In recent years, insider trading during mergers and acquisitions of listed companies and the disclosure of insider information crimes have occurred frequently. The chairman of a company during the merger and acquisition to friends to consult the merger and acquisition related professional knowledge, triggering a criminal offense, recently for suspected leakage of insider information crime by the public security organs of criminal detention. Beijing King&Capital Law Firm attorneys Zhang Qiming and Xu Ming accepted the family's commission to act as the defense. After the intervention in the first time to sort out the case, find a large number of cases, the case towards the research and judgment, put forward the opinion does not constitute a crime, for the party successfully for the bail pending trial.

After the person concerned was released from bail pending trial, the lawyer team continued to work, and recently, the public security authorities lifted the bail pending trial and withdrew the case.

Article 180(1) of China's Criminal Law stipulates the crimes of insider trading and disclosure of insider information, and the punishable acts include trading acts, acts of explicitly implying that others are engaged in trading, and acts of disclosing insider information. Due to the covert nature of the transmission of insider information, the determination of liability for the leakage of insider information is difficult in law enforcement and judicial activities, especially in the case of multi-level transmission of insider information, i.e., the recipient of insider information at the first hand continues to transmit the information, which leads to the transaction of the subject at the second hand, the third hand, or even at more levels. The main point of contention in this type of case to determine the liability for leakage is that between the leakage behavior and the liability for leakage there are other people to produce insider trading intent to implement insider trading behavior of the intervening factors, and due to the prolongation of the chain of transmission of information, the intervening factors are also more, which may result in the latter actor's legal interests of the results of the infringement of the leaker's behavior between the cause and effect of the cut off. In view of the current judicial practice of the usual practice is to backhanded behavior as a whole subject identified as a common crime or even criminal gang, so that the chain of information transfer will not be so long, can greatly reduce the identification of leakage responsibility and insider trading responsibility of the difficulty of proof and theoretical obstacles. This case is a typical example of multi-level transmission of insider information.

After accepting the commission, the lawyer team conducted in-depth research on this type of case, and predetermined the possible paths of conviction for the case-handling authorities, and blocked them one by one in their opinions, and attached the search report and theological articles of the same type of case for the case-handling authorities to refer to. The team of lawyers believes that no matter how long the chain of multi-level transmission is stretched, in essence, the leakage crime is still an intentional crime, and in order to determine the liability for leakage, it is necessary to exclude the leakage that occurs when the leaker is unintentionally or subjectively unaware of the existence of the person to be leaked, so if the leaker doesn't know the backhanded dealer at all, and can't be aware of the existence of the person to be leaked, and even more so, can't be aware of the fact that the person to be leaked will use the information to to conduct insider trading, there will be difficulties in subjective determination. At the same time, must lock the only source of information, multi-level transmission occasions, defense lawyers can also analyze the backhand trader as much as possible source of information, if you can't lock a single source of information, determine the responsibility for the leakage of the same there are greater difficulties.

Currently, the trend is to crack down on securities crimes. Zhang Qiming and Xu Ming combined their experience in handling previous cases, fully communicated with the case-handling authorities, and helped the client to release from bail pending trial under the severe situation, highlighting the role and value of defense work.