Red chip Silver Grant International Industries has inadvertently contravened Hong Kong listing rules by revealing profit for 1997 was expected to grow 20 per cent. The forecast - which qualifies as price-sensitive information - is contained in a retail brochure promoting its joint venture with the Beijing Wangfujing Department Store (Group). Officials from Silver Grant declined to comment yesterday. Silver Grant, controlled by the China Construction Bank and the China National Non-Ferrous Metal Industries Corporation (CNNC), reported a 43 per cent increase in net profit to HK$139 million for 1996, up from $97 million in 1995. Managing director Gao Jianmin said the company - which has interests in property, retail, infrastructure and industrial investments - expected its joint venture with Beijing Wangfujing to contribute to profit for this financial year. He declined to give figures on the profit contribution. The venture, launched last year, plans to spend at least two billion yuan (about HK$1.86 billion), launching 20 big department stores in China by 2000. Silver Grant has a 20 per cent stake in Jiangxi Copper, which yesterday launched its initial public offering. Mr Gao said the company's earning prospects would be helped by the flotation of Jiangxi Copper - the country's largest copper product-maker. Silver Grant looks set to reap a substantial paper profit from Jiangxi Copper's float, which has been priced at between $2.13 and $2.72 a share. It paid 89 HK cents per share when it purchased its 20 per cent stake in Jiangxi Copper. Market sources yesterday said more than 30,000 application forms for the offering were snapped up yesterday morning and underwriter Merrill Lynch Far East would order reprints to cope with demand. CNNC vice-president He Boquan yesterday said strong domestic demand would continue to push up copper prices in the next six months, dismissing concerns over possible swings in copper prices in the near future.