'We want to acquire all of the parent company's assets in the next three years - worth a total of four billion to five billion yuan,' Mr Sun said.

Funding could come from placing new shares, he said, adding that Tianjin Gas might inject some assets in exchange for a stake in the listed firm. The market situation would dictate the arrangement.

Tianjin Tianlian has just finished a share placement to raise net proceeds of about HK$280 million - 50 per cent of which is earmarked to build two pipeline networks and 30 per cent to buy the parent company's piped gas operation in three Tianjin districts.

Mr Sun said he expected Tianjin Gas' revenue to expand 30 per cent in each of the next three to five years after growing 20 per cent annually in the past few years.

Tianjin Tianlian's growth, however, would depend mainly on how fast it could acquire Tianjin Gas' remaining network, he said.

'Our revenue can grow in leaps and bounds - 300 per cent, 500 per cent - from today's level,' he said.

However, being listed on the GEM board is blocking Tianjin Tianlian's ambitions.

'The approval process for new fund-raising is too slow on the GEM,' Mr Sun said. 'It took us a year to arrange the share placement.'

Mr Sun wants to take Tianjin Tianlian to the main board soon. 'This is our first priority this year,' he said.

Tianjin Tianlian's growth in the next five to 10 years would also be driven by a new development zone in Tianjin, Binhai New Area, and the urbanisation of rural areas around Tianjin, Mr Sun said.

Binhai New Area is a mixed residential and industrial development area seven times the size of Tianjin.

Mr Sun said the area would 'stress hi-tech and clean energy', targeting companies such as Motorola and Sinopec Corp, which had 'decided to move in'.