In Depth: Millions Tied Up as Hong Kong IPO Fund Network Runs Into Trouble

A Hong Kong investment firm that marketed access to initial public offerings is facing a redemption crisis after investors said accounts linked to the firm were frozen, leaving roughly HK$1 billion ($128 million) tied up.

Groups of investors from the Chinese mainland and Hong Kong have formed in recent weeks to seek repayment from ZD Group, according to investors who spoke with Caixin. Some of the groups have close to 100 members.