SPICYD's application for the issuance of new shares related to the acquisition has been approved by the Shanghai Stock Exchange

SPICYD announced that the company plans to acquire a 63% stake in Wuling Power held by China Power International Development Limited, a 37% stake held by Hunan Xiangtou International Investment Co., Ltd., and a 64.93% stake held by State Power Investment Corporation Guangxi Electric Power Co., Ltd. through a private placement of shares and cash payment. At the same time, the company plans to issue shares to no more than 35 specific investors to raise matching funds. The Shanghai Stock Exchange's review committee has approved the transaction application on September 17, 2025, deeming it to meet the restructuring conditions and information disclosure requirements