Mainland advertising firm Nanjing Dahe Outdoor Media will take advantage of the shorter listing process in Hong Kong to strengthen its market position before the sector's liberalisation in 2005. Chief executive He Chaobing said listing on the Growth Enterprise Market would give the company a one-year head start before the advertising market was thrown open to foreign competition under China's World Trade Organisation accession agreement. 'The major difference between local and foreign advertising companies is that the latter have strong capital support,' Mr He said, adding that listing in Hong Kong would attract more international interest. Dahe, which provides a one-stop service in outdoor advertising, has a 15 per cent share of the outdoor poster production market, but less than 1 per cent share in overall outdoor advertising. 'We wish to maintain our growth rate in net profit and increase our market share to 15 per cent,' Mr He said. The company will initially offer 250 million H shares. Ninety per cent of the shares have been placed, with 10 per cent reserved for a public offering, which begins today. The shares will be sold at between 46 and 68 cents each, raising $115 million to $170 million. The funds would be used to increase advertising space and upgrade facilities, Mr He said. The company's net profit for the first four months of this year fell to 4.92 million yuan (HK$4.57 million), due to the Sars outbreak, from 29 million yuan in the same period last year. Mr He said the company did not have any merger or acquisition plans and would focus on development in the next two years. 'We have no intention of buying other companies, unless they are small local firms,' he said.