Sinobioway Medicine(SZ:002581) 第一财经·2026-01-02 11:59Core Viewpoint - The article discusses the second-instance verdict of a legal case involving Unnamed Pharmaceutical (ST Unnamed, 002581.SZ), highlighting the reduced sentences for key individuals involved in financial misconduct and the implications for the company's governance and control [3][4]. Summary by Sections Legal Proceedings - The second-instance court sentenced Pan Aihua to five years for embezzlement and ordered him to return RMB 12.75 million to Unnamed Biopharmaceutical Co., Ltd. [3] - Li Pengfei received a two-year sentence for forgery and a one-year sentence for falsifying company seals, with fines totaling RMB 80,000 [3][4]. - Luo Deshun was sentenced to three years for embezzlement [3]. Background of the Case - The case traces back to August 2022 when the Shenzhen Stock Exchange issued a notice regarding investor complaints about a RMB 2.9 billion investment by Hangzhou Qiangxin Biotechnology Co., Ltd. in Unnamed's subsidiary, Xiamen Unnamed, which resulted in a 34% equity stake [4][5]. - Unnamed Pharmaceutical claimed that this transaction led to a significant loss of core assets and reported the matter to the police [5]. First Instance vs. Second Instance Verdict - The first-instance verdict imposed harsher penalties, including a total of 13 years for Pan Aihua and 8 years for Li Pengfei [6]. - The second-instance court found that the investment by Hangzhou Qiangxin was an abnormal capital increase but did not constitute embezzlement, as it did not result in actual financial loss to the company [7][8]. Court's Reasoning - The court noted that the actions of Pan Aihua and others were aimed at maintaining control over the company rather than illegally appropriating assets, indicating that their intent was defensive rather than criminal [9]. - The court emphasized that the capital increase did not lead to a loss of company assets or value, as the individuals involved did not benefit financially from the transaction [8][9].