Adrian Cheng, former CEO of Hong Kong developer New World Development, has launched ALMAD Group, a new firm focused on digital assets and emerging industries.

ALMAD Group will invest in sectors such as entertainment, sports, media, healthcare, commercial management, and cultural tourism, targeting markets in mainland China, Southeast Asia, and the Middle East.

Cheng also plans to expand his cultural brand K11 by AC, with its anime IP business already entering mainland China and the Middle East.

Cheng, 45, stepped down from New World Development in September 2024 after the company reported a US$2.6 billion loss, and has since exited roles at family-owned firms, including Chow Tai Fook Enterprises.

He has previously invested in startups like Xiaohongshu, XPeng, and Micro Connect.

🔗 Source: Reuters