Investment firm Harmony Asset - formerly SHK Convertibles - will concentrate on investing in the industrial and manufacturing sectors in the next two years, director Augustine Chow Pok-yu said yesterday. He said the firm had about 90 per cent of its assets in cash and 10 per cent invested in shares, totalling about $50 million. The change of direction that accompanied the change in name made available a wider range of investments, he said. 'The change has broadened our investment opportunities. We aren't limited to convertible bonds but can invest in both listed and unlisted companies and not just in Hong Kong, but in China and other countries too,' he said. Investment in pre-initial public offering companies is one area the firm will pinpoint. Mr Chow said investment opportunities had emerged as undervalued firms sought capital injections due to the Asian economic crisis. Chairman David Lee said the directors were reviewing the company's operations to assess if it had enough cash to cover its proposed investment projects.