Beijing Enterprises Holdings executive director Wang Xiaolong says the company will definitely meet its profit forecast of more than $350 million for last year. The red chip - the flagship arm of the Beijing municipal government - listed last May. The stock exchange has reportedly written to recently listed companies, asking them to clearly state whether their failure to meet profit forecasts, if any, was related to the Asian financial turmoil. Mr Wang said the business of the company had been growing satisfactorily. Speculation has suggested the company will either launch a share placement or opt for a convertible bond issue to fund acquisitions in water, road and tourism ventures at an estimated cost of $2 billion. Apart from acquisitions, the company is studying new investment opportunities in its core businesses - hi-tech, consumer products, infrastructure and tourism - within and outside Beijing. Chairman Hu Zhaoguang is to commit himself to the development of the company this year after relinquishing his role as Beijing's vice-mayor last month. He has applied to be stationed in Hong Kong.