Hong Kong ZD Group's case involving HK$1 billion “breaking new” capital was classified as a fraud by the Hong Kong Police

Comparative news, according to a Caixin report, a large number of mainland and Hong Kong investors participated in the Hong Kong IPO through ZD Group to “break new ground”, and the relevant funds were unable to be disbursed as scheduled. Hong Kong police said that as of August 17, the case had been treated as a “fraud” and followed up by the Wan Chai Police District Serious Crimes Unit. No one has been arrested yet.

Earlier, several investors were told that bank accounts of ZD Group related entities had been frozen, making it impossible to redeem the funds. The scale involved reached the level of HK$1 billion, some of which were mainland cross-border investment funds in Hong Kong.