CAPITAL Asia yesterday announced the launch of a joint-venture company, Arrow Pacific, which will participate in the mainland and Hong Kong financial markets. Arrow Pacific, which has paid-up capital of US$13 million, owns a fund management company which is developing a range of corporate financial services. Capital Asia, which owns 40 per cent of Arrow Pacific, said the joint venture's long-term objective was to build a broking network. Capital Asia chairman Alex Wong Ching-ping said Arrow Pacific was also actively exploring opportunities to invest in securities, commodities and foreign exchange brokerages. Arrow Pacific is looking to obtain a seat on the Shanghai stock exchange to deal in B shares for clients, or participate in the flotation of H shares. Meanwhile, Capital Asia, formerly Wai Yick, is reviewing what impact, if any, the findings of the Allen report may have on the company. Mr Wong said the firm believed the information contained in the report on the Allied-affiliated companies, including Wai Yick, was not relevant to the company's current business activities. He said he was confident that the report would not affect the company's present financial position and operations, or its future prospects.
