1. Elements of insider trading:

(1) object elements. The object of infringement is the normal management order of the securities and futures market and the legitimate interests of securities and futures investors;

(2) objective factors. Objectively speaking, the actor violates relevant laws and regulations and uses his own inside information to trade before the securities are issued or other information affecting the securities is officially made public;

(3) Subjective factors. Subjectively, it can only be constituted by intention, including direct intention and indirect intention, and negligence does not constitute this crime;

(4) main elements. The subject of this crime is a specific subject, that is, the person who knows inside information, that is, the insider.

2. Legal basis: Article 180 of the Criminal Law of People's Republic of China (PRC).

Crime of Insider Trading and Disclosure of Insider Information A person who knows or illegally obtains insider information of securities and futures trading, buys or sells securities or engages in futures trading related to the insider information before the disclosure of the securities and futures trading or other information that has a significant impact on the price of the securities and futures trading, or discloses the information, or explicitly or implicitly engages in the above trading activities, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years. If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall be fined not less than one time but not more than five times the illegal income.

Where a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention.

The scope of insider information and insiders shall be determined in accordance with the provisions of laws and administrative regulations.

Crime of trading with undisclosed information: The staff of financial institutions such as stock exchanges, futures exchanges, securities companies, futures brokerage companies, fund management companies, commercial banks and insurance companies, as well as the staff of relevant regulatory departments or trade associations, who use other undisclosed information other than insider information obtained by taking advantage of their positions to engage in securities and futures trading activities related to this information in violation of regulations, or express or imply that others engage in related trading activities, if the circumstances are serious, shall be punished in accordance with the provisions of the first paragraph.

2. What behaviors does insider trading include?

Insider trading includes the following acts:

1. Insider buys and sells securities held by the company;

2. Other persons who illegally obtain inside information buy and sell the securities of the company they hold;

3. Insider information disclosure by insiders or others who illegally obtain insider information;

4. Informed personnel or other personnel who illegally obtain inside information advise others to buy and sell securities.