Hit a socialist, punching another (7)
I believe the answer is:
reached
'hit' is the definition.
(hit can mean to reach or arrive somewhere)
'a socialist punching another' is the wordplay.
'a socialist' becomes 'Che' (revolutionary Che Guevara).
'punching' is an insertion indicator (some letters punch a hole in others).
'another' becomes 'read' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'che' going within 'read' is 'REACHED'.
(Other definitions for reached that I've seen before include "Stretched or arrived" , "Attained" , "Cad here (anag.)" , "Came to (a place)" .)