Cheng has been pursuing his own vision since resigning as CEO of the family’s debt-laden property flagship New World Development in 2024 and as its non-executive director and non-executive vice-chairman last July.
The 46-year-old launched ALMAD Group in September 2025, describing it as an investment platform targeting “transformative industries” with a focus on the Middle East, mainland China and Southeast Asia.
Based in Hong Kong, the company’s operations span sectors including culture, healthcare, media, commercial management, cultural tourism, digital assets, entertainment and sports.
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Adrian Cheng Chi-Kong at The Hong Kong – Asean Summit 2024. Photo by SCMP via Reuters |
Last December, ALMAD partnered with UAE-based conglomerate Wafi Group to form Wafi Anime 11, a joint venture that would bring a range of popular Chinese brands like ChaPanda to Dubai, according to Forbes.
The venture also plans to introduce ticketed anime, K-pop and e-gaming exhibitions to Wafi City Mall, capitalizing on the region’s expanding young population and growing demand for Asian entertainment.
Cheng also took a stake in CBCX, a London-based multi-asset liquidity provider focused on bridging traditional financial systems with digital asset markets, last October.
An early-stage investor in start-ups, he has previously backed ventures such as Chinese social media platform RedNote, electric vehicle maker Xpeng and investment company Micro Connect International Finance.
One of those early bets delivered a recent win for the scion in January, when Chinese GPU developer Shanghai Biren Technology went public in Hong Kong, as reported by The Standard.
Among Biren’s investors was C Capital, a fund Cheng founded in 2017 as C Ventures. C Capital was acquired in 2024 by Swiss investment group Youngtimers, where Cheng holds a 10% stake.
Cheng has also met prominent European figures such as Prince Albert II of Monaco and Emmanuel Macron to discuss cultural exchange.
These moves mark a new chapter for Cheng following his turbulent tenure at New World.
As the eldest son of the family empire’s second-generation leader Henry Cheng, he took charge of the developer in 2020 in what was seen as a natural succession at his clan.
During his time at the helm, Cheng pursued rapid expansion, with the company investing substantially in residential and commercial projects across Hong Kong and mainland China.
However, the firm soon faced a series of headwinds, ranging from political unrest and Covid-19 restrictions to rising interest rates and a slowing Chinese economy.
Cheng stepped down after the company reported a record net loss of HK$19.7 billion (US$2.5 billion) for 2024, its first annual loss in two decades.
Following the setback, Henry had to step in to stabilize the business, appointing a trusted adviser from outside the family as CEO in an unusual departure from tradition in Hong Kong’s property sector, according to Bloomberg.
South China Morning Post reported last September that Cheng was no longer listed as a director of Chow Tai Fook Enterprises, the parent company of New World Development, effectively severing his remaining link to the family business.
New World Development and Chow Tai Fook are the flagship businesses of the Cheng family, which ranked as Hong Kong’s third-richest clan earlier this month with a combined net worth of US$26.1 billion.
Cheng’s latest venture seems to reflect initiatives he pushed for during his time at New World, where he sought to diversify beyond property into areas such as arts and culture, technology and environmental sustainability.
“We are living in an era of profound change in the global economy, where new frontiers are emerging at an unprecedented pace,” Cheng said in a statement announcing ALMAD’s launch.
“We are determined to build ALMAD Group as a movement propelling this shift, investing in transformative industries in emerging markets such as Asean and the Middle East, while advancing globally in digital assets and cultural industries.”
