Yes - effectively any company can list on the ASX ( which should provide confidence to investors), get disqualified for dodgey dealings, and walk away with your cash, as may happen in this case.
With luck they'll still see their business model is viable; its' still a chinese imperative to own Australia, and good luck to them.
ASIC are supposed to be our last line of defence; they're meant to investigate and commence action against the company execs and to secure assets, but as any of us with experience knows they are actually a bunch of seat-polishers who are more interested in figuring out where to get their next coffee - this has all been made very public recently as a result of the royal commission into banking.
Anyway, the process is still - complain to ASIC. If they get enough people on a single issue they may start moving, but if they do they tend to keep it very secret. So make as much noise as you can.
