After the chairman of a listed company was criminally detained by the public security authorities on suspicion of insider trading and leakage of insider information, Zhang Qiming and Wang Xinlong, senior partners of Beijing King&Capital Law Firm, accepted the commission of the family and formed a team of lawyers to carry out defense work. After the intervention of the defense lawyers, the first time to study the case, in-depth excavation of information from all sides, collect and summarize the evidence, combing the schedule and timeline of the parties involved, a comprehensive review of each important point in time, put forward the defense of not constituting a crime, for the parties involved in the success of the release on bail pending trial.

After the client was released on bail pending trial, the defense counsel team continued their work, and recently, the public security authorities lifted the bail pending trial.

It is reported that in the past five years, the SEC has investigated nearly 1,900 cases of various securities and futures violations in accordance with the law, and transferred nearly 600 cases of suspected securities and futures crimes to the public security authorities, expanding the scope of the crackdown and increasing the intensity of the crackdown. Among them, insider trading and leakage of insider information have always been the focus of securities law enforcement, and have faced a more severe penalty situation since the promulgation of the new Article 9 of the State Council. Although the crime of insider trading and the crime of leaking insider information are joint offenses, the logic of punishment differs between the two. On the one hand, since the transmission of insider information is usually covert, in order to reduce the burden of judicial proof, the law allows presumption of liability for downstream insider traders, and both parties can be convicted if they satisfy the requirements of “contacting and liaising during the sensitive period” and “obvious abnormality of trading without justifiable reasons or justifiable sources of information”. Both parties can be criminalized if they meet the requirements of “contact and liaison during the sensitive period” and “obviously abnormal trading without justifiable reasons or legitimate sources of information”. On the other hand, for the upstream leakage of insider information, it is necessary to comprehensively examine the multiple sources of information of the downstream insider trader, the purpose of the two parties' “contact, liaison”, the subjective state of mind of the leaker and other factors, which leaves more space for the defense lawyers.

King&Capital lawyers defense team combined with previous experience in handling cases, and fully communicate with the case authorities, and finally rescued successfully, in the situation of strict crackdown to help the client to lift the coercive measures, highlighting the role and value of the defense work.