On the afternoon of April 18, 2025, a special seminar on "New Trends and Practical Defense Experience of Securities Crimes" was held at Gaopeng Law Firm in Beijing. This seminar is jointly initiated by the Gaopeng Criminal Committee and the Gaopeng Development Committee, aiming to deeply explore the cutting-edge issues in the field of securities crime defense, share new ideas and methods in the field of securities crime defense, and improve the quality and efficiency of securities crime criminal defense.

The seminar invited 12 experts and scholars, including Associate Professor Shang Haowen, doctoral supervisor at the Law School and Criminal Law Science Research Institute of Beijing Normal University, and senior criminal defense lawyers from multiple law firms, to give keynote speeches. A total of 2768 people followed and participated in this seminar both online and offline, and the response was enthusiastic.

The seminar was chaired by Lawyer Feng Wei, Secretary General of the Gao Peng Criminal Committee, who warmly welcomed and sincerely thanked all the guests and colleagues both online and offline who attended. I hope to use this seminar as an opportunity to focus on practical issues, share insights, and fully achieve communication and mutual learning.

Lawyer Dong Xiaohua, Senior Partner of Gaopeng Law Firm and Director of the Criminal Commission, stated in his speech that the securities industry is related to the stability and security of the national economy. However, in recent years, the continuous complexity of criminal issues in the securities field has not only posed challenges to the investigation and punishment work of judicial organs, but also put forward higher requirements for the defense work of criminal lawyers. He hopes that every colleague attending the conference can deeply share theoretical and practical experience, stimulate and excavate more profound and powerful viewpoints through the collision of thinking, and consolidate theoretical foundations and improve practical abilities through interactive dialogue.

Module One

The topic shared by Associate Professor Shang Haowen, doctoral supervisor at the Law School and Criminal Law Science Research Institute of Beijing Normal University, is "Defense Paths for Securities Crimes". Based on his more than ten years of systematic research on securities crime theory, Professor Shang believes that the entire legislative process of securities crimes demonstrates the country's determination to impose strict punishment on securities crimes. However, there is still significant controversy over the evidential nature and judicial application of the "determination letter" issued by the China Securities Regulatory Commission. From the perspective of protecting legal interests, the scope of criminalization should be substantially limited, and the execution connection procedure should be further optimized to ensure the coherence between law enforcement and judiciary, thereby better maintaining the healthy and stable development of the securities market.

Lawyer Ye Yanyan, former one of the top ten prosecutors in China and director of Beijing Yanxing Law Firm, discussed in depth the application of the old and new laws on insider trading crime based on two typical cases handled by herself. It emphasizes that legal practitioners must closely monitor changes in laws, relevant administrative regulations, and judicial interpretations, conduct in-depth research on the differences and connections between new and old laws, effectively apply the new and old laws correctly, better protect the legitimate rights and interests of parties, and achieve fairness and justice in the law.

The topic presented by Lawyer Han Shuai, Director of the Criminal Committee of Beijing Yunting Law Firm, is "How to effectively prevent and control criminal risks in the securities administrative investigation stage". Based on legal norms and closely following practical situations, Lawyer Han elaborated on the issue of criminal risk prevention and control in the administrative investigation stage from the differences in evidentiary standards between administrative and criminal cases, the need to distinguish the identity, role, and responsibility of each person in multiple cases, and how to communicate with the China Securities Regulatory Commission and the China Securities Regulatory Bureau. He strives to strive for various lenient measures in the administrative stage, to create space for subsequent sentencing, and to build a comprehensive protection system for the parties involved.

Lawyer Wu Cailing, a Ph.D. in Law from Peking University and a partner at Taihe Tai (Nanjing) Law Firm, deeply analyzed the defense points of securities market manipulation cases from three aspects: criminal subject, objective behavior, and plot elements, based on actual cases. My lawyer particularly emphasizes the importance of 'substantive penetration review'. She believes that effective defense is never a simple procedural confrontation. Lawyers should not only focus on reviewing surface evidence, but also delve into the substantive issues behind the case. By penetrating complex transaction structures and fund flows, the true situation of the case can be restored. Only in this way can they provide strong defense for the parties and ensure the realization of judicial fairness.

Lawyer Wang Yimin from Gaopeng (Shenzhen) Law Firm, based on his years of work experience in enterprises, has provided a comprehensive interpretation of the criminal compliance of enterprise securities activities throughout the entire chain, including the need to build a strong legal defense line before compliance, proactively identify and manage risks during compliance, and have professional responses and institutional safeguards after compliance. This provides clear legal guidance for enterprises to operate steadily in the complex and ever-changing securities market.

Unit Two

The topic shared by Lawyer Wang Yu, a partner at Gaopeng Law Firm, is "The Nature and Review of the CSRC's' Determination Letter 'in the Crime of Insider Trading". Lawyer Wang has systematically sorted out three perspectives in academia and practice regarding the evidential nature of "confirmation letters". It is believed that although the reference basis theory is the mainstream viewpoint, judicial organs cannot directly use it as the basis for determining the facts and legal nature of a case, and must conduct independent and comprehensive judicial review and judgment. Defense lawyers can effectively cross examine the "determination letter" according to the logic of "light procedure, heavy substance". In addition, it also mentioned the possibility of applying the expert assistant system in securities cases, which sparked thinking and discussion among the attendees.

Lawyer Lu Jiayin, Director of the Management Committee of Zhejiang Southern Zhongchen Law Firm, provided a three-dimensional interpretation from three aspects: the sentencing standard for insider trading crimes with "particularly serious circumstances", the mechanical understanding and handling issues in current judicial practice of such cases, and the defense techniques she has considered and proposed. She emphasized that the amount cannot be the only sentencing standard, and that it is necessary to comprehensively consider the defendant's criminal purpose, criminal motive, criminal behavior, harmful results and causal relationship, as well as social harm, in order to ultimately achieve the correct handling of the case.

The topic shared by Lawyer Wei Lijuan, Senior Partner of Gaopeng (Shanghai) Law Firm, is "The Latest Trends and Case Sharing of Insider Trading Crime". Through empirical research, she summarized the latest trends of insider trading behavior: administrative penalty cases - high incidence and dissemination; The punishment intensity has significantly increased - the mainstream is to impose one fine and three penalties; Enhanced enforcement efforts - The number of public security cases filed has increased significantly, and all measures should be taken, with more means and earlier control. In addition, by observing real cases, it raises the question of whether the person who "guesses" the insider information belongs to the insider information informant. It is believed that in the scope of identifying insiders of insider information, the fiduciary duty of the subject must be comprehensively considered to avoid expanding the crackdown.

Lawyer Chen Cong from Gaopeng Law Firm shared his analysis on the trial practice and defense points of insider trading and leaking insider information crimes. Through empirical research on 74 cases, Lawyer Chen summarized the ten key points of securities crimes in the form of data, including regional distribution, criminal behavior patterns, methods of obtaining insider information, criminal amounts, the relationship between illegal gains and multiple fines, and sentencing situations. It also comprehensively and comprehensively summarized and analyzed the arguments of the crime from the aspects of the subject, object, subjective elements, objective evidence, and sentencing, and put forward practical and feasible improvement suggestions for the controversial issues in judicial practice, which has strong practical guidance significance.

During the free speech session, Lawyer Li Jun, Senior Partner of Gaopeng Law Firm, emphasized the necessity and importance of the professional habit of "sensitive information management" based on his years of experience in the capital market. Good information management habits are not only the basic requirements of professional norms, but also the externalization of a highly responsible professional spirit towards clients.

Finally, Lawyer Dong Xiaohua, Director of the Gao Peng Criminal Committee, summarized the seminar. Lawyer Dong believes that this seminar, with a pragmatic attitude and rich content, has broadened the horizons for the research and defense practice of securities crimes. Through experience sharing and wisdom collision, it has truly achieved empowerment, quality improvement, and win-win sharing. In the future, the Gaopeng Criminal Committee will continue to adhere to the path of professional development, strive to launch more outstanding and distinctive business seminar activities, brainstorm and share wisdom, and contribute more to the development of criminal rule of law.

Thus, this seminar has come to a successful conclusion!