PROMINENT territory businessmen and professionals closely affiliated with Beijing announced their own political party yesterday - the Hong Kong Progressive Alliance. The new party is expected to add weight to Hong Kong's pro-China camp and complement the role of the Democratic Alliance for the Betterment of Hong Kong (DAB), which has a stronger grass-roots flavour. The Progessive Alliance vowed to participate fully in district board, municipal councils and Legislative Council elections. Its founders stressed its political stance was neutral. Topping the list on the founding committee of 52 are Beijing-appointed Hong Kong affairs advisers, Chinese People's Political Consultative Conference (CPPCC) delegates and prominent businessmen who enjoy a good relationship with China. They include Henry Cheng Kar-shun, managing director of New World Development Company and a CPPCC delegate; Henry Wu King-cheong, a Hong Kong affairs adviser and the vice-chairman of the Hong Kong Gold Exchange; Wong See-sum, managing director of Hong Tai Travel; and Yu Kwok-chun, owner of the Yue Hwa Chinese Products department store and a Hong Kong affairs adviser. Other Beijing advisers among the organisers are: Ambrose Lau Hon-chuen, chairman of Central and Western District Board; Carson Wen, a local delegate of the People's Congress of Guangdong province; and Jose Yu Sun-say and Sze Chi-ching, both CPPCC delegates. The list of organising members also includes delegates of the Chinese National People's Congress and two district affairs advisers. However, party convenor Mr Lau rejected the pro-China label for the party and said it would stand up for the interests of Hong Kong. ''It's better to judge from what we do to see whether we are a pro-China or pro-Hong Kong group,'' he said. He denied reports that the party had been groomed by officials of Xinhua (the New China News Agency) but admitted Xinhua had been told informally of the intention to form the party. Yesterday's announcement of the launch was attended by mainland media including the Chinese Central Television, Xinhua and the semi-official China News Agency. Mr Lau said that on controversial issues such as the Xi Yang case, the new party would seek to convey the concerns of Hong Kong people to China through private discussion. ''We understand why the Hong Kong people are so [concerned about] the case and we will reflect this concern to the Chinese Government through our contacts with them,'' he said.