Shanghai China Metal Exchange is a professional e-trading center combining steel trading. e-transaction, logistics distribution and financial service.

The S.E.C. alleges Tang sent e-mails to investors to persuade them to trust him with even more of their money and allow him to continue trading on their behalf.

They are trading on a small price/earnings (p/e) premium to the world index, but the gap is much smaller than it was in 2007.