CAPITAL Asia group is expanding its fishing and fish farm business with a view to spinning off the division and obtaining a separate listing. Executive director Kelvin Hui Yat-on said yesterday that fish products trading subsidiary V. Whale Ltd was aiming to capture a bigger share of the markets of Hongkong and China. ''The group is actively looking into the possibility of a joint venture or co-operating with other companies in similar business to strengthen its competitive edge,'' he said. At V. Whale's joint-venture farm in Panyu near Guangzhou - it also runs a prawn farm in Qingdao, Shandong - Mr Hui said: ''When the market environment is favourable and if it is beneficial to shareholders, the group may consider spinning off the marine product division for a separate listing.'' Capital Asia bought V. Whale for about $60 million last year. It was guaranteed that V. Whale would have a yearly profit of at least $15 million in the first two years after the takeover. Mr Hui expected this to be exceeded in view of the firm's good performance in the past nine months. He said the marine product division now accounted for about 30 per cent of Capital Asia's business, but this proportion was expected to drop as the firm was rapidly developing its financial and investment services, trading and service activities. including retailing, he said.