LOLLIMAN Holdings is to expand its industrial operation by continuing to invest in mainland enterprises. The company is a subsidiary of red-chip Continental Mariner Investment, which is in turn controlled by two wholly owned subsidiaries of China International Trust and Investment Corp - China Poly Group and CITIC Development. ''We will use Lolliman to buy [stakes] in Chinese enterprises, mainly in the industrial sector,'' said Wang Jun, chairman of Continental Mariner and general manager of CITIC. The plan was revealed on the heels of the September announcement of an agreed joint venture with state-owned Hangzhou Chemical Fibre Group, on which a contract is expected to be signed at the end of this month. Steven Kwan, managing director of Lolliman and Continental Mariner, said the company forecast the joint venture's after-tax profit to be more than 30 million yuan (about HK$40.2 million at the official rate) this year. ''The deal will help consolidate the profit of Lolliman and thus that of Continental Mariner,'' said Mr Kwan. Acquisitions would then be made by Continental Mariner, with working capital of $700 million to $800 million, he added.