New World scion Adrian Cheng launches firm targeting digital space, emerging markets

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HONG KONG (Reuters) -Hong Kong’s Adrian Cheng, scion of one of the city’s richest families and who stepped down a year ago as CEO of major developer New World Development, launched a new firm on Sunday focusing on the digital space and emerging markets.

ALMAD Group will target digital assets and “transformative industries” across entertainment, sports, media, healthcare, commercial management and cultural tourism in markets including mainland China, ASEAN countries and the Middle East, according to Cheng’s announcement of the launch.

ALMAD Group also plans to globalise Cheng’s cultural brand “K11 by AC”, with its Anime IP business already expanding in mainland China and the Middle East.

“Our mission is clear: to build what the next generation needs and to shape a future economy filled with possibilities,” Cheng, founder and executive chairman of ALMAD, said in a statement.

The Harvard graduate has previously provided early-stage funding to startups including Chinese social media platform Xiaohongshu, EV maker XPeng, and Hong Kong-based microfinance platform Micro Connect.

The 45-year-old tycoon resigned from New World last September as the property developer, which is struggling with one of the biggest debt piles in the financial city, reported a $2.6 billion record loss. Cheng, as he departed, also bought New World’s flagship retail K11 brand management.

Since then, Cheng has gradually withdrawn from all positions of the founding family’s businesses, including the parent company Chow Tai Fook Enterprises.

(Reporting by Clare Jim; Editing by Tom Hogue)