PANews reported on September 21st that according to a Hong Kong Economic Journal report, Adrian Cheng, former CEO of New World Development and eldest grandson of Chow Tai Fook founder Cheng Yu-tung, has stepped down from various family businesses since last year and has now announced the establishment of ALMAD Group, a conglomerate that will focus on nine new industries and invest in mainland China, ASEAN countries, the Middle East, and other regions. The group is focusing on three key areas: first, investing in innovative industries in emerging markets, including culture, entertainment, sports, media, healthcare, business management, and the cultural tourism sector; second, exploring new breakthroughs in digital and virtual assets, exploring the tokenization of digital assets and real-world assets (RWAs), and other emerging investment opportunities; and third, expanding the K11 by AC cultural ecosystem globally.