FIGURE conscious tai-tais at Hong Kong's most glamorous fitness centre will get a chance to invest in their own curves if it wins a listing on the stock exchange. Upmarket health club Phillip Wain International enjoyed a record 27 per cent increase in turnover last year and is believed to have already filed an application with the exchange. Rich and flamboyant clientele of the fitness club, which announced the setting up of its fourth club in Hong Kong yesterday, should be able to massage their bank accounts by taking a personal stake in the business. But its equally flamboyant chairman, Edwin Phillips, refused to confirm the listing plan yesterday. 'It's certainly a very strong possibility,' said Mr Phillips. 'It is certainly something we are looking at but the exact date and timing I can't disclose at this stage,' he said. Phillip Wain claims to be the largest international health and fitness association with a worldwide membership of 16,000, growing at an annual rate of 25 per cent. In Hong Kong, the club recorded a 27 per cent increase in turnover in 1993-94 compared to the year before. The club would not release exact figures. Membership in Hong Kong stands at about 5,000, 95 per cent of whom are Chinese aged between the mid-30s and early 40s. Most are upper and middle-rank professional women or wives of the rich and famous. The departure of Deborah Phillips, Mr Phillips's wife, from the health club has made less impact on business than expected. With her Hollywood-star glamour and healthy looks, Mrs Phillips has promoted Phillip Wain International in advertising campaigns. Although admitting that his wife has become strongly associated with the club in the public's eye, Mr Phillips did not think business had fallen since her departure in February last year. 'I have worked with a lot of beautiful Chinese girls and Asian girls over last 18 years,' he said. 'Deborah was only one of the many girls that we used. The only difference was at that time she was my wife. 'Deborah and I are in divorce proceedings. We would hope to continue as friends for the children's sake. 'She has helped the company as far as image is concerned in the past but I have run the business since 1977. I have been in control of the business since the start and I'll continue to be in that situation.' Yesterday, the club announced the expansion of its headquarters in Tsim Sha Tsui and the establishment of its fourth club in Hong Kong. Mr Phillips is striving for faster expansion in the greater China market. The company has invested more than $25 million to build its first club in Taipei and is looking for locations on the mainland. Beijing and Shanghai have been earmarked as prime locations for future clubs. Mr Phillips believes the expansion project will mean the birth of the first upmarket fitness club in China, which he perceives as being a steady but slowly evolving health-industry market. 'But definitely there is a market there for our type of business,' he said. Around the region, the company operates eight clubs in Thailand, Singapore and Malaysia, as well as one in Australia.