The emergence of China as an economic superpower

David Li, Chairman of the Hong Kong-based Bank of East Asia and a member of the Legislative Council, resigned from his post on the Executive Council of Hong Kong following pressure that he was accused of insider trading of shares of Dow Jones & Company in May 2007. Donald Tsang, Chief Executive of Hong Kong, said Li gave invaluable advice and contributed to Hong Kong's effective governance since he joined the Executive Council board in 2005.

Li had served as a board director of Dow Jones since 1993. Before May 2007, when News Corporation made an offer for Dow Jones for $60 per share, Li informed his close friend and business associate Michael Leung of the imminent offer. More than $8.2 million of profit was made by Leung's daughter and son-in-law from longing Dow Jones stock, prompting an investigation by the SEC. By the end of January 2008, a settlement was reached where Li was ordered to pay $8.1 million in civil penalty. Li continues to neither admit nor deny any wrongdoing.

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