A recent government-sponsored study into the feasibility of Hong Kong becoming the region's wine-distribution hub revealed total wine consumption in Asia is expected to reach US$2.2 bn over the next six years. Consumption of locally produced wine in the mainland is expected to account for US$bn of this. Over the past six months, Hong Kong has played host to a number of online wine retailers including wineshopper.com, wineandco.com and bigsave.com, all of which hope to cash in on the anticipated rapid growth in the market.

The uvine exchange is open to any individual or company interested in buying and selling fine wine. Chief Executive Andrew Halstead said the company guarantees every trade, and wine for sale undergoes rigorous quality checks such as storage history and even tastings. He said: 'We need to know that buyers get delivered a good case of wine.' Uvine, which has former England Test cricketer David Gower as public relations head, stores most wines for sale at a bonded warehouse in London. The company charges 3.5 per cent commission to both sides of every trade.

Mr Halstead has been in Hong Kong talking to potential investors and wine traders. He said that Uvine has deliberately kept away from big-bucks advertising, arguing that many Internet start-ups were losing money by spending too much on advertising: 'They set up a Web site, give it a fancy name, advertise, and expect the world to come to them', he said.

In November, Uvine will launch uvisory.com, a wine information Web site offering advice, analysis and tips.