China Hong Kong Power Development, the joint venture that last month applied to supply electricity in Hong Kong, has finalised its fundamental shareholding details, fixing its initial authorised share capital at $20 million. The joint venture - led by former premier Li Peng's daughter Li Xiaolin - signed an agreement on Wednesday to set up a shareholding structure and to form a nine-member board of directors. Meanwhile, second board-listed media firm Vertex Communications & Technology Group disclosed that it would invest $3 million initially for a 15 per cent stake in China Hong Kong Power. In an unprecedented challenge to the century-old duopoly of CLP Power and Hongkong Electric, China Hong Kong Power applied last month to lay power cables in Shataukok. A spokeswoman for the Economic Development and Labour Bureau yesterday said the firm subsequently submitted extra information on its plan and the bureau was consulting other authorities. Vertex said in a statement that the shareholder agreement marked 'a further step towards the company's investment in the energy business'. News of the shareholder agreement left Vertex shares volatile again. The stock, which jumped 16.48 per cent to 53 cents on Wednesday, extended its gains yesterday to close 1.88 per cent higher at 54 cents. Trading was hectic, with 13.5 million shares changing hands yesterday, against 17.57 million shares on Wednesday and 500,000 shares on Tuesday. China Hong Kong Power is 50 per cent controlled by state power producer China Power International Holding, which counts Ms Li as president. The other shareholder is state-owned China Southern Power Grid. China Hong Kong Power has a maximum authorised share capital of $1 billion but Vertex said it had no imminent capital commitment other than paying up the initial equity contribution. Vertex chairman Steven Poon Kwok-lim, a former CLP general manager and legislator, has been appointed general manager of China Hong Kong Power, while Mr Poon's son, Vertex chief executive Joseph Poon Shu-yan, is a director of the joint venture.