---
title: "The Independent Commission Against Corruption: Former Chairman of CSSD, Li Songxiao, returns to Hong Kong to surrender, involved in fraud transactions exceeding HKD 330 million"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/250715187.md"
description: "The Hong Kong Independent Commission Against Corruption has been seeking the former chairman of CSSD, Li Songxiao, for 14 years. He returned to Hong Kong to surrender on July 29 and will appear in court on July 30. Li Songxiao is suspected of colluding with senior executives to carry out fraudulent transactions exceeding HKD 330 million, inflating the profits and assets of the listed company, and defrauding shareholders and the Hong Kong Stock Exchange. The charges involve two property sale agreements, and Li Songxiao allegedly committed the crimes in collaboration with other senior executives during his tenure from 2003 to 2009"
datetime: "2025-07-30T06:09:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/250715187.md)
  - [en](https://longbridge.com/en/news/250715187.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/250715187.md)
---

# The Independent Commission Against Corruption: Former Chairman of CSSD, Li Songxiao, returns to Hong Kong to surrender, involved in fraud transactions exceeding HKD 330 million

According to the Zhitong Finance APP, the Hong Kong Independent Commission Against Corruption (ICAC) announced that Li Songxiao, the former chairman of the China-Singapore Group (now known as Shanghai Industrial Urban Development Group Co., Ltd.), who had been wanted by the ICAC for 14 years, returned to Hong Kong to surrender on July 29 and will be brought to court on July 30. The defendant is suspected of colluding with senior executives of the listed company to inflate the company's profits and assets through fraudulent property transactions worth over HKD 330 million, thereby conspiring to defraud the shareholders of the listed company and the Hong Kong Stock Exchange.

ICAC data shows that Li Songxiao is charged with two counts of conspiracy to commit fraud, in violation of common law. The charges relate to two property sale agreements, involving the China-Singapore Group's claim to acquire 100% of Top Fair Limited (Top Fair) for HKD 210 million, and the sale of all interests of the China-Singapore Group's subsidiary Noble Time Development Inc. (Noble Time) to Northwest Link Investments Limited (Northwest Link) for HKD 123 million.

The ICAC had previously conducted an investigation into corruption complaints involving the China-Singapore Group, which led to the revelation of the aforementioned conspiracy to commit fraud. In late February 2011, a magistrate issued a warrant for the arrest of Li Songxiao, who had already left Hong Kong, as well as two then-executive directors of the China-Singapore Group, Che Han-shu and Zhang Yao-hui. The warrants for Che Han-shu and Zhang Yao-hui remain in effect.

Li Songxiao served as the chairman of the China-Singapore Group from October 2003 to August 2009, while Che Han-shu and Zhang Yao-hui were executive directors of the listed company at that time.

The charges allege that Li Songxiao, Che Han-shu, and Zhang Yao-hui conspired to defraud the shareholders of the China-Singapore Group and the Stock Exchange between November 2003 and July 2007, along with the company secretary and financial director of the China-Singapore Group.

The individuals involved are suspected of falsely claiming in announcements, circulars, and annual reports issued by the China-Singapore Group that the owners of Top Fair and Northwest Link were independent individuals with no connections to the directors, key executives, or major shareholders of the China-Singapore Group or its subsidiaries; and of creating false accounting statements regarding the prices and profits of the two property sale agreements, while concealing that Li Songxiao was the beneficial owner of Top Fair and Northwest Link

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