Jiangsu Nanfang Medical(SH:603880) 第一财经·2025-11-06 11:49Core Viewpoint - The article discusses the insider trading case involving Nanwei Co., Ltd. (603880.SH), highlighting how the actual controller and former financial director sold shares before the stock was suspended due to financial misconduct, resulting in significant financial penalties for both individuals [3][5][6]. Group 1: Insider Trading Details - The actual controller Li Ping and former financial director Xiang Qinhua sold shares totaling 47.97 million yuan between March 14 and March 28, 2023, just before the announcement of a negative audit report [5][6]. - Following the negative audit report, Nanwei's stock price dropped from 5.51 yuan to 4.26 yuan over five consecutive trading days, indicating that Li Ping and Xiang Qinhua successfully avoided losses by selling their shares beforehand [6][8]. - The Jiangsu Securities Regulatory Bureau imposed penalties totaling approximately 48.71 million yuan on Li Ping and Xiang Qinhua for their insider trading activities [6][7]. Group 2: Financial Misconduct Background - The insider trading was rooted in the actual controller's misuse of company funds, with a total of 336 million yuan being misappropriated from bank loans between March 2020 and December 2022 [9][10]. - The financial misconduct was uncovered during an audit, leading to a negative opinion on the company's internal controls and subsequent stock suspension [9][10]. - The misappropriated funds represented significant percentages of Nanwei's net assets, with figures reaching as high as 20.61% in 2021 [10][11]. Group 3: Current Financial Status - As of September 24, 2023, Li Ping had pledged 73.54% of his shares, amounting to 87.4 million shares, which poses a risk of forced liquidation if the stock price continues to decline [11][12]. - Nanwei Co., Ltd. claims that the risks associated with Li Ping's share pledges are manageable, and plans to address any potential margin call risks through various financial strategies [12].