Overview
- ALMAD, based in Hong Kong, will invest in digital assets, real‑world asset tokenization, blockchain technologies and immersive digital experiences.
- It will pursue opportunities across entertainment, sports, media, healthcare, commercial management and cultural tourism in mainland China, Southeast Asia and the Middle East.
- Cheng folded K11 by AC into ALMAD with plans to globalize the brand and its Anime IP business.
- New World sold K11’s management arm to Cheng for about HK$209 million while retaining ownership of the underlying properties.
- Cheng’s move caps his exit from family-controlled roles after leaving New World in 2024 and stepping off Chow Tai Fook Enterprises’ board in June as New World navigated a multibillion-dollar loss and an approximately $11 billion refinancing.