The New Hong Kong Alliance, founded by former executive councillor Lo Tak-shing, is to disband. The alliance's secretariat said last night it had fulfilled its mission to stand up for the smooth transfer of sovereignty. Alliance vice-chairman Kan Fook-yee said an emergency general meeting would be held as soon as its accountant had finished auditing its books. 'We didn't have adequate manpower or finance to become a political group,' said Mr Kan, who is also a provisional legislator. He said the imminent demise of the group would not affect his potential bid in the Election Committee polls because he had always run as an independent. He estimated that the group, which was founded by Lo Tak-shing about 10 years ago, had about 100 voting members. Mr Lo has kept a low-profile after pulling out from the race to become the first chief executive. Other members of the group include Executive Councillor Leung Chun-ying and provisional legislator Philip Wong Yu-hong. The alliance is now chaired by Wai Kee-shun.