Ogilvy Public Relations Worldwide said yesterday it had acquired a majority stake in Hong Kong-based financial communications company iPR Asia. Details of the deal were not disclosed, although iPR Asia will change its name to iPR Ogilvy and iPR Asia founder Ellen Kong will continue to lead the team. 'IPR Asia will continue to use its own brand names and operate independently, adopting a parallel strategy with Ogilvy's existing public relations business,' said Christopher Graves, Asia-Pacific president of Ogilvy. 'There is no plan to consolidate the two firms into one. 'As Hong Kong is the major fund-raising hub for both local and mainland companies and more Chinese state-owned enterprises adopt an overseas expansion strategy, this brings us good business opportunities and the deal should strengthen our market position.' The acquisition ranked Ogilvy first in the Hong Kong public relations market, Mr Graves said. IPR Asia has managed 20 per cent of the initial public offerings on the stock exchange so far this year. 'That puts it among the top three public relations firms in Hong Kong,' Ms Kong said. She said iPR Asia would explore offering new services to strengthen its market position. 'We will look beyond the financial [public relations] field and provide branding and corporate identity establishment and crisis management for companies in China,' Ms Kong said. IPR Asia will also extend the reach of its overseas client base through Ogilvy Financial network. However, the companies will still compete for clients individually. IPR Asia was founded in 1999 by Ms Kong and her partner and now represents more than 50 companies in Hong Kong and the mainland. The company has a staff of 30 and seeks to expand after the deal.