Hong KongRegulator froze HK$4.38 billion over suspected faked public-offering demand.
Subscriptions backed by returned money mislead every later buyer of the stock.
Securities and Futures Commission notices describe circular funds: placees fill the book, issuer proceeds leave, and money returns to subscribers.
The commission has announced no finding of joint control between the two frozen clusters.
Shares in ChaPanda, Apollomics and Tianju Dihe stay suspended while the investigation runs.
How each outlet framed it
- TMTPost
- frames the probe as a question of who really funded the IPOs and who bore the risk, and cites HK$4.38 billion frozen across six brokers
Sources: TMTPost