Hong Kong Tycoon Adrian Cheng Launches ALMAD Group for Digital Assets and Emerging Markets

Hong Kong tycoon Adrian Cheng Chi-kong has launched ALMAD Group, a new firm focused on digital assets and emerging economies, a year after stepping down as chief executive of New World Development. The company will invest in “transformative industries” across entertainment, sports, media, healthcare, cultural tourism and commercial management in markets including mainland China, Southeast Asia and the Middle East. ALMAD will also expand Cheng’s cultural brand “K11 by AC,” with its Anime IP business already growing in China and the Middle East. Cheng, who has previously invested in Xiaohongshu, EV maker XPeng and Hong Kong microfinance platform Micro Connect, resigned from debt-laden New World last September and has since exited all positions in his family’s businesses, including Chow Tai Fook Enterprises.