[Hong Kong ZD Group Involved in HK$1 Billion 'IPO Subscription' Fund Case, Classified as Fraud by HK Police] According to Caixin, numerous mainland and Hong Kong investors participated in Hong Kong IPO subscriptions through ZD Group, but the related funds could not be redeemed as scheduled. Hong Kong police stated that as of August 17, they had received reports from 24 investors, and the case has been classified as 'fraud,' with the Wan Chai District Crime Squad following up. No arrests have been made so far. Previously, multiple investors were informed that the bank accounts of entities associated with ZD Group had been frozen, resulting in the inability to redeem funds. The scale of the funds involved amounts to HK$1 billion, some of which are cross-border investments from mainland China to Hong Kong.