Capital Asia plans to spend $50 million setting up a Web site providing Chinese-language news and electronic trading. The company, which owns the Balenciaga fashion chain, has formed an Internet arm called E Daily, through which it hopes to advertise and trade in software and second-hand items formerly belonging to celebrities. E Daily chief executive Tsui Siu-wah said the development of a Net radio with at least 200 channels in Putonghua and Cantonese was also on the company's agenda. He said the company sought partners to develop the Web site, to be launched in January. The company had joined forces with sushi chain restaurant operator Global Food Culture Group to provide entertainment and catering information, he said. As Capital Asia was an associate of Emperor Group, the company would co-operate with Emperor-related units, he said. Mr Tsui said the investment would be financed by the company's $63 million rights issue, approved yesterday by Capital Asia shareholders. The rights issue is its second in the past six months.