| There were widespread and serious phenomenon of insider trading and manipulation of the stock market in the takeover of listed companies in China, which caused great harm to securities market order. As elements of crime, the insider information of public acquisition and its formation time, other methods of manipulating the stock markets were lack of clear statute criteria, made it's hard to collecting the criminal evidence and identifying these two types of acts. With the Securities Commission's favor, most of the cases met the prosecution standards weren't transferred to judicial organs, which should be imposed criminal penalties, were replaced by the administrative punishment. Over the years, these two types of crime in the acquisition of listed companies kept low rate of investigation. Even investigated, but also imposed commonly lag penalties.For the status that insider trading and market manipulation widespread in the acquisition of listed companies, more attention should be pay to further clarify the criminal elements of insider trading and market manipulation in listed company's acquisition, drawing the defense rules of evidence of the United States, and establishing rules of evidence by the defense according to the actual stock market situation, promote the judiciary to make timely and accurate determination. Meanwhile, the public security organs should be actively involved in the Commission's supervision of the acquisition of listed companies to reduce the replacement of penalties by administrative punishment, and the infringement to the judicial power, and then to revert the function of criminal regulation in situ. Only the perfection of criminal regulation is more emphasized on, and insider trading and manipulation of stock market behaviors are effectively contained in acquisition of listed companies, so the acquisition of listed companies won't be a hotbed or means of insiders and manipulators who seek illegal interests.
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