Core Viewpoint - The article discusses the termination of a significant asset restructuring and related party transaction by XinNuoWei, which was valued at 7.6 billion yuan, and the subsequent insider trading penalties imposed on its former chairman, Pan Weidong [1][8]. Group 1: Insider Trading and Penalties - Pan Weidong, the former chairman of XinNuoWei, was fined 5 million yuan for insider trading related to the company's planned acquisition of Shiyao Baike [3][7]. - The China Securities Regulatory Commission (CSRC) found that Pan purchased 2.7426 million shares of XinNuoWei for nearly 100 million yuan between December 8 and 20, 2023, after being aware of insider information [3][5]. - Other individuals, including Zhang Heming, Du Ying, and Zhen Hong, also received penalties for their involvement in insider trading, with fines and confiscation of illegal gains totaling 150,000 to 238.41 million yuan [5][6]. Group 2: Termination of Restructuring - XinNuoWei announced the termination of its 7.6 billion yuan acquisition of Shiyao Baike due to changes in the pharmaceutical industry and capital market conditions since the restructuring was first planned [12]. - The acquisition was intended to enhance XinNuoWei's biopharmaceutical portfolio, particularly in long-acting proteins and innovative drug pipelines [9][12]. - The restructuring was initially planned to involve a 90% share issuance and 10% cash payment for the acquisition of 100% equity in Shiyao Baike [8][9]. Group 3: Financial Performance - XinNuoWei's financial performance showed a decline, with revenues of 1.981 billion yuan in 2024 and 1.593 billion yuan in the first nine months of 2025, reflecting year-on-year decreases of 21.98% and an increase of 7.71%, respectively [13]. - The net profit for XinNuoWei was reported at -303 million yuan in 2024 and -310 million yuan in the first nine months of 2025, indicating significant losses [13].