HONG KONG, Feb. 17 (Xinhua) -- Donald Tsang, chief executive of the Hong Kong Special Administrative Region (HKSAR), said in a statement Saturday that he had accepted David Li's resignation from the Executive Council (ExCo) of HKSAR.

    "Mr David Li this morning informed me of his intention to resign from the ExCo," Tsang said, adding that Li had said that the issue of trading shares of Dow Jones & Company had already come to an end following his settlement with the U.S. Securities and Exchange Commission.

    However, Li regretted that the matter had caused public concern and he wished to resign from the Council, Tsang said.

    "I appreciated Mr Li's situation and his priority accorded to the overall interest of the community. I asked him to re-consider seriously his resignation. After serious consideration, he insisted to tender his resignation letter to me this evening," said Tsang.

    "I respect Mr Li's decision and have accepted his resignation," he said.

    Since Li became an ExCo member in 2005, he had given invaluable advice and contributed to the HKSAR government's effective governance, Tsang said.

    "I will miss him greatly and hope that he will continue to serve Hong Kong in other areas," he said.

    After Li's resignation, Leung Chun-ying, convenor of the Non- official Members of the Executive Council, also issued a statement, hoping Li will continue to serve the people of Hong Kong.

    "On Mr David Li's resignation from the ExCo, I and other non- official Members miss him greatly," Leung said.

    During Li's tenure as an ExCo Member, he had made significant contributions in the areas of monetary services and education, he said.

    "We hope that he will continue to serve the people of Hong Kong and wish him happiness in the years to come," said Leung.

    Born in March 1939, Li is now a member of the Legislative Council of HKSAR and chairman of the Hong Kong-based Bank of East Asia.

    In May 2007, the U.S. Securities and Exchange Commission accused Li of involving in an inside-trading of the shares of Dow Jones & Company. At the end of January 2008, a settlement was reached where Li was ordered to pay 8.1 million U.S. dollars in civil penalty. Li would neither admit nor deny any wrongdoing.