Nasdaq-listed Yahoo! will take only a passive role in Management Investment & Technology (Holdings) (MIT) after completion of the takeover and has no intention of using this vehicle to raise capital, according to Savio Chow, vice-president and managing director of Yahoo! in Asia. 'We are already a listed company in the United States. We do not need another listing vehicle here,' Mr Chow said. He said Yahoo!'s interest in the maker of smoke detectors was merely the result of an asset transfer initiated by its mainland joint-venture partner, Founder (Hong Kong). 'Our participation in the deal is only because our joint-venture partner Founder wants to inject the venture into this company.' Mr Chow said: 'We are not actively participating in the deal . . . we don't even have any representative to sit on the board [of MIT].' He did not foresee any asset injections by Yahoo! into MIT. Last month, red-chip Founder announced it had partnered with Yahoo! to takeover MIT in a series of asset-swaps worth HK$532.8 million. Founder and Yahoo! will transfer their interests in Internet advertising joint venture Beijing AdTargeting Datacom to MIT. Yahoo!, which originally held a 19.9 per cent stake in the venture, will end up owning a 11.41 per cent stake in MIT. Founder, which originally held 80.1 per cent of the venture, will become the largest shareholder in MIT, with 39.62 per cent, after subscribing to MIT's new share issue. Sunevision Holdings will subscribe to 7.4 per cent of the enlarged capital to become a strategic investor in MIT.