CSPC Innovation(SZ:300765) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-03 12:33Core Viewpoint - The case involving Shiyao Group's executive director Pan Weidong highlights serious violations of insider trading regulations, leading to a significant penalty from the China Securities Regulatory Commission (CSRC) and intertwining with the failed major asset restructuring of Xin Nuo Wei [2][3]. Group 1: Insider Trading Case - Pan Weidong was fined 5 million yuan for insider trading involving nearly 100 million yuan, revealing misconduct by senior executives using undisclosed information for profit [2]. - The CSRC found that Pan Weidong purchased 2.74258 million shares of Shiyao Innovation (Xin Nuo Wei) for approximately 99.99 million yuan during the sensitive period of insider information [2]. - The investigation revealed that Pan Weidong was aware of the insider information no later than December 5, 2023, prior to the public announcement of the restructuring [2]. Group 2: Restructuring and Financial Impact - Xin Nuo Wei's proposed 7.6 billion yuan cash and 68.4 billion yuan stock acquisition of Shiyao Baike was terminated after 15 months due to changes in the pharmaceutical industry and capital market conditions [4]. - The failure of the restructuring has intensified operational pressures on Xin Nuo Wei, with a reported revenue of 1.593 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.71%, but a net profit loss of 24 million yuan, a significant decline of 117.26% [4]. - Following the news of the insider trading case, Xin Nuo Wei's stock price experienced volatility, closing at 35.18 yuan per share with a total market capitalization of 49.4 billion yuan [4].