Pacific Century CyberWorks subsidiary SecureNet Asia plans to submit a tender for a HK$3 billion contract to renovate Hong Kong's identity cards, according to chief executive Geoffrey Ross. The company, which provides security solutions, said replacing the cards with smart cards would be a major project. 'We hope to be involved in the re-engineering of the back office of the Immigration Department,' Mr Ross said. Project details will be released in June, and the tender is expected early next year. Actual work is expected to begin in 2003. Chief operating officer Greg O'Hare said the company would design the system that aims to replace 550,000 cards annually for the seven million identity cards in Hong Kong. SecureNet Asia will be the prime bidder for the tender, focusing mainly on introducing the smart card. SecureNet Asia, which designed the security systems for Hong Kong Exchanges and Clearing and Hong Kong Jockey Club, had turnover rated in 'millions in US dollars', last year but was not profitable, Mr Ross said. He said the company was looking at an initial public offering on Hong Kong's main board to fund its Asian expansion, but declined to specify the time frame. CyberWorks owns 50.4 per cent of SecureNet Asia, with SecurityNet - a company listed in Australia - holding a 33.6 per cent stake. In November last year, HSBC paid HK$16 million for the remaining 16 per cent stake. Meanwhile, SecureNet Asia has submitted a tender for the identity card project in Macau. The tender result is expected to be known by the end of the year.