Independent Commission Against Corruption: Former chairman of China New Group, Li Songxiao, returns to Hong Kong to surrender himself, involved in fraud transactions exceeding 330 million Hong Kong dollars.

According to the Wise Financial APP, the Hong Kong Independent Commission Against Corruption announced that Li Songxiao, former chairman of Zhongxin Group (now known as Shanghai Industrial Urban Development Group Limited), who had been wanted by the Independent Commission Against Corruption for 14 years, returned to Hong Kong on July 29 and will be brought to court for interrogation on July 30. The defendant is suspected of colluding with senior executives of the listed company to engage in property transactions worth over HK$330 million with fraudulent elements, inflating the profits and assets of the listed company, and conspiring to defraud shareholders of the listed company and the Hong Kong Stock Exchange.