In Depth: Dishonest Drugmaker Shows How Hard It Is to Combat Cross-Border Fraud in China Hong Kong Exchanges & Clearing in Hong Kong on Sept. 23. The head of China’s securities watchdog, Yi Huiman, said last year that financial fraud by some overseas-listed Chinese companies is a “ And while the new Securities Law (link in Chinese), which took effec in March 2020, has helped regulators do more to fight this fraud — for instance in the Luckin Coffee Inc. case — there hasn’t been much progress in protecting Chinese mainland investors in these companies. No one is more aware of this problem than the investors suffering from the fraud committed by a veterinary-drug maker with roots in China.