Recently, in an insider trading case represented by Zhang Qiming and Xu Ming, partners at Beijing King&Capital Law Firm, the defendants were acquitted after a trial lasting one and a half years. Amid a crackdown on securities crimes, this case demonstrates the judicial authorities’ respect for the facts and reflects the defense attorneys’ three years of tireless efforts.

This case is a typical example of presumptive insider trading. The prosecution inferred that the defendants had committed the crime of insider trading based on their communications and contacts with individuals possessing insider information during the sensitive period, combined with their heavy-position trading activities, and alleged that they had profited by more than 92 million yuan.

In response to the prosecution’s line of reasoning, the defense team advanced their case from three angles: First, through a meticulous analysis of call logs and travel records, they identified potential points of contact and communication during the sensitive period. Second, they compiled trading records from all eight securities accounts involved in the case and analyzed them from multiple dimensions—including capital fluctuations, account openings, communication timestamps, average order prices, and concurrent trading patterns—creating numerous charts to visually demonstrate that there were no “obvious anomalies.” Third, the lawyers reviewed hundreds of gigabytes of electronic data from the client’s cell phone and computer, extensively searching for clues regarding the client’s stated reasons for trading to demonstrate that the trading activities were consistent with his defense.

After a trial lasting one and a half years, the court fully accepted the defense’s arguments, ruled that the prosecution’s charges of insider trading were unfounded, and acquitted the defendant in accordance with the law.

Insider trading cases involve a vast amount of evidence and intricate details; a slight error can lead to a significant misjudgment. Examining the evidence is like sifting through sand to find gold—it requires focused, meticulous analysis and attention to every minute detail. The acquittal in this case was achieved thanks to the defense team’s long-standing, tireless pursuit of evidence details and their steadfast commitment to uncovering the truth.

Translated with DeepL.com (free version)