Jing Ji Guan Cha Wang·2025-11-04 10:13Core Points - The China Securities Regulatory Commission (CSRC) imposed a fine of 5 million RMB on Pan Weidong, an executive director of CSPC Pharmaceutical Group, for insider trading [2] - Pan Weidong's insider trading involved purchasing shares of New Horizon (a subsidiary of CSPC) prior to a planned acquisition announcement [2] - The acquisition plan was announced on January 10, 2024, while the stock purchases occurred between December 8 and December 20, 2023, totaling nearly 100 million RMB [2] - The stock purchases did not yield profits, as the current stock price of New Horizon is below the purchase price [2] - CSPC stated that the incident is not expected to negatively impact its overall business operations [4] Regulatory Actions - Pan Weidong contested the allegations, claiming that his actions were part of his official duties and that he did not evade the investigation [3] - The CSRC's administrative penalty was publicly announced on October 16, 2025, with CSPC disclosing the matter shortly after [3] - Other individuals involved in the case, including former executives of New Horizon and CSPC, received penalties for their trading activities, with some gaining profits from their transactions [5] Market Reaction - Following the announcement of the penalties, both CSPC and New Horizon experienced declines in their stock prices, with CSPC dropping 4.42% to 7.35 HKD per share and New Horizon falling 5.29% to 33.32 CNY per share [5]