A private equity firm backed by the China Development Bank Corp. is studying the Hong Kong Mercantile Exchange Ltd., a commodities market that suspended operations this year, for investment opportunities.
Police began probing the Hong Kong Mercantile Exchange Ltd., owner of the failed commodities market set up by a member of the city’s cabinet, after the securities regulator found suspected financial irregularities.
Hong Kong Mercantile Exchange Chairman Barry Cheung resigned as a member of the board of Russian aluminum producer United Co. Rusal, which he chaired until October, because he is under police investigation, three people familiar with the situation said.
United Co. Rusal’s Chairman Barry Cheung, whose predecessor quit citing a “deep crisis” at the company, said the world’s biggest aluminum producer would study selling its stake in OAO GMK Norilsk Nickel at the right price.
United Co. Rusal may have to replace Chairman Barry Cheung in August, five months after he took over the post at the world’s largest aluminum producer, according to four people with knowledge of the situation.
Tens of thousands of demonstrators will march in Hong Kong on Monday, calling for greater democracy and action to narrow the wealth gap, as city leader Leung Chun- ying battles near record-low popularity.