Large Language Models (LLMs) deliver state-of-the-art capabilities across numerous tasks, but their immense size and inference costs pose significant computational challenges for practical deployment. While structured pruning offers a promising avenue for model compression, existing methods often struggle with the detrimental effects of aggressive, simultaneous width and depth reductions, leading to substantial performance degradation. This paper argues that a critical, often overlooked, aspect in making such aggressive joint pruning viable is the strategic re-initialization and adjustment of remaining weights to improve the model post-pruning training accuracies. We introduce Pangu Light, a framework for LLM acceleration centered around structured pruning coupled with novel weight re-initialization techniques designed to address this ``missing piece''. Our framework systematically targets multiple axes, including model width, depth, attention heads, and RMSNorm, with its effectiveness rooted in novel re-initialization methods like Cross-Layer Attention Pruning (CLAP) and Stabilized LayerNorm Pruning (SLNP) that mitigate performance drops by providing the network a better training starting point. Further enhancing efficiency, Pangu Light incorporates specialized optimizations such as absorbing Post-RMSNorm computations and tailors its strategies to Ascend NPU characteristics. The Pangu Light models consistently exhibit a superior accuracy-efficiency trade-off, outperforming prominent baseline pruning methods like Nemotron and established LLMs like Qwen3 series. For instance, on Ascend NPUs, Pangu Light-32B's 81.6 average score and 2585 tokens/s throughput exceed Qwen3-32B's 80.9 average score and 2225 tokens/s.