Hong Kong Police Probe Suspected IPO Fraud Linked to ZD Group
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Hong Kong police are investigating a suspected fraud linked to investment firm ZD Group, which halted redemptions on funds pooled for local IPOs.
The Wan Chai crime squad is handling the case, with 39 investors having filed complaints as of Monday, police told Caixin.
The crisis underscores the risks of opaque cross-border schemes, as retail investors from the Chinese mainland and Hong Kong poured money into ZD Group anticipating fixed returns from cornerstone or anchor IPO stakes.
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