Pan-Win Group is negotiating to acquire stakes in several listed companies as part of its business diversification, according to company president Sidney Siu Yin-kwan. 'We had negotiations with at least 10 listed companies and 20 private firms about share acquisitions over the past six months,' he said, adding there were no concrete results. Whether the group would become a minority shareholder of listed or private companies depended on its financial ability, he said. Pan-Win, with strong China connections, specialises in estate agency operations, investment and securities. Mr Siu said its estate agency, Pan-Win Realty Agency, would open 12 more branches this month to bring the total to 52. It opened its 3,000 sq ft Repulse Bay branch yesterday.