The Hong Kong Mercantile Exchange, which closed this week, is planning a revival through a $100 million fundraising effort. However, market participants, including a key shareholder, are not convinced that the plan will work amid concerns about the exchange's business model. Meanwhile, the Securities and Futures Commission, which has been monitoring HKMEx, defended its role. "The SFC had been closely monitoring the financial situation of the HKMEx for a year before it finally closed its doors. This is because we noticed it struggling with thin turnover," said Chan Kam-lam, nonexecutive director at the SFC.