Entrepreneur Adrian Cheng announced the launch of ALMAD Group, a new venture headquartered in Hong Kong and focused on digital innovation and emerging markets.
Cheng, who stepped down as Chief Executive of New World Development in September 2024 after the company reported a record loss amid one of the city’s largest debt burdens, has since withdrawn from all family business positions, including at parent company Chow Tai Fook Enterprises.
In the same period, he acquired management rights to New World’s flagship retail brand, K11.
With ALMAD Group, Cheng is embarking on a new chapter that reflects his personal vision for growth beyond traditional property development.
“We are living in an era of profound change in the global economy, where new frontiers are emerging at an unprecedented pace,”
he said.
“From ideation two years ago, we have been 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. Our mission is clear: to build what the next generation needs and to shape a future economy filled with possibilities.”
ALMAD Group will focus on opportunities in culture, entertainment, sport, media, healthcare, commercial management and cultural tourism, alongside initiatives in Web3 and digital assets, including real-world asset tokenisation and blockchain-based applications.
The Group also incorporates K11 by AC, Cheng’s cultural brand, which is expanding internationally.
Its Anime IP business, Experience 11, has recently grown in mainland China and the Middle East, while the Gentry Club, a private members’ concept centred on artisanal lifestyle, is being scaled.
Cheng has been an active investor in early-stage companies, with past successes including Xiaohongshu, XPeng Motors and Hong Kong-based Micro Connect.
He first launched K11 in 2008, introducing a cultural commerce model that integrates art, design and retail.
His leadership also oversaw Victoria Dockside, a US$2.6 billion art and cultural district in Hong Kong featuring K11 MUSEA.
Featured image credit: Edited by Fintech News Hong Kong, based on image by chocolarte via Freepik