang New Energy receives State Council approval for asset restructuring

SPIC Dongfang New Energy Corp announced that the SASAC has approved its major asset replacement, share issuance for asset acquisition, and fundraising plan. The proposed transaction involves the replacement of the company's holdings in SPIC Capital Holdings with State Nuclear Power Technology Corporation (SNPTC) and China Life Insurance's holdings in SPIC Nuclear Energy. To cover the asset value difference, SPIC Dongfang New Energy will issue shares to SNPTC and China Life Insurance. Furthermore, the company intends to raise supporting funds through a private placement of shares to no more than 35 specific investors. The company will now proceed to convene a shareholder meeting to approve the plan and comply with further regulatory procedures. Investors are advised to note the risks detailed in previous filings.