Adrian Cheng, a scion of one of Hong Kong’s wealthiest families and former CEO of major developer New World Development, has unveiled a new venture focused on the digital sector and burgeoning markets. The new firm, Almad Group, was introduced on Sunday.
Almad Group sets its sights on digital assets and industries poised for a transformation, spanning entertainment, sports, media, healthcare, commercial management, and cultural tourism. Its geographical reach is expected to include mainland China, countries within the Association of Southeast Asian Nations (ASEAN), and the Middle East.
The company also aims to broaden the international appeal of Cheng’s cultural brand, “K11 by AC”. Its Anime IP business already shows growth in mainland China and the Middle East.
Speaking about the newly established group, Cheng, who serves as founder and executive chairman, stated, “Our mission is clear: To build what the next generation needs and to shape a future economy filled with possibilities.”
Cheng, a Harvard graduate, has a history of supporting start-ups in their early stages. His portfolio includes Chinese social media platform Xiaohongshu, EV manufacturer XPeng, and Hong Kong’s microfinance platform Micro Connect.
Last September, the 45-year-old business tycoon resigned from his position at New World. The property developer, grappling with one of the largest debt burdens in the financial city, reported a record loss of $2.6 billion US dollars. Upon his departure, Cheng also acquired New World’s retail flagship K11 brand management.
Since then, he has gradually stepped down from all roles within the family’s businesses, including the parent company Chow Tai Fook Enterprises.
What is the focus of Adrian Cheng’s new firm, Almad Group?
Almad Group aims to target digital assets and transformative industries in sectors such as entertainment, sports, media, healthcare, commercial management, and cultural tourism.
Which markets does Almad Group intend to target?
The company plans to expand its reach to mainland China, ASEAN countries, and the Middle East.
What was Cheng’s role in New World Development, and why did he leave?
Adrian Cheng served as the CEO of New World Development but resigned as the company struggled with major debt issues and reported a record loss.
