Former Stock Exchange Chairman Convicted: Ronald Li,...

Former Stock Exchange Chairman Convicted: Ronald Li, former chairman of the Hong Kong Stock Exchange, was convicted in Hong Kong on corruption charges. A seven-member jury deliberated for more than 10 hours before convicting Li of accepting preferential offerings of shares in Cathay Pacific Airways Ltd. and Novel Enterprises Ltd. in 1986 and 1987 in exchange for helping to obtain listings on the market for the companies’ shares. Li, 61, had pleaded innocent to the charges. The jury convicted Li by a margin of 5-2, sufficient in Hong Kong to find a defendant guilty. He faces a maximum penalty of seven years in prison and $64,000 in fines on each of two counts.