TechFlow, September 25 — According to Hui Gang Communications, Adrian Cheng, who stepped down as CEO of New World Development (00017) last September, recently announced the establishment of a new company "Shang He Development," which will expand into nine sectors across three major directions, including digital and virtual assets.
The official press release did not disclose specific investment amounts or project details, but mentioned that Adrian Cheng previously provided early-stage funding for tech startups, with successful investment cases including Xiaohongshu, XPeng Motors (09868), and Micro Connect (Drip Capital).
When asked whether there would be collaboration with Chow Tai Fook Creation (00659), Cheng Chi-ming, Executive Director and Group Co-CEO of Chow Tai Fook Creation, said after the earnings press conference: "This is Adrian Cheng's private investment." Cheng also stated that Chow Tai Fook Creation's board has no plans to develop digital assets or stablecoins.
